Fusion Credit Union is giving $600,000 in patronage allocations to its members, plus $1.3 million in cash payouts to members under 19 and 65 and over, along with other dividends that bring the total return this year to $2,266,874.
“We are thrilled to be paying out over $2 million to our members at this time,” says Darwin Johns, CEO. “With so many people facing uncertain times right now, we hope that the cash payouts are a timely support to our members, who have made Fusion Credit Union flourish. The annual payouts have been accelerated this year to put cash in members’ hands when they need it the most.”
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 Johns. “This is not shortterm support or a one-time thing; we have been completing patronage allocations and cash payouts for years now. In the past two years alone, we have paid out $3.7 million in total returns to our members.
We made a promise to keep our members and our communities first and we continue to find new ways to do this, year over year.”
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. Fusion’s Board of Directors set a policy to additionally pay members aged 65 and over, and members under 19 based on their history with the Credit Union. This year, they are paying out $1.3 million in cash across these two member groups. The balance of the $2,266,874 is allocated to our members through allocations, cash redemptions of Surplus Shares and Preferred Share Dividends.
“Fusion belongs to its members and we all take great pride in helping our members live their best lives,” adds Johns. “We are committed to ensuring our members and communities remain at the centre of every policy, decision and action we undertake.”