Bonuses given

WATERFORD — Charter Oak Federal Credit Union awarded over $393,000 in annual $100 cash bonuses to its Gold Rewards members in December, which is a new record for the credit union’s member-appreciation program.

In total, Charter Oak has paid out more than $1.6 million in annual cash bonuses over the past five years to Gold Rewards members. In addition, the credit union has rebated $391,177 in ATM fees, bringing the total payout in annual cash bonuses and rebates to more than $2 million since the program was created in 2010.

 “This year’s record Gold Rewards payout is a reflection of our financial strength and the increasing popularity of this program,” said Brian A. Orenstein, Charter Oak’s CEO.

Since Gold Rewards began, Charter Oak has seen steady growth in the number of members who qualify for its benefits, along with increases in the size of the annual cash payouts. “We’re proud to be the only financial institution in eastern Connecticut to pay out $100 annual bonuses – and we’ve done it for five consecutive years now,” said Orenstein.