Attention Members: Due to high volumes within the postal service and with the processor that prints our tax forms, you may notice a delay in receiving your year-end tax information. Please note that 2020 tax forms will be available within MyCoVantage before the end of the month for those enrolled in e-Statements and will be postmarked by January 31 for those who’ve elected paper tax forms.
You can check your pending deposits in MyCoVantage or by using our mobile app to log into your account or set up a deposit alert to be notified when yours is available. We’ve processed all the stimulus payments we have received from the IRS at the time.
If you haven’t received a stimulus payment yet, please visit the IRS site for more info: https://www.irs.gov/coronavirus/get-my-payment It is the fastest way to learn about your eligibility, the amount you will receive, and where and when your payment will be made.
A record of over $4.2 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union. This is the largest patronage payment in the history of CoVantage Credit Union. In the last five years, $17 million has been returned to members specifically through patronage.
Patronage is a concept of giving back that originated among cooperatives many years ago. CoVantage is one of a few credit unions in the country that continue the practice, and this marks the 40th year in a row the CoVantage member-owners have received this unique financial benefit. According to CoVantage Board Chairman, Willis Qualheim, “When the board met at the end of the year, we determined how much income was needed to fund regular dividends and operating expenses, and to maintain in reserves to ensure CoVantage remains financially strong. Because of our financial fortitude and more members placing their trust in CoVantage for their loans, deposits, and other services, despite it being an unprecedented year, we had a successful 2020. We are thrilled to be able to provide over $4.2 million – our largest patronage payment ever to the membership. Thank you to everyone who made this possible by making timely payments on loans and relying on us for many of your financial needs…without members CoVantage would not exist.”
The year-end patronage payment includes a bonus on dividends earned for those who save, and a loan interest rebate for those who borrow. CoVantage depositors received a 5% bonus on dividends earned on eligible savings, term share certificates and variable rate accounts. Borrowers received a rebate of 5% of their total 2020 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card, and commercial loans. For instance, if $5,000 of interest had been paid on a home loan, the borrower would receive $250 in patronage for just that loan. In addition to patronage, CoVantage also provided nearly $100,000 to members through the CoVantage 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 over $2 million through Change it Up.
CoVantage President Charlie Zanayed, added, “Part of our mission is to provide outstanding everyday value, and I am humbled to share that in September 2020 CoVantage was ranked 2nd out of 5,200 credit unions nationally for providing great rates and low fees (as reported by Callahan, an independent credit union research company). This was the 14th year in a row CoVantage was honored to be in the top 1% of credit unions for outstanding member value. We are thankful for our members for allowing us to serve them and for the support they have provided us throughout this unusual year.”
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