WATERFORD — Thousands of Charter Oak Federal Credit Union may see some extra money in their account.
6,186 customers of the credit union received $100 in cash bonuses this December. This large payout is due to the credit union’s Gold Rewards program. Brain Orenstein, the credit union’s president and CEO, said the program began in 2009 as a way to thank customers for their loyalty. It was originally an unannounced gift.
“It was a cool surprise to our membership, so we decided to do it annually,” he said.
Over the years, payouts have steadily increased. Over the life of the program, the credit union has paid out over $4 million. Orenstein said payouts have increased over the life of the program, as more people have joined.
Currently, 10% of Charter Oak Federal Credit Union’s customer are in the Gold Rewards program, Orenstein said. To qualify for the payout, an individual must have a total of $20,000 in deposits and loans to qualify, and have direct deposit set up for their account.
“If you have a mortgage, you’re pretty much already there,” he said.
Orenstein looks forward to possibly expanding the program, and increasing how much money is paid out, in the future.
“It’s been virtually the same program for 10 years, and seems to have some life still as it continues to grow,” he said.
Charter Oak Federal Credit Union has branches in Waterford, Killingly, Norwich, New London, Groton, Montville, Mystic, Niantic, Putnam, Uncasville, Pawcatuck, and…