WYANDOTTE, Mich.–Michigan Legacy Credit Union has paid out its Patronage 365 Dividend for 2024.
According to CEO Carma Peters, Michigan Legacy opts to distribute its patronage dividends back to its members every day of the year in fee waivers (hence “Patronage 365”) based on the members’ participation with the credit union. The dividend increases as members increase their financial transaction activity.
“I tell members that the more you use your credit union, the less you pay in fees,” Peters said. “In 2024, Michigan Legacy waived a total of $350,679 in fees to members via patronage dividends – a number equal to 24% of Michigan Legacy Credit Union’s 2024 income.”
Added MLCU Board President Bruce Crossman, “The board is unanimous in our mission to give as much back to our members as possible, thus fulfilling the role of a true financial cooperative,” Crossman said.
The credit unions aid patronage fee waivers include monthly maintenance fees and check cashing fees, among others. Members accrue points each month which result in automatic fee waivers after a designated threshold.
Michigan Legacy is currently working with core processor CU*Answers to enhance its members’ ability to track the incurred and waived fees on their statements and mobile/app-based banking, making the information more transparent.
More Than $83K Donated
In addition to the Patronage 365 fee waivers, Michigan Legacy said it donated $83,209.50 in 2024 to community organizations through direct donations and sponsorships. The credit union also participated in raising funds for 2,000 Thanksgiving dinners to be distributed throughout Metro Detroit and volunteered time to the Pontiac Library Reading program, Vista Maria and the Konnection Kloset.
“It’s an honor for me to represent the more than 20,000 generous Michigan Legacy Credit Union members who are also always willing to give of their funds to help the less fortunate in our communities,” Peters said. “I also commend our 68 employees who gave their time, talents and resources over the past year to support the communities our credit union serves.”