Patronage Rebate Program Wind Up

Our world today is very different than the one 20 years ago when we introduced the Patronage Rebate program. This past fall we began an in depth review of the program including consulting SASCU members.

After extensive review and consultation, SASCU decided the 2018 Patronage Rebate payment will be the final payout:

  • A rebate of 4% on loan interest paid, deposit interest earned, and service charges paid in 2017 will be deposited into your account mid-March 2018.

  • In addition, members with accrued interest earned on term deposits and loans will receive a subsequent 4% rebate on these amounts.

  • Members who chose specific products and rates in anticipation of patronage rebates will have their locked in rates adjusted to reflect changes.

Questions

Why is SASCU ending Patronage Rebates? Expand/Collapse

This was a tough decision. The world is changing quickly, and our patronage rebate program is no longer meeting the needs of most of our members. SASCU needs a new strategy to be sure we are investing in a strong future for the credit union, its members, and our communities. SASCU will continue rewarding members for being part of the co-operative. It’s just the ‘how’ will look different.

We are proud to be able to invest in our business to give you more:
  • More competitive rates
  • More on-line products
  • More community support and;
  • We will continue to have our great staff serve you.

How will SASCU use the savings from the Patronage program? Expand/Collapse

SASCU will reinvest in our business. We have heard our Members:

  • We will offer more competitive rates and fees up front.
  • We will advance our digital and mobile offerings.
  • We will strengthen our already strong Community Support program.
  • We will continue to provide great personal service, and
  • We will remain independent, as the Shuswap’s community credit union and all the benefits to the local economy and growth that that brings.

When will I receive my Patronage rebate? Expand/Collapse

Patronage Rebate on 2017 Paid Interest and Service Charges have been deposited to your Patronage account, back dated to March 1st. If you have registered products, you will also receive a rebate within that registered account.

Members with accrued interest amounts at December 31, 2017 on term deposits and loans will receive a subsequent Patronage Rebate deposit approximately March 23.

What member consultation was carried out? Expand/Collapse

SASCU invited over 80 members for focus group sessions (in-person discussions) with almost 60 participating. A member survey received over 600 responses. We also conducted a survey of non-members who provided insights into the attraction value of the Patronage Rebate program.

What are other credit unions doing with Patronage programs? Expand/Collapse

Over recent years, more and more credit unions across BC have reduced or ended their patronage rebate programs.

How has SASCU’s business changed? Expand/Collapse

The demands on our business have changed, including regulations, security, and competition. The way our members bank has changed, including digital advancements, mobile expectations, and product needs. To truly meet our commitment to be our members’ financial partners, we need to change as well.

Am I eligible for a rate adjustment? Expand/Collapse

Please visit us here to learn more about the 2018 Rate Adjustments