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When you open an account with the Wetaskiwin Credit Union, you purchase 25 Common Shares at a cost of $1.00 per share at which time you become a MEMBER of the Credit Union. Becoming a Member means you are an OWNER and therefore entitles you to receive Profit Sharing. Our Members have been receiving Profit Share Patronage Allocations every year since 1984. In the past 19 years, we have returned more than 5 Million dollars in Profit Shares back to our Members. Profit Shares are calculated and based on loan interest paid as well as savings interest earned.
As a valued member of the Wetaskiwin Credit Union, the more business you do with us the more Profit Shares you earn.
Take the loan example below. If you were under the age of 65 and had taken a $100,000 mortgage with us in November of 1998 at an interest rate of 6.75% you would have received $698.01 in cash rebates over the five year period. Your common share balance could now be $3,942.62. As we continue to profit and grow so does your profit share allocation. What other financial institution gives you a share of the profits just for doing business with them?
| Mortgage Interest Rate |
Effective Interest after Profit Share Allocation |
Profit Share Paid to Account |
New Common Share Balance/Profit Share account |
Cash paid to you as a member |
Closing Balance of Common Share/Profit Share account |
| Year 1 – 6.75% |
6.05% |
$699.63 |
$699.63 |
$69.96 |
$629.67 |
| Year 2 – 6.75% |
5.90% |
$837.03 |
$1,466.70 |
$146.67 |
$1,320.03 |
| Year 3 – 6.75% |
5.79% |
$927.49 |
$2,247.52 |
$112.38 |
$2,135.14 |
| Year 4 – 6.75% |
5.59% |
$1,094.64 |
$3,229.78 |
$161.49 |
$3,068.29 |
| Year 5 – 6.75% |
5.58% |
$1,081.84 |
$4,150.13 |
$207.51 |
$3,942.62 |
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$698.01 |
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This benefit also flows through to the savers. If you were over the age of 65 and had deposited $100,000 into our participatory savings account on November 1, 1998 your average return on investment over the preceding 5 year period would have been 3.61% before profit sharing and 4.10% after profit sharing was allocated. You would have received an extra cash dividend of $1,198.09 and your common share balance would have grown to $1,466.36 (see chart below).
Our participatory savings account offers you a great rate of return for a demand deposit with no lock in feature. Open a membership with Wetaskiwin Credit Union today and watch the benefit of membership work for you.
| Average Interest rate before Profit Share Allocation |
Average Interest rate after Profit Share Allocation |
Profit Share Paid to Account (based on a $100,000 initial Investment) |
New Common Share Balance/Profit Share account |
Cash paid to you as a member |
Closing Balance of Common Share/Profit Share account |
| 4.63% |
5.11% |
$482.85 |
$482.85 |
$48.29 |
$434.56 |
| 4.81% |
5.42% |
$639.45 |
$1,074.01 |
$107.40 |
$966.61 |
| 4.31% |
4.93% |
$677.68 |
$ 1,644.29 |
$328.86 |
$1,315.43 |
| 2.13% |
2.49% |
$419.31 |
$1,734.74 |
$346.95 |
$1,387.79 |
| 2.19% |
2.57% |
$445.16 |
$1,832.95 |
$366.59 |
$1,466.36 |
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$1,198.09 |
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