Fusion Credit Union is giving $500,000 in patronage allocations to its members
and $400,000 in cash payouts to members under 19 and 65 and over.
“We are thrilled to be paying out $900,000 to our members in our amalgamation
year,” says Ron Hedley, CEO of Fusion Credit Union. “With interest rates as they
are, and regulations changing with respect to credit unions keeping assets on their
books, the fact that we’re providing returns to our members this way is pretty
exciting.”
A patronage allocation is value returned to a member of Fusion Credit Union based
on their relationship. The amount for each member is different, as it represents a
portion of their interest paid and earned during the past year.
“Patronage allocations are one more way Fusion adds value for members,” adds
Hedley. “We’re thrilled to tangibly deliver on our promise to keep our members and
our communities first.”
Members will see their allocation on their statements. Business account holders will
see the change around the end of June and Personal account holders will see it on
their July statement.
Members’ patronage allocations are retained in a Surplus Share account. This year,
Fusion’s Board of Directors have set a policy and have approved to pay members
aged 65 and over, and members under 19. This year they are paying out $400,000
in cash across these two member groups.
“At its core, Fusion belongs to its members,” adds Hedley. “As stewards, our role
is to protect their investment, invest in ways that benefit our communities, and
deliver positive returns like this, wherever we can.”
