| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 974.1 | $1,000,000 | SLOAN::HOM | | Fri Feb 02 1996 12:34 | 16 |
| Approximately $1 million will be distributed. Each member with an
account that earned interest will receive $3 + a prorated share based on
the interested received by the member divided by the total interested
paid out by the credit union.
Each member with a loan will receive $5 + a prorated share based on the
interest paid to the DCU from the member divided by the total interest
received by the DCU.
Home mortgages are not included in the above calculations
but home equity lines, VISA, ACL are.
I checked on my own account with PC Branch. A bonus dividend
was paid on 1/31/96.
Gim
|
| 974.2 | Guess I can retire now | 31906::DOTEN | | Fri Feb 02 1996 13:47 | 3 |
| Oh, that must be why my checking balance is off by $6.
-glenn-
|
| 974.3 | | 19096::BUSKY | | Fri Feb 02 1996 15:16 | 23 |
| > -< Guess I can retire now >-
> Oh, that must be why my checking balance is off by $6.
Hey, a bonus is a Bonu$! It was only a few short years ago that
some, maybe even many, where questioning the viability this very
credit union.
Now we have...
- No Fees
- No Choices ;-)
- An active Board
- A New Prez
- Magone locked up
- Bonus Dividends
This place is better than it ever was!
Charly
P.S. I believe that the bonuses were posted your primary savings
account, (if you have one) so look there first.
|
| 974.4 | All mortgages excluded ? | IRALLY::LEVITIN | Action = Life | Mon Feb 05 1996 14:54 | 7 |
| Gim wrote:
Home mortgages are not included....
Even if DCU owns the mortgage? (Not just services it, but owns it?)
Sam
|
| 974.5 | | SLOAN::HOM | | Mon Feb 05 1996 17:14 | 14 |
| Whether a first mortgage is held by the DCU or sold is determined
not by the credit worthiness of the borrower but the need of the
credit union to limit interest rate exposure.
Thus whether is mortgage is sold or not is beyond the member's control.
For this reason, DCU mgmt recommended, and the board approved, that
mortgages be excluded from the calculations.
This in no way changed the total pay out of the bonus dividend.
Gim
|
| 974.6 | | BIGQ::GARDNER | justme....jacqui | Wed Feb 07 1996 15:51 | 3 |
|
how long did mangone get??? and where???? is he playing golf???
|
| 974.7 | | CADSYS::RITCHIE | Elaine Kokernak Ritchie, 225-4199 | Wed Feb 07 1996 16:01 | 3 |
| See 672.47 and following
Elaine
|
| 974.8 | | SALEM::DODA | Spring training, PLEASE! | Wed Feb 28 1996 21:10 | 12 |
| Not the correct nore for this question, but close enough...
Was there something mailed out a month ago or so that gave
members some sort of bonus for bringing in a new member who got
approved for an auto loan?
I swear I saw it, but can find nothing at home now.
Anyone know?
thanks
Daryll
|
| 974.9 | | MOLAR::DELBALSO | I (spade) my (dogface) | Wed Feb 28 1996 23:13 | 3 |
| I remember a posting to that effect at a branch. I think it was $50, but
could be wrong. The info line should be able to tell you.
|
| 974.10 | | HYLNDR::BADGER | Can DO! | Thu Feb 29 1996 10:12 | 4 |
| it's true, I got my $50 for signing up my son for a car loan.
the member you bring in has to start a new account and get a loan.
ed
|
| 974.11 | bonus dividend announced for 1996. | SUBSYS::SUNDARESAN | | Mon Dec 23 1996 14:53 | 5 |
| 974.12 | How was the bonus dividend calculated? | UNXA::ZASLAW | Steve Zaslaw | Tue Feb 11 1997 16:04 | 5 |
| I am very happy with DCU and with the bonus dividend we just received. However,
I would like to know the formula used to compute the bonus. This was asked
earlier in this thread, but I see no answer.
Thanks. -- Steve
|
| 974.13 | bonus calculations | SLOAN::HOM | | Tue Feb 11 1997 17:12 | 10 |
| Half the bonus was paid to depositors and half to borrowers.
Each received their prorata share of the dividend bonus.
This year, mortgages, whether sold or not was included in the calculations
on the borrowing side. The rationale was that members had no control over
the selling of the mortgages - but that they should be rewarded for
bringing their mortgage business to the credit union.
Gim
|
| 974.14 | Curious about just how it's reckoned | UNXA::ZASLAW | Steve Zaslaw | Wed Feb 12 1997 21:51 | 22 |
| >Half the bonus was paid to depositors and half to borrowers.
>Each received their prorata share of the dividend bonus.
So the algorithm is something like
my-bonus = 0.5 * (interest-paid-me-in-96/interest-paid-everyone-in-96
+ interest-I-paid-in-96/all-interest-paid-in-96) * total-bonus
?
For instance if I received $1000 interest on my deposits, and DCU paid out
$10 million in 1996, and I paid $5000 interest on my loans, and DCU received
$20 million in interest on loads in 1996, and the bonus was $1 million, I'd get
0.5*(1000/10,000,000+5000/20,000,000)*1,000,000
= $175
Or is it based on balances on deposit and loan balances or something else?
What are the actual figures representing DCU totals used in the equation?
-- Steve
|
| 974.15 | conceptually correct .... | SLOAN::HOM | | Thu Feb 13 1997 11:45 | 14 |
| The algorithm is conceptually correct. It is based on interest paid/received by
the credit union over the year and NOT on balances.
I say conceptually because there are adjustments or exceptions in both
the numerator and denominator of the equation
which must be made. For example, members who default on their loans
and cause a charge off will not get a bonus dividend, etc.
If you want more details, give the credit union a call.
Gim
|