What are member rewards?

In 2022, we're paying our members $13.1 million in cash back based on our 2021 success.

We love our members, and our Member Rewards program is how we show appreciation for your loyalty. Unlike banks, credit unions are true co-operatives: Our members are also our owners who hold a share in our company.

As shareholders of Access Credit Union, our success is your success. That means that we pay patronage to members as part of those cooperative values and the belief that members should share in our profits.
Our Member Rewards program offers each member the opportunity to share in our earnings. It’s a reward for being a loyal member of your credit union.

Because earnings from deposits and loans are what make these dividends possible, the amount any member receives is based on how they utilize these services. The more business you do with us, the more you share in our earnings.
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How it works

After satisfying requirements for reserves, the Board of Directors may set aside a portion of earnings for members who have borrowed and saved at the credit union. The amount a member receives is based on:


a) Interest earned on non-registered deposits; and b) Interest paid on lending products.


Member Rewards will be paid in cash via deposit to a chequing or savings account (if available) or if no account is available, it will be applied to the originating account. i.e. investment or principal payment on the loan.

PLEASE NOTE: All share allocations must be claimed as taxable income.

Payment from existing Surplus Share accounts, affecting legacy Crosstown Civic members only.

Redemptions will be posted via descriptive deposit and will be applied as follows:

  • Surplus Share Accounts with balances of $100 or less will be paid out and deposited to a chequing or savings account.

  • All US Surplus Share Accounts will be paid out in full and deposited to a US chequing or savings account.

  • Surplus Share Accounts with balances greater than $100 will have a portion paid in cash based on the allocated redemption rate (via deposit to a chequing or savings account).

  • Registered Surplus Share Accounts will have a portion transferred into a variable RRSP. These variable RRSP accounts will be set up under the same contract as the Registered Surplus Share Account. Members without a variable RRSP account will have a new account opened, as there is a tax implication to pay cash out of the Registered Surplus Shares.
Payment from existing Surplus Share accounts, affecting legacy Crosstown Civic members only.

Dividends will be paid on the remaining balance of surplus shares on March 24th, after the redemption for 2021.

PLEASE NOTE: All share allocations must be claimed as taxable income.



How much you get paid

Members who save and borrow with Access are allocated a percentage of the interest they earned and the interest they paid during the year. The allocation rate may vary from year to year as it depends on the amount of earnings achieved. 

The 2021 allocations are based on credit union earnings. This year, allocations were distributed as follows:


DATE

ACTION

% ALLOCATED

March 23

Patronage payout

3.34%


For members with existing Surplus/Registered Surplus Shares only:

 

DATE

ACTION

% ALLOCATED

March 23

Cash redemptions (CDN - $100 or more)

49.3%

March 23

Cash redemptions (CDN - less than $100)

100%

March 23

Cash redemptions (USD)

100%

March 23

RSP redemptions

49.3%

March 24

Dividends on existing
Surplus Shares

2.00%





Frequently Asked Questions

After satisfying requirements for reserves, the Board of Directors may set aside a portion of earnings for members who have borrowed and saved at the credit union.

Members can benefit from two components of the Member Rewards program:

  • patronage; and
  • share allocation*.
*Share allocations are currently an exception to the Patronage Policy and may not apply to all members. Talk to your branch or call the Member Solutions Centre at 1.800.264.2926 to find out if Share Allocations apply to your membership.
Patronage is earned and calculated from:
  • Interest earned on non-registered deposit accounts with the same ownership; and/or
  • All interest paid on eligible member loans, mortgages, and LOCs (interest paid within LOC limit).
Members are allocated a percentage of the interest they earned and the interest they paid during the calendar year. The allocation rate may vary from year to year as it depends on the amount of earnings achieved. The Board of Directors approves the allocation rate after the year end financials are completed. Please see the “How much you get paid” section above for an example.
As part of our merger commitments, Access Credit Union will continue to focus on maximizing the ability to pay patronage to members as part of the cooperative values and belief that members should share in our profits. The objective of our Member Rewards Program is to pay bonuses in cash to our members.
Member Rewards (patronage) will be paid in cash via deposit to a chequing or savings account (if available) or if no account is available, it will be applied to the originating account. i.e. investment or principal payment on the loan.
Cash Rebates will be paid in cash via deposit to a chequing or savings account (if available).

If no account is available, the funds will remain in the Surplus Share account unless otherwise specified by the member. Members who wish to redeem their cash rebate in another format, may contact their local branch or our Member Solutions Centre at 1.800.264.2926. 
The objective of our Member Rewards Program is to pay bonuses in cash to our members. Beginning in 2022, Access Credit Union will be redeeming existing Surplus Shares as cash to our members. This cash payout is expected to take no more than five years to complete.

This applies to the Registered Surplus Share Accounts as well, which will have a portion transferred into a variable RRSP.
Member Rewards payouts will show on the regular consolidated statement of accounts for all active members who receive paper statements and e-Statements. Your statement will detail your payout as:

Payout Type

Statement Detail

Surplus Share Redemption

Cash Rebate

RRSP Surplus Share Redemption

RRSP Surplus Share Redemption

Patronage

Member Rewards

Dividends on Surplus Share accounts

Share Allocation


The same terms will be displayed in your account activity in online banking and on the mobile app.
All members paying or receiving interest in a sufficient amount to warrant an allocation of one dollar or more are eligible for participation in the program.
An allocation to individual Member Rewards plans based on interest earned on savings or term deposits is taxable as interest income in the year received, as is any share allocation paid on existing Member Rewards Plans. Both are included in the T5 income tax slip issued by Access Credit Union when total interest is over $50 (including patronage and dividends). Even if members don’t receive the T5 slip, it is still taxable and should be included when filing tax returns.

An allocation based on interest paid on a loan is taxable only if the loan interest was tax deductible, as in the case of a business loan. It is the responsibility of the member to determine if the allocation is taxable and to report it if necessary on their income tax return.
By increasing your use of credit union loan and deposit services, you increase your participation in the Member Rewards program!
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