The following requirements for a Loan Rebate Dividend and/ora Deposit Bonus Dividend apply to the account relationships (i.e. Checking,Loan and/or Deposit & Wealth Management) under a single membership number.
To be eligible for a payout you must:
Loan Rebate Dividends are based upon total loan interest paid and are calculated as the sum of the monthly interest paid, not accrued, on all loans (non-business) listed under a single membership number for the calendar year 2014.
Deposit Bonus Dividends are based upon year-end average daily balance, which is calculated as the average of the month-end average daily balances of all shares (non-business) listed under a single membership number for the calendar year 2014.
Only primary members receive a Loan Rebate Dividend and/or Deposit Bonus Dividend. Joint owners will not receive a separate payout. Loan interest and deposit balances cannot be combined or shared with other accounts. Business Accounts, Custodial Accounts, and Trust Accounts are ineligible. All transaction activity is based on calendar year 2014. Member in good standing and balance criteria are determined as of 12/31/2014.
Loan Rebate Dividend and/or Deposit Bonus Dividend payouts are reportable on IRS form 1099-INT for 2015.
The Credit Union reserves the right to modify and cancel the VIP Program at any time and no member has a reasonable expectation that a Loan Rebate Dividend or Deposit Bonus Dividend will be paid as part of the VIP Program in any year or that the terms will remain the same.
All member deposits in Coastal Federal Credit Union are insured to $250,000 (funds in IRA accounts are eligible for separate insurance protection up to $250,000) by the National Credit Union Administration, an agency of the United States Government. Dividends are based on the credit union's earnings at the end of a dividend period and thus cannot be guaranteed.
« Back to VIP Main Page
1 Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Wealth Management accounts also include non-deposit investment and insurance products and services previously sold through CUNA Brokerage Services, Inc. and CUNA MemberCONNECT (excluding Basic Accidental Death and Dismemberment). Wealth Management does not include products and services sold through other joint marketing relationships with the credit union—e.g. MetLife, Providence Insurance Agency (an Ascension Company) or LifeRing Insurance.