GROTON, Conn.–Charter Oak Federal Credit Union has paid out more than $438,000 in annual $100 cash bonuses to members of its Gold Rewards program.
It is the largest amount ever paid out by Charter Oak, which has paid more than $2 million to Gold Members since launching the program.
In order to qualify for the Gold Rewards program, members must meet the following criteria on a monthly basis: maintain a checking account and maintain either a direct deposit of $1,500 or more within the month, or have bill pay with a minimum of four unique payments posted within the month, and have a minimum combined deposit and loan balance of $20,000 or more. All qualifying accounts must be in good standing with no current delinquent loan accounts or charge-offs to the credit union.
All accounts are reviewed monthly to determine eligibility for Gold Rewards and the rewards will be available in the following month.
Gold Rewards members are also offered periodic special share certificate offers, as well as a .25% reduction on new personal loans; bill pay with no monthly fee; all Charter Oak foreign ATM fees are rebated, surcharge fees charged by other financial institutions or networks will be rebated up to $9.99 each to a maximum of $20 a month and rebated at the end of the month, plus other benefits.