Workers' GiveBack Program

Workers’ Credit Union is dedicated to improving the lives of our members and what better way than to return to them a portion of the credit union’s financial success.

The idea is simple – the more business you do with us in deposits and loans, the greater potential for a larger payout! It is based on the average balances in your accounts as if your balances were here the entire year – so the sooner you open your accounts, increase deposit balances and transfer loans from other financial institutions, the higher your payout will be.

New for 2014 – We’ve added business loan and deposit balances AND IRAs! Check out our calculator to see how much you may get back.

1.What is the Workers' GiveBack Program?

We consider our members to be owners who deserve to share in profits. When we do well, our members reap the financial benefits as well.

The credit union is in a very solid financial position with its capital far exceeding the regulatory standards. We want members to start an annual tradition of sharing in this financial success, by the credit union returning any extra money not needed for its successful operations. This is a fundamental principle on which credit unions have been built.

2. Why is the credit union giving back money to its members?

Workers’ Credit Union was established in 1914 as a cooperative financial institution with the goals of providing a safe and secure environment to deposit money and to provide loans at fair and competitive rates. The credit union is supported by the members, so when it’s earnings creates a sound financial base for the successful operations of the business, excess cash may be returned to members.

Many banks are focused on profits because they must provide the highest return to its owners – the stockholders. At Workers’, our profits are only required because they enable us to bring our members new products, services, facilities and technology. The more deposit and loan services members use, the more resources will be generated within the credit union and the more we can give back to members whether it is in cash or better offerings.

3. Will it be paid annually?

This will be our second year of making an annual payout. The Board of Directors determines this annually based on how well the credit union performs financially and our future need for capital.

4. How much will be paid out?

Over $2 million for 2014 which will be paid out in February 2015!

5. How will it work?

The more banking you do with Workers’ in the forms of maintaining deposit accounts and utilizing our many loan products, the greater your potential payout could be.

6. Who qualifies for the payout?

All personal and business members are eligible to share in the Workers’ GiveBack Program.
You must be a member as of December 31, 2014. The amount of the payout will be based on your 2014 year-to-date average balance in all eligible accounts.

7. How will the GiveBack appear on my statement/account?

The GiveBack will be posted as “Interest Paid” into the account listed on your GiveBack letter.

8. How is it calculated?

We take your 2014 average balance in all eligible loan and deposit accounts and multiply a percentage to that balance.

9. What accounts are eligible and what is the payout percentage?

The following accounts are eligible for the dividend:

The payout is 30 basis points* (.003) for:

  • Checking Accounts - all personal and business types


The payout is 20 basis points* (.002) for:

  • Savings Accounts – regular and IRAs
  • Consumer Loans – auto, home improvement, personal
  • Money Market Accounts
  • Checking Account Line of Credit - personal and business

The payout is 10 basis points* (.001) for:

  • Mortgages
  • Finish Line Refis
  • Home Equity Loan and outstanding Home Equity Line balances
  • Commercial Term Loans and Mortgages
  • Certificates of Deposit – regular and IRAs

*Definition of Basis Points - A unit that is equal to 1/100th of 1%. For calculating your payout, 30 basis point is equivalent to .003; 20 basis point is equivalent to .002; 10 basis point is equivalent to .001.

10. What accounts are not eligible for the payout?

  • Accounts managed through the Retirement Planning and Investment Center
  • HEAT Loans
  • Credit Cards
  • Student Loans
  • Non Profit Accounts
  • IOLTAs
  • USDA, VA & FHA sold Mortgages

If you have a loan that is 60 days or more past due on 12/31/14, that account will not be included in the dividend calculation.

11. Will eligible accounts closed during the year be included?

Provided that you have a membership account on December 31, 2014, other accounts that were closed during the year will be included. The amount will be less than if that account was opened for the entire year because it is based on the average balance for the year.

If a loan was refinanced into another loan account at Workers’, both accounts will earn a payout based on the time each was open and the average balance for the year.

12. How will members receive their share of the payout?

The payout will be deposited directly into the primary account holder’s membership savings account in February 2015. If the primary account holder (the first signer on the account when it was opened) does not have this account type, the deposit will go into another deposit account. If there is more than one membership savings account for the primary account holder, the deposit will be made into the account that was opened first.

13. When there is a second signer on a joint account, who receives the payout?

The primary account holder will receive the total payout earned by the other accounts in which that name appears as the primary account holder. That amount will be deposited into the member’s membership or other deposit account.

14. What happens when a primary account holder is not primary on an eligible deposit account?

The payout will be deposited into an eligible deposit account on which the member is the secondary signer.

15. Is the payout reportable for income tax purposes?

Yes. The payout is reportable on IRS Form 1099-INT for 2015 and will be reported with all other interest paid on your accounts. The 2014 payout is paid in February of 2015 and will be reported as 2015 income. The IRS forms will be sent in January of 2016.

16. Why aren’t balances held through the credit union’s Retirement Planning & Investment Center eligible for the dividend?

The credit union is truly appreciative of the trust and confidence members place in us by their relationships with our Retirement Planning & Investment Center. The funds managed by the Center are non-deposit investment products; therefore are not held as member’s deposits within the credit union and are not available for making loans to other members. The majority of credit union’s profits come from its primary activities, which includes deposits, loans and traditional banking transactions.

17. Will the payout affect rates and fees?

Not at all. Workers’ provides members with additional benefits when they have a checking account with direct deposit, such as paying the highest rates on CDs in the market and providing low rates on consumer loans.

** The 2.00% Annual Percentage Yield (APY) is earned on balances between $0 and $25,000. For amounts greater than $25,000, a 0.50% APY will be earned. These rates can change at any time. Account requirements must be met during each monthly statement cycle to earn these APYs. If not met, your account will earn 0.10% APY, and you will not receive ATM refunds for that monthly statement cycle. To earn these rates and to receive Free ATM fee refunds up to $10 per statement cycle you must do three things each statement cycle: make 12 debit card transactions; receive an eStatement; has one Direct Deposit or ACH. Rates as of November 20, 2013. The minimum deposit amount to open an Xtreme Checking account is $25. No minimum balance required to earn interest. No monthly service charge. A $25 membership savings account is required. Available to personal accounts only. Please refer to our Terms and Conditions and our Fee Schedule for specific account details and fees.

 

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