SOUTHFIELD, Mich. — Central Corporate Credit Union will again distribute patronage dividends to members by waiving all service fees incurred during the months of July and November 2008, to the tune of an estimated $1 million. The payout applies to all fee-based services offered by the $3.5 billion corporate, including item processing, wire transfer, ACH and asset-liability management.
CenCorp pioneered the creative dividends distribution method last November, when it waived approximately $500,000 in fees.
"Up until November of last year, we would distribute those profits by kicking up the dividend on our capital account, which is currently 6%, already a pretty good rate," said Bill Walby, CenCorp CEO. "So, we wanted to find a way to have more impact on credit unions and our membership, which is how we struck upon this idea."
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CenCorp will also use the promise of a fee-free November to lure current members into giving the corporate more business, Walby said.
"We're all about doing more with the membership base we have," Walby said. "It's always been our focus and that's the focus here. We have members you use us for a number of things, and we want a greater share of their wallet, so to speak."
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