The credit union industry is extraordinary in that so many credit unions pay a bonus at the end of the year. I think most of these credit unions would better serve their members and would be more competitive if they adjusted their share and loan prices rather than use a year-end bonus to reward members. Year-end bonus dividends are a clear sign that shares and loans are not priced at their optimum. Year-end bonuses may not always align the reward with those who generated the earnings to create the reward. If the shares and loans are priced appropriately then the member benefits immediately and proportionately to his member relationship. Henry Wirz President SAFE CU North Highlands, Calif.

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