BIRMHINGHAM, Ala. (4/14/14)--Credit unions participating in the Credit Union Service Centers (CUSC) of Alabama will receive patronage rebates and dividends for the third year in a row this year, the credit union service organization announced Thursday.
Any program issuers or acquirers will receive patronage rebates from CUSC through revenue generated by total transactions over 2013, or 60% of the organization's income, before taxes. Participating credit unions also will receive a 10% dividend of net income.
"Shared branching is a great way to earn income and also increase your value to your membership," said Patrick La Pine, CUSC chairman. "Seventy percent of 2013 net income before taxes is being returned to credit unions. The CUSC network would not be as strong as it is without participating credit unions. To be able to offer a rebate and patronage dividend for three years shows that shared branching works."
Credit unions also received a boost in income for their involvement in the shared-branch cooperative last year, as CUSC reduced the transaction fee structure by 10 cents.
With 25 new credit unions in the mix in 2013, the network now features 151 service providers, all of which can now be identified with the cooperative's new logo.
The network allows credit unions throughout Alabama, across the nation and abroad to share facilities and provide even more services and access to their memberships.
Through the co-op, members have access to their account in more than 5,000 locations.