Charter Oak Awards Over $393,000 in Gold Rewards Bonuses

Waterford, CT – December 9, 2014 – Charter Oak Federal Credit Union awarded over $393,000 in annual $100 cash bonuses to its Gold Rewards members in December, which is a new record for the credit union’s member-appreciation program.

In total, Charter Oak has paid out more than $1.6 million in annual cash bonuses over the past five years to Gold Rewards members. In addition, the credit union has rebated $391,177 in ATM fees, bringing the total payout in annual cash bonuses and rebates to more than $2 million since the program was created in 2010.

“This year’s record Gold Rewards payout is a reflection of our financial strength and the increasing popularity of this program,” said Brian A. Orenstein, Charter Oak’s Chief Executive Officer. “It’s our unique way to reward members who make Charter Oak their primary place to bank,” he said. “It’s also a great way to say happy holidays.”

Since Gold Rewards began, Charter Oak has seen steady growth in the number of members who qualify for its benefits, along with increases in the size of the annual cash payouts. “We’re proud to be the only financial institution in eastern Connecticut to pay out $100 annual bonuses – and we’ve done it for five consecutive years now,” said Orenstein.

When Gold Rewards was initiated in 2010, a total of 2,590 members qualified for the annual $100 bonus. This year, Charter Oak paid out $100 annual bonuses to 3,931 members – a 52 percent increase in the number of members qualifying for the annual cash bonus.

Charter Oak, which is eastern Connecticut’s largest credit union, created Gold Rewards to provide additional value and financial rewards for those credit union members with important account relationships. Gold Rewards offers members a broad array of benefits, including the $100 annual bonus, ATM rebates, special rates on deposits, discounts on new personal loans and a $100 credit toward first mortgage closing costs. 
For more information about Charter Oak’s Gold Rewards program, including how to qualify, please visit CharterOak.org or visit any of the credit union’s branches in New London and Windham counties.