It's our way of saying thank you for your loyalty.
Each year, our Board of Directors decides how much to set aside to cover regular deposit account dividends, operating costs, and other needs- including investments in technology and new products and services so that CoVantage Credit Union stays relevant and has the growth needed to stay financially strong. Extra revenues are then returned to our member-owners in the form of Member Patronage Payments, which we've been making since 1980. These are additional dividends paid to savings account holders and rebates on loan interest payments. In 2022, $5 million in patronage was deposited into the accounts of members who borrowed and saved with CoVantage Credit Union.
The more you borrow and save at CoVantage, the more successful your cooperative is – and in return, the more patronage you’re likely to receive. CoVantage depositors received a bonus on dividends earned on eligible savings accounts, term share certificate accounts and variable rate accounts. Borrowers received a rebate of their total 2022 interest paid on qualifying auto loans, home equity loans and lines of credit, in-house mortgage loans, Visa® credit cards, and business loans.
In addition to patronage, CoVantage also provided a 5% match for those enrolled in Change it Up, a debit card savings program. CoVantage members used their debit card more than ever, and collectively saved millions through Change it Up.
It is because of the success of the credit union that CoVantage is ranked #3 out of 4,955 credit unions nationally for providing competitive rates, low fees, and outstanding every day value!