The Board of Directors determines this each year based on how well the credit union performs. 2020 will be our seventh consecutive year with a payout and we hope to continue this yearly for the foreseeable future.
All personal and business members are eligible to share in the Workers GiveBack Program. You must be a member as of December 31, 2019. The amount of the payout will be based on your 2019 year-to-date average balance in all eligible accounts.
The primary account owner, or tax reported owner, will receive the total payout into their membership account for all of the accounts of which they are the primary account owner.
Yes. The Giveback payout is reportable on IRS Form 1099-INT for interest earned in 2020 and will be reported with all other interest paid on your accounts. This excludes payouts for IRAs.
We will deposit the payout into an eligible deposit account of which the member is a joint owner. If the member is not a joint owner of any other eligible deposit account, we will not be able to post his/her deposit.
We will post the GiveBack as "GiveBack" into the account.
This year members earning $10.00 or more with an email address on file will receive an email informing them the 2019 GiveBack has been deposited to their account. If the member does not have an email address on file or has a duplicate email, they will not receive any communication. Emails will be sent AFTER the GiveBack has been paid out, on or around the following Monday or Tuesday (4/13 or 4/14). Emails will NOT include any account information or the amount of their GiveBack. Members will be directed to look in Online Banking. Members with IRA account will not receive a separate email.
We will deposit the payout into the primary account owner’s membership savings account. If the primary account owner has more than one membership savings account, then the deposit will go into whichever account is oldest. If the primary owner does not have a membership savings account, the deposit will go into an eligible deposit account of which the primary is a joint owner.
The credit union is truly appreciative of the trust and confidence members place in us by their relationships with our Retirement Planning & Investment Center. The funds managed by the Center, however, are non-deposit investment products. They are not held as member deposits within the credit union and are not available for making loans to other members. Since the majority of the credit union’s profits come from its primary activities, which include deposits, loans and traditional banking transactions, the funds managed by the Center are not eligible for the Giveback.
Yes, eligible accounts that are closed during the year will be included; however you must have another open deposit account as of December 31st to be paid for Giveback earned on closed deposit accounts. Please note: IRA savings and certificates closed during the year will NOT be eligible for a Giveback payout.
You make your donation directly through Workers from your digital banking account. Donations cannot be made through the branches or call center at this time. You have until end of day May 15, 2020 to donate your GiveBack to charity through the Workers digital banking platform.
You can choose to donate your entire GiveBack, a portion of it, or more than the Giveback payout to one or more of the offered charities.
Members can donate all, or a portion, of their 2019 GiveBack to the following two (2) charities:
We take your 2019 average balance for all eligible loan and deposit accounts and multiply a percentage to that balance. The following accounts are eligible for the payout:
30 GiveBack Points* (.003)
20 GiveBack Points* (.002)
10 GiveBack Points* (.001)
*Definition of a Basis Point - A unit that is equal to 1/100th of 1%. For calculating your payout, 30 basis point is equivalent to .003; 20 basis point is equivalent to .002; 10 basis point is equivalent to .001. Calculations are an estimate and could vary based on specific factors.
The more you bank with us, the more cash back you get!*
The 2019 GiveBack (paid out in 2020) totaled $3.3 million. We can't wait to see what the next year will bring!
Not a member yet? Join now! The sooner you start banking with us, the more you can receive in a GiveBack.
Lori
member since 2000. The GiveBack shows Workers is about giving to their members.
Natasha
member since 2013. When I go in there, it's almost family. It's home.
Souvanna
member since 1999. I go in there, they know me, and I'm in and out right away.
Sis
member since 1993. It doesn't get any better than Workers and the GiveBack.
