$1.98 Million Member Bonus Dividend
On behalf of our board of directors and employees, Carolinas Telco Federal Credit Union (CTFCU) is proud to announce a Member Bonus Dividend in the amount of $1,983,190. Representing exactly half of our 2018 net income, this amount will be proportionally distributed to our members on the evening of Wednesday, March 27, 2019.
From a financial standpoint, 2018 was one of our strongest years in recent credit union history. Our unprecedented annual growth clearly shows that CTFCU's members continue to see the credit union as their first choice for loans, deposit accounts, and other banking services.
For 85 years, CTFCU has proudly provided premier financial services to telecommunications workers, retirees, and their families. We remain firmly committed to serving our membership, as we strive to offer the very best options for higher dividend rates on deposits, lower loan rates, and excellent member service.
Thank you for being a member of our CTFCU family!
Amount paid to each member is proportionally calculated based on the total share(s) balance(s) available per each membership account as of the close of business on December 31, 2018. The total payout of $1,983,190 dollars will be divided amongst all Primary members in good standing based on their share account balances (all share savings, special share savings, certificates, IRA's, share draft (checking), and other deposit accounts) as of 12/31/18. The total dividend amount paid to each member during the entirety of 2018, IS NOT CONSIDERED IN THIS BONUS DIVIDEND CALCULATION. Dividend Bonus payouts are limited to 1 per membership account, regardless of the number of owner(s) or beneficiaries listed on the account. Only members in good standing on the date of the payout are eligible to receive this bonus. For this bonus dividend, a member in “good standing” is described as: Prime Share 001 or 003 (trust) account contains the minimum dollar amount required to maintain membership. Overdrawn, delinquent, charged off, or accounts included in bankruptcy proceedings may not be eligible. Accounts classified as an ‘estate’ or ‘representative-payee’ are also ineligible. Payouts will be posted to all eligible Prime Share 001 (or 003) accounts on 3/27/2019. Account must be open, active, and in good standing on this date, to receive the Bonus dividend payout. All dividends paid will be reported on IRS Form 1099-INT for 2019, and provided to members within accordance to IRS guidelines. The bonus dividend has been approved by the Board of Directors of Carolinas Telco FCU through a carefully considered decision-making process. The dividends are based on the credit union's earnings at the end of a dividend period and thus cannot be guaranteed for future years.
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