CoVantage returns $6 million in patronage to its members

Metro Wire Staff

A record $6 million in patronage has been deposited into the accounts of members who borrowed and
saved with CoVantage Credit Union in 2023. It’s the largest patronage payment in the organization’s history, according to a news release from the credit union.

In the last five years, $25 million has been returned to members specifically through patronage; a concept that originated many years ago as a way for cooperatives like CoVantage to give extra value to those who use their services.

CoVantage is one of a few credit unions in the country that continues the practice, and this marks the 43rd consecutive year that CoVantage member-owners have received the unique financial benefit.

The year-end patronage payment includes a bonus on dividends earned for those who save, and a loan interest rebate for those who borrow. CoVantage depositors received a bonus on dividends earned on eligible certificate, money market, and savings accounts. Borrowers received a rebate of their total 2023 interest paid on eligible vehicle, home equity, in-house mortgage, credit card, and commercial loans.

Further information about the CoVantage patronage program can be found at covantagecu.org/patronage.