Special Member Dividend

Special Member Dividend

2021 Special Member Dividend Paid

We are thrilled to announce that, once again, the Board of Directors of Pittsford FCU has declared a Special Member Dividend (SMD).  This year’s SMD is our largest ever, totaling $1,100,000!

The SMD would not be possible without the continued support and trust of our entire membership, and we appreciate your confidence. As has always been the case, a Special Member Dividend is just that – special, unexpected, and unpredictable. We don’t know what will happen next year, but we’re sure delighted we can pay it this year.

To calculate the dividend, we multiplied average account balances for all of 2021 by our dividend factor (the same factor is used for all members and all account types). The Special Member Dividend was deposited in member accounts January 25th in most cases. In a few rare situations, some dividends may be posted after January 25th.

We hope you enjoy the benefits of being an owner of Pittsford Federal Credit Union. We exist solely to help our members get ahead financially, and the SMD is a vivid reminder that ownership has its rewards.

Be sure to check Internet Banking or Mobile Banking to see your actual Special Member Dividend.

Please Note:

  • Qualification for the SMD is subject to eligibility requirements.
  • Payment of a Dividend is not guaranteed.
  • Dividends for deposit accounts will be deposited into the account that qualified for the dividend whenever possible. If that account is no longer open or is otherwise unable to accept deposits, the dividend will be posted to the primary owner's lowest numbered account eligible for deposits.
  • Dividends for loan accounts will be deposited into the primary owner's lowest numbered account eligible for deposits.
  • Primary owner is defined as the person assigned for tax reporting purposes in our system.

Conditions that preclude eligibility for the SMD:

  • Account and/or Loan balances, which when multiplied by the Dividend Factor, yield a potential SMD amount that is less than $1.00
  • Memberships that were closed prior to January 25, 2022
  • Members deceased at the time of SMD posting
  • Accounts in Collections Status 
  • Non-Dividend Share Accounts
  • Borrowers who do not have an eligible open Share Account to receive the potential SMD

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