Michigan Legacy Credit Union announces annual patronage dividends, reflecting another benefit of credit union membership

Carma Peters, president and CEO of Michigan Legacy Credit Union, a not-for-profit financial cooperative serving members throughout Michigan via local branches and online-virtual banking platforms, is pleased to announce the credit union’s Patronage 365 dividend totals for 2023.

Patronage dividends, also known as patronage refunds, are refunded payments to credit union and other financial cooperative members. According to 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 2023, Michigan Legacy waived a total of $385,833.97 in fees to members via patronage dividends – a number equal to 45% of Michigan Legacy Credit Union’s 2023 income.”

Michigan Legacy Credit Union Board President Bruce Crossman said the patronage dividend percentage reflects the organization’s mission.

“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.

Peters explained that 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, a Credit Union Service Organization (CUSO), 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.  

In addition to the Patronage 365 fee waivers, Michigan Legacy donated $38,955 in 2023 to community organizations through direct donations and sponsorships.  The credit union also participated in raising funds for 1,500 Thanksgiving dinners to be distributed throughout Metro Detroit and volunteered time to the Pontiac Library Reading program, Crime Stoppers of SE Michigan and the American Lung Association. 

“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 73 employees who gave their time, talents and resources over the past year to support the communities our credit union serves.”