For the fourth year in a row, Synergent, the processing subsidiary of the Maine Credit Union League, is returning a $750,000 rebate to its CU users.
Return of the funds based on business volume of client CUs over the last year and reflects the continued strong financial position of the firm, according to the league.
John Murphy, president/CEO of Synergent and the league, said, “We fully recognize the environment and challenges in which credit unions are operating within today and realize that, despite these challenges, credit unions must stay competitive and continue to invest in products and services their members expect and deserve.”
The rebate is based on the total volume of business each credit union performed with Synergent from Aug. 1, 2010 through July 31.
Murphy said each of Synergent’s CUs, located in New England and New York State, received a rebate check and a thank-you letter.
The response to the rebate, he noted, has been very positive and appreciative.
A spokesman declined to disclose how much Synergent earned last year but the firm exceeded budgeted income.
In its mix of products and services, Synergent provides CUs with technology assistance, shared branching, statement, card and check processing, general support and direct marketing.