WATERFORD — Charter Oak Federal Credit Union said last week that it had awarded over $532,000 in annual $100 cash bonuses to its Gold Rewards members this December — the highest payout thus far in the member-rewards program. “These bonuses are Charter Oak’s way of saying a very special happy holidays to our Gold Rewards members,” said Brian A. Orenstein, president and CEO.
The program began in 2010 with 2,590 members and has expanded to 5,326 members in 2017. The credit union said it had also returned nearly $918,000 in ATM rebates to its members during the eight year period. At the end of June, Charter Oak had 66,014 members, and assets of more than $1 billion; it is the largest credit union in Eastern Connecticut.
The rewards program is available to members who have a combined deposit and loan balance of at least $20,000, and either monthly direct deposits of at least $1,500 or bill pay usage of a minimum of four unique payments posted per month. Members also can receive ATM rebates and special deposit and loan rates or credits.