How much is the 2016 Relationship Reward and why?
The Relationship Reward is $10 million this year. We were able to distribute that amount because members are using our products and services. Members are moving their credit cards, car loans, and mortgage loans to PSECU, so not only are they contributing to the 2016 Relationship Reward pool, they're saving more of their own money.
How do I find my current and past Reward amounts?
Simply log into your account using digital banking and look in your Regular Share (S1) to see your share of the $10 million. Or call us at 800.237.7328, extension 3875. If you received past Rewards, you can view them under "My Benefits" in digital banking and click on "Relationship Reward" on the left-side menu. To see all the ways you benefit from your relationship with us, click on "Savings and Rewards" on that same menu.
Who qualified to receive the 2016 Relationship Reward?
The Relationship Reward was paid to the Regular Shares (S1) of the oldest account for the primary owner based on Social Security number. Only primary members received a Reward. The account must have been opened on or before December 31, 2016 and remained open through January 3, 2017 to receive the Relationship Reward.
Why is my Reward less than last year's?
The total amount of any year's Relationship Reward is based on the credit union's financial position at the end of the year. 2015 was an exceptional year, so for the 2015 Relationship Reward our Board of Directors decided to give back the highest amount since the program's inception in 2013. In each year except 2015, the Relationship Reward was $10 million. 2016 was also a great year for your credit union, but we're beginning to give back to members in new ways, like investing more in new technologies so that members have an even simpler, safer and more convenient banking experience.
In addition, you may see a reduced amount if you paid off a loan or changed your usage of eligible products and services.
Why didn't I receive a 2016 Relationship Reward?
There are a number of possible reasons.
- You're not the primary owner on the account. Joint owners do not receive separate Rewards.
- You did not earn the minimum $10 reward.
- You have a loan that was more than 22 days past due.
- Your account had a lien or hold on it.
- You caused the credit union a loss.
Why did PSECU pay a Relationship Reward?
We're continuing the legacy of our 22 founding members who created PSECU as a financial cooperative. Their goal was to pool their resources so everyone could benefit. Returning money to our members will continue to be at the heart of what we do. It's why we launched our new cash rewards credit card, the Founder's Card. It's why we offer low-rate lending and refinancing solutions to help you save more of what you make. It's why we reimburse ATM fees, because it shouldn't cost you to access your money.
Is the Relationship Reward guaranteed?
No, unfortunately we can never promise our members a Relationship Reward. It all depends on the active participation by everyone, and our financial position after we've paid operating expenses and put money aside to assure our continued stability. In 2017, we will be investing more in emerging technologies so that members have an even simpler, safer and more convenient banking experience. While this enables us to be viable for generations to come and protect our legacy, our Relationship Reward Program remains contingent upon our surplus earnings.
How was the 2016 Relationship Reward calculated?
Eligible members received:
- Direct Deposit - $5
You must have had a recurring Direct Deposit at least once in December 2016.
- Digital Banking - $5
You need to have logged into your account at least once during December 2016.
- e-Statements - $5
You are enrolled in e-Statements (did not receive a paper statement in December 2016).
- Visa® - $10
The card must have been open through midnight on December 31, 2016, and you averaged 2 credit card purchase transactions per full month the line of credit was open in 2016. For example, a line of credit opened before January 2016 needed a minimum of 24 transactions in 2016 to qualify or a line of credit opened anytime in October 2016 needed a minimum of 4 transactions to qualify. Any type of transaction that is a cash advance to your line of credit is excluded. These include use of balance transfer checks to transfer balances or make purchases, use of online balance transfer checks, withdrawing from the Visa line of credit at an ATM, or moving funds to a share in digital banking, SST or when speaking to a PSECU representative.
- Financial Planning Service - $25
You had an account relationship as of December 31, 2016 with PSECU Financial Services offered through CFS*.
- Percentage of total share dividends earned and interest paid.
*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. PSECU HAS CONTRACTED WITH CFS TO MAKE NON-DEPOSIT INVESTMENT PRODUCTS AND SERVICES AVAILABLE TO CREDIT UNION MEMBERS.
Please Note: Reward Program details may change at any time.
Will I have to pay taxes on the 2016 Relationship Reward?
Members who are getting paid for dividends earned will receive a 1099-INT. Non-share Relationship Rewards earned from loan balances and services will be reported on IRS Form 1099-MISC, if $600 or more is accumulated for the 2017 year. We will withhold Federal taxes for members who elected to participate in backup withholding. If you have any tax questions regarding the 1099 Form(s), we recommend that you consult with your tax advisor. We are not tax experts and cannot offer tax advice.
Have a question that's not answered here? We're happy to help! Just give us a call at 800.237.7328.