Share Our Success
As a Mainstreet Credit Union member you have the opportunity to share in and benefit from Mainstreet's profits and success each year. It's our way of saying thanks for investing in us through providing us with your business.
Annually we reward you for being a loyal member by investing a share of our profits into your patronage dividend account based on the profitability of Mainstreet.
The total amount of patronage share dividends to be paid into your patronage shares account is based on our credit union's performance throughout the year and determined by the Board of Directors.
How is it calculated?
Based on the amount of business you have with Mainstreet, a percentage of the total patronage dividends is allocated to members and added to your patronage account to grow over time.
For 2015, a $0.15 cent dividend per $1,000 of service totals per membership with Mainstreet was deposited into your patronage share account on February 27, 2016.
The dividend is calculated on the average account balance. A total service amount of over $100,000 per membership at Mainstreet is required to receive the minimum $15 to your patronage account.
Note: Patronage dividend is based on per membership, not household or SIN numbers. For example: if a husband and wife have two separate memberships that individually do not exceed $100,000 but collectively they do, they will not receive a patronage dividend.
Sarnia - Lambton branch members
With the Mainstreet Sarnia-Lambton branches converting over to the RFS banking system on October 31, 2015, Sarnia-Lambton members will receive patronage dividends for November and December 2015 as well as an interest bonus / rebate for the first ten months of the year that is the same as previous years.
Insured Savings: A dividend of .17% was paid for January - October 31, 2015. The product was converted to an interest bearing account at the time of the banking conversion on October 31, 2015.
Loan Rebates and Savings Bonus: A dividend of 2.25% was paid for January - October 31, 2015. The dividend amount was credited to your daily interest savings product (if you have one) and if not your Bonus Savings / HISA or chequing account.
Goderich branch members
Will be on the Mainstreet RFS banking system starting May 2016 which is when Mainstreet Patronage Dividends will begin to be calculated.
Membership SharesA dividend of .15% on the Membership Shares was distributed for 2015 on February 27, 2016 to all members (with the exception of Goderich who will be officially joining the banking system in May 2016).
Investment Share Dividends
For 2015, the board approved a return of 3.19% for Investment Share dividends (Strathroy and Chatham region members). The dividend is based on 1% over the 2015 quarterly of the posted five year term deposit interest rate and the relationship rate.