Unlike banks, credit unions operate as financial cooperatives. Members’ contributions to the credit union are pooled to meet everyone’s needs. After paying operational costs, Wright-Patt is able to use excess revenue to reinvest in its members in the form of additional products and services, new locations, and recently, its patronage dividend.
To be eligible for the dividend, the person must be a member on the announcement date of Dec. 1 through the payment date on Jan. 4, be a member in good standing on Dec. 31 and own at least one account (loan or deposit) with a balance of $100 or more, or have had transaction activity on at least one account during the previous 12 months.
The bigger the relationship a member has with the credit union, the bigger the dividend. The minimum dividend is $10. However, some members will receive hundreds of dollars.
Last year, Wright-Patt paid more than $3 million to more than 157,000 members in its first patronage dividend.
Here’s a breakdown of the dividend payouts by county:
• Montgomery: 74,409
• Greene: 39,230
• Clark: 11,579
• Miami: 10,311
• Hamilton: 5,722
• Clinton: 5,134
• Warren: 5,263
• Champaign: 2,446
The remaining recipients reside outside the Miami Valley.