SOUTHFIELD, Mich. — Central Corporate Credit Union is repeating last year's popular patronage dividend payout by waiving all service fees incurred by members during the months of July and November 2008, for an estimated $1 million in savings.
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.
"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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