Answers for your questions.
Clackamas Federal Credit Union is not a bank; we are a financial cooperative where all members are part-owners. Consequently, when we have a particularly good year financially, our volunteer-member Board of Directors may elect to pay a bonus dividend back to the membership in addition to the hundreds of thousands of dollars that we save our members over typical bank rates and fees!
Members are eligible for the bonus dividend if they joined Clackamas prior to October 31, 2018, and are in good standing with the credit union. Dividends are calculated as a percentage of members’ aggregate loan and account balances.
As a not-for-profit credit union, we make every effort to return value year-round, through better rates, lower fees, product and service enhancements, and improved financial strength. While we cannot promise to pay future bonus dividends, we will monitor our ability to pay future bonus dividends while maintaining a strong financial position.
No, but the interest earned on your bonus dividend deposit will be taxable.
Your dividend will be posted to your primary share account on December 5, 2018.