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Fusion Members Have More FUNds!
FAQ's
Patronage is a dividend refund that a credit union distributes to its members as a share of it’s profits. Unlike a regular stock dividend, a patronage dividend is not a return on investment. Instead, it represents a rebate on the member’s purchases from the credit union during the previous fiscal year.
Over the past 6 years, Fusion Credit Union has rewarded members with over $9.69 million in patronage allocations and cash pay-outs. Each year, the profits of a credit union are invested back into the credit union or, if declared by the board of directors, are paid out to members in the form of patronage, cash-payouts or dividends.
Credit Unions are a type of co-operative financial institution that are owned and operated by the people (called members) who use their services. When you bank with a credit union, you are a member and an owner, not just a number. Opening an account with a credit union, such as Fusion, requires the purchase of a membership. As a member, you have a say in how the credit union is operated.
At a credit union, the board of directors is elected by members and each member has one vote. It doesn't matter how much money you have invested in the credit union - all members have an equal say. In contrast, most banks operate as a publicly traded company and the board of directors are nominated and elected by shareholders. These shareholders usually hold one vote for each share they own, meaning larger shareholders have more control over the bank. At a credit union, the shareholders are the members.
Of course, there are many. Besides sharing in the profits and having a say in how we operate, members benefit from our mission of improving the financial well-being of our members and investing in our communities. Last year we held 14 financial wellness presentations for members and awarded over $200,000 into community sponsorships and donations. These are just a few perks to being a Fusion member.
Visit one of our branches, or apply online.