Let’s celebrate 2018…it’s Loyalty Bonus time!
For the past seven (7) years, we have continued to say THANKS to thousands of Qualstar members by distributing a Loyalty Bonus. Our successes aren’t possible without members like you, so once again we’re able to give back some of the income we earned last year to show our commitment to the cooperative spirit of credit unions.
Throughout 2018 members continued to bring their auto loans, mortgage loans, and credit cards to Qualstar and, as a cooperative, we don’t work for stockholders, we work for you. So, to continue to thank you for contributing to our success, on January 23rd we’re paying out a Loyalty Bonus1
What is a Loyalty Bonus?
Your Loyalty Bonus is based on the business you did with us last year. We look at the accounts, loans and active services you had with us in 2018 and, using pre-determined values, calculate your individual Bonus amount, which can vary from $20 to thousands depending on the relationship a member has with Qualstar – this year we are paying out $1,597,593.77 million to 25,728 members.1
How is the bonus calculated?
As a result of a member’s ongoing loyalty to Qualstar, each Loyalty Bonus is based on any combination of the following accounts, loans and services:
- Avg. Daily Share Balance = .14% of your 2018 average daily savings/checking account balances (all accounts combined)
- Avg. Daily IRA Balance = .12% of your 2018 average daily IRA balances2 (all IRAs combined)
- Avg. Daily Loan Balance = .30% of your 2018 average daily loan balances (all non-Real Estate loans combined)
- Real Estate Loans ($100+ in interest paid for the year,) = $25.003
- Active Visa Credit Card (with at least 24 charges in 2018) = $15.00
- Checking Accounts (with more than $6000 in YTD deposits) = $15.00
- eServices (active Home or Mobile Banking and eStatements) = $10.00
- Youth Accounts (must be open) = $10.00 minimum – refer to “How is the youth bonus calculated?” below
Check out our Loyalty Bonus Infographic to see how the bonus was paid out this year.
What will your Loyalty Bonus be?
Each member’s bonus will be different based on the accounts, products and services they have with us – in mid-January, you will receive a letter notifying you of your individual bonus amount and which account it will be deposited to. Be sure to check your mail starting January 17th!
When will you receive your bonus?
If you qualify1 for a Loyalty Bonus, it will be deposited into your lowest number checking (savings if no checking is available) on January 23, 2019. For accounts without an open checking or savings, a check will be mailed to the address we have on file on January 23th.
How is the Youth Account bonus calculated?
We didn’t want to leave out our important youth account members, so a minimum bonus of $10 will be given to ALL StarSavers and MyCash accounts regardless of the balance. If they earn more than the $10 minimum, they will receive that full amount.
As always, THANKS for being a member of Qualstar – we wouldn’t be able to make this happen to share this success without YOU!
1 Loyalty Bonuses were calculated based on your account standing at the close of business on December 31, 2018 and are considered dividends that will be reported on a 2019 1099 INT and/or 1099 MISC tax form(s.) Your total one-time bonus is based on the shares, loans and active services with Qualstar on all accounts which the social security number is listed as the primary. An “Eligible Checking” account is one with a minimum of $6000 in deposits within one account for the year; an “Active Visa Card” is one with at least 24 transactions made during 2018; an “Eligible Real Estate Loan” is one that has incurred $500+ in interest throughout 2018. Accounts (excluding Youth) that accumulate less than $20 in total bonus amounts and those that have 12+ months of inactivity (not including certificates) are excluded from the program. Bonuses will be distributed to the checking account listed above; if no checking exists, the funds will be deposited into savings. For accounts without an active savings or checking, funds will be disbursed via check mailed on 1/23/19 to the address on file; checks not cashed or deposited after 6 months will become void. For accounts that are overdrawn at the time the bonus is deposited, the funds will go toward the balance owing. Bonuses are paid only for accounts in good standing as of December 31, 2017. Loans 30+ days delinquent and accounts with charge-offs do not qualify; bankruptcies without a charge-off do qualify.
2 If you have an open IRA, bonus amounts are deposited directly to the lowest account # IRA as a dividend.
3 Members who paid more than $500 in interest on their Real Estate loan(s) throughout 2018 will receive a bonus for those loans. Does not apply to commercial loans.