HIGHTSTOWN, N.J. (12/12/14)--The New Jersey Credit Union League (NJCUL) has announced to its membership that it is instituting a dues rebate program.
This week the league is sending its member credit unions dues statements for 2015 along with information explaining the value of league affiliation. The league will also send an infographic illustrating a new patronage rebate program that will be used for the 2016 dues cycle.
The program is designed to reward member credit unions for attendance at league functions, utilization of services and engagement with partners. It includes areas ranging from education dollars spent to volunteerism relative to political and consumer advocacy.
Statistics on the infographic state that the maximum rebate that will be granted in 2016 is 15%, while the calculated average rebate for New Jersey's credit unions using 2014 data would have come to 8%.
"Our vision here at the league is to be a dynamic catalyst for our members' growth and an essential element of their success," NJCUL President/CEO Greg Michlig told News Now. "We cannot do that well unless we have engagement from our credit unions."
Michlig said the NJCUL board of directors approved universal dues reductions for member credit unions the past few years due to the sluggish economy. "As the economy improves, we want to give our affiliates the opportunity to maintain lower dues levels, and I feel this model presents an opportunity to strengthen our credit union community throughout the state, while also accomplishing that goal," he added.
The program will "recognize through compensation those that value the collaborative spirit that makes our industry unique and look to the league first as a valuable resource to meet a multitude of service needs," said Barbara Agin, league vice president of member experience and education.