Weyburn Credit Union (WCU) is proud to announce they are continuing into the second year of the Member Spark Rewards program by sharing over $763,000 in profits with their members and community. Introduced last year as unique and even ground-breaking, the program takes a holistic, member-centric view of member rewards.
WCU’s financial wellness is reflected by their members’ financial wellness. When their members become financially fit by saving, investing, and building good credit, WCU becomes more profitable too. When WCU profits, they share those profits with their members, now in the form of Member Spark Rewards.
WCU and their rewards program encourage members to do more to become financially fit, and when they do, their Member Spark Rewards increase as well. Weyburn Credit Union is owned by the people who bank with them, and WCU has always used its profits for their members’ good. In fact, it’s a key difference between a bank and a credit union.
“We’re here to help our members achieve financial well-being; we don’t have any ulterior motives,” remarked Lynn Colquhoun, Weyburn Credit Union’s Board Chair.
“We help people define their needs and goals and offer advice and solutions to help them; we don’t sell product for the sake of maximizing profit. In the business of helping our members, a sustainable profit level is important in maintaining a strong and viable credit union; maximizing profit for shareholders is not. ‘We are owned by the people who bank with us, so we always have their best interests at heart’ is not pandering. I know it to be a fact because I represent those members when I’m seated at the board table. I’m passionate and unapologetic about making the decisions, like our rewards program, that have our members’ best interests at heart.”
Member Spark Rewards is an annual profit-share payment to members based on their financial relationship with WCU. A member’s relationship is determined by the number of eligible products they use, along with added rewards for larger balances and length of membership.
To be eligible for Member Spark Rewards, a member only needs to hold four WCU qualifying products as of December 31 of the previous year. The 2020 Member Spark Rewards will be deposited to Member Share accounts on April 21 and they range from $130 up to $2,120 per member. This is an increase from last year’s payments that ranged from $100 to $2,000.
“2020 wasn’t a typical year for anyone, us included,” commented Krista Hubic, WCU’s Chief Financial Officer. “We don’t want people to think we’ve increased our Member Spark Rewards program because we’ve increased our profits. In fact, the opposite is true. Like many businesses, our profit levels are lower than normal.”
Hubic added, “When our credit union makes a profit, we have a choice to make. We determine how much of our profit is reinvested back into our credit union or returned to our members. Because Weyburn Credit Union is in a strong, stable capital position, we’ve made the choice to increase how much of our profit is allocated to the Member Spark Rewards program. If we didn’t have such a strong capital base, it wouldn’t have been an option, but fortunately we’re in a position where we can make the decision to put more money in the pockets of our members when it’s needed the most.”
Once payments are made, members will have immediate access to the funds. They can take cash, buy themselves a gift, pay bills or invest for the future – it’s completely up to them. Future payments will grow and change as the profit of WCU and the members’ relationships evolve.