
Patronage Rebates
Patronage rebates were deposited into affected member accounts, and back into our communities, on June 25, 2020.
Future of patronage rebates:
We are proud to be one of only a few credit unions in Atlantic Canada that still issued rebates in recent years. That is why it was very difficult for Valley Credit Union’s Board of Directors to make the decision to discontinue patronage rebates. In keeping with our goal of always being member focused, these funds will now assist in the purchase and ongoing maintenance of new technologies to meet and exceed the needs and expectations of our current and prospective members. The decision to reallocate these funds was made well before the pandemic hit and is in no way related to COVID-19. The technological investments we have implemented recently or will be implementing over the next couple of years include:
Future of patronage rebates:
We are proud to be one of only a few credit unions in Atlantic Canada that still issued rebates in recent years. That is why it was very difficult for Valley Credit Union’s Board of Directors to make the decision to discontinue patronage rebates. In keeping with our goal of always being member focused, these funds will now assist in the purchase and ongoing maintenance of new technologies to meet and exceed the needs and expectations of our current and prospective members. The decision to reallocate these funds was made well before the pandemic hit and is in no way related to COVID-19. The technological investments we have implemented recently or will be implementing over the next couple of years include:
- Online appointment booking tool
launched January 2020 - Digital account opening and lending application software
launched internally May 2020; self-serve member access scheduled to launch fall of 2020 - Digital signature solutions
launched June 2020 - AI-powered chat feature on website
scheduled to launch fall of 2020 - New and improved website
scheduled for 2022 - New and improved online banking platform
scheduled for 2022 - New and improved CRM (customer relationship management) software
scheduled for 2022