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Special Member Dividend –
Pittsford Federal Credit Union’s Board of Directors is pleased to announce that an extraordinary dividend will be distributed to Pittsford FCU member/owners for the fourth year in a row.
In December the volunteer Board approved the payout that totals just over $500,000. “With this Special Member Dividend,” noted Bill Martin, PFCU General Manager, “we will have distributed special dividends to our members in excess of $2 million.”
“The value of PFCU membership is clearly demonstrated with this payout,” stated Bill Beach, President of the Board. “As a volunteer board, we are committed to staying true to the credit union philosophy and giving back to our members whenever possible. This special dividend is our way of thanking members for supporting the Credit Union through the loyal use of our products.”
Credit Unions are not-for-profit organizations. Rather than generating profit to facilitate payment of dividends to stockholders, earnings are instead returned to members in the form of low fees, lower loan rates, and higher rates of return on deposits. In years of exceptional performance, Credit Unions may elect to return excess earnings to their members in the form of a Special Member Dividend.
“The Special Member Dividend is the result of a surplus in the credit union’s operating budget due to such factors as managed growth, technological advances and an outstanding effort by all our remarkably dedicated employees,” Martin explained. “Everyday we strive to show members we are different from typical financial institutions. Providing this special dividend is a wonderful difference.” Martin added.
The Special Member Dividend amount will be calculated as a percentage of the total of all dividends earned on deposits and interest paid on loans during 2007. In February, qualified member-owners will receive a letter detailing their Special Member Dividend deposit.
Member Survey Bond Winner
Congratulations Carol S. of Pittsford, the recipient of a $1,000 US Savings Bond. Carol’s name was drawn randomly from a list of 526 members that completed our most recent Member Survey. The four-page questionnaire was mailed in August to 2,000 randomly selected Pittsford FCU members. And, here’s a special “Thank You” to each of the members who completed the survey. The feedback was valuable and appreciated.
Redesigned and better than ever! You can now securely view your account statements online every month. Ensure your privacy and conserve resources when you choose to stop receiving paper statements. Locating your eStatements is simple and easy. Access your account using Internet Banking, click on the eServices link and then click on eStatements.
In a continuing effort to conserve resources and provide faster, more secure delivery of your sensitive documents, Pittsford FCU will be expanding the availability of important account information available to you through eStatements. Here are two new services that will be available to you by January 31, 2008.
- 2007 IRS Tax Forms (1099-Interest, 1098-Mortgage Interest, and 1099-Retirement Distributions)
- 2007 VISA Platinum Year End Summary will be available exclusively through eStatements. A printed copy will be mailed upon request.
College Scholarships Available
The Rochester Chapter of the New York State Credit Union League will, again this year, award $10,000 for college scholarships, in the amounts of $500 and $1,000. Pittsford FCU Members who are currently high school seniors and plan to attend an accredited college or university in the 2008-2009 school year are encouraged to apply. In addition to the League Scholarship Awards, Pittsford FCU will be awarding five additional $1,000 scholarships exclusively to PFCU member-applicants. Applications are available online as well as in both offices, and must be postmarked by February 8th, 2008.
Receive Your Tax Refund Faster with Direct Deposit
Want your refund faster? Have it deposited directly into your Pittsford FCU accosunt. It’s a secure and convenient way to get your money in your pocket faster. Last year, 56.7 million taxpayers chose Direct Deposit as the way to receive their federal tax refunds.
You can also electronically direct your refund to multiple accounts. With the new “split refund” option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. The split refund option, using Form 8888, is also available for paper returns.
To request Direct Deposit, follow the instructions for “Refund” on your tax return and be sure to use the proper 9-digit routing number (222381918 for Pittsford FCU) and the account number on your statement. Please call us if you have any questions about the proper account number format.
Want an even faster refund? Try e-file! Taxpayers who file electronically get their refunds in about half the time as those who file paper returns.
Pittsford FCU is pleased to offer you a discount on TurboTax® products when you do your taxes the easy way with TurboTax.