We are pleased to announce that $70,000 in profits was shared with our members in the for of a patronage dividend on December 29th, 2017! With this payment, we have returned $210,000 in profits to our members since 2015. Sharing the wealth is one of our core values and benefit of banking the credit union way!
This years YES Bonus was deposited into the Share Account (S1) of all member who have active membership with MVFCU. The YES Bonus stands for “Your Extra Slice” and is our way of saying THANK YOU for being an active member of Minnesota Valley Federal Credit Union. The bonus was based on your account activity from January 1, 2017 through November 30th, 2017 and focuses on three critical areas.
How are dividends calculated?
The total dividend of $70,000 was divided evenly between Savings Dividend Earned (25%), Loan Dividend Paid (25%), Debit Card Transactions (35%) and Length of Membership (15%)
The total amount paid to individual eligible members range from $1 to $220.
Other interesting facts:
• 8,900 members qualified for a dividend this year.
• The average patronage dividend/ YES Bonus was $7.95
*Please note these balances will change every year depending on the number of members we have, and the products they use.