Founders Loyalty Bonus Frequently Asked Questions

Founders Loyalty Bonus Frequently Asked Questions

What is the Loyalty Bonus?1

This is a special dividend disbursed annually that rewards and thanks members for their loyalty to Founders.

How do I qualify for the Loyalty Bonus?

Members in good standing will receive a percentage of year-to-date interest paid and dividends earned if they meet the minimum Loyalty Bonus payout of $25.

What is a member in good standing?

A member in good standing must have an open Savings Account, be current on all loans, have no unpaid mortgage late fees and must not have caused the credit union a loss.

What types of accounts qualify?

Individual, Business, Trust, UGMA, Inherited IRA and other Fiduciary accounts are included in the Loyalty Bonus calculation.

Is the Loyalty Bonus paid every year?

The Loyalty Bonus is never guaranteed. It is a direct result of membership participation throughout the year. The more Founders products and services members take advantage of, the better your chances of a Loyalty Bonus at the end of the year. Tell your friends and family about the Founders Loyalty Bonus today!

When will the Loyalty Bonus post?

Your Loyalty Bonus will post December 1, 2018.

Where will the Loyalty Bonus be posted?

The Loyalty Bonus will be posted directly into members' Loyalty Select Accounts2 (suffix -08), which will be opened automatically for qualifying members when the Loyalty Bonus is posted on December 1, 2018.

What is the Loyalty Select Account?

Loyalty Select is a high-yield Savings Account that is designed to give our members an advantage on their savings with a 5.38% APY! Because it will be opened automatically for qualifying members on December 1 with the earned Loyalty Bonus as the intiial deposit, those receiving the Loyalty Select and Loyalty Bonus won't need to do anything to take advantage of the higher rate savings opportunity.

Can funds be withdrawn from a Loyalty Select?

Yes, the funds can be withdrawn at any time after the Loyalty Bonus has posted to the account.

Can additional deposits be made to the Loyalty Select Account?

No, however, funds in the account earn 5.38% APY. Loyalty Select is just the beginning. Later, we will add additional loyalty programs to give members an even greater advantage on savings.

Who will have access to the Loyalty Select Account?

The ownership of the account will mirror the primary share account.

How much could my Loyalty Bonus payout be?

Members in good standing can estimate their Loyalty Bonus on our online calculator at RelaxLoyaltyPays.com. Simply input information from your Founders account statements and Founders Credit Card statements, answer a few simple questions and find out what your payout could be. Your estimated Loyalty Bonus payout can change throughout the year as you accumulate dividends and pay interest. Be sure to keep checking the calculator throughout the year to determine your estimated Loyalty Bonus payout!

Is Credit Card interest included in the Loyalty Bonus?

Yes! Credit Card interest will be included in the Loyalty Bonus for members in good standing.

Will my Founders Investment Services gains or interest earned be included in my Loyalty Bonus?3

Unfortunately, government regulations prevent us from including Founders Investment Services in the Loyalty Bonus at this time. However, the advice provided by our Investment Services team as well as the variety of products available to our Founders Investment Services Representatives are designed to allow the selection of investment alternatives to meet your specific needs. The Loyalty Bonus should not stop you from seeking their advice.

Where can I find interest paid and dividends earned on my statements?

On your Founders statement, your interest paid is found in the YTD Tax Summary under Total Finance Charge Paid.

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On your Founders statement, your dividends earned are found in the YTD Tax Summary, 2018 Reporting section under Total Y-T-D Dividends.

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On your Founders Credit Card statement, your interest paid is located at the bottom of the statement under Total Interest Charged in 2018.

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In Founders Online, your interest paid is located under the Details icon, upon clicking on each account tile for your suffix or loan. To access this page, click the account you wish to view, then click the Details icon as show to view your Year-to-Date Interest.

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In Founders Online, your dividends earned are located under the Details icon, upon clicking on each account tile for your suffix. To access this page, click each Checking or Savings Account, then click the Details icon as show to view your Year-to-Date Dividends.

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How can I increase my Loyalty Bonus?

Do you have accounts, credit cards, mortgage loans or auto loans with other financial institutions? The more Founders products and services you use, the more you can build your Loyalty Bonus. By moving your savings, loans and other accounts to Founders, you will receive specialized and friendly service, plus you could increase your Loyalty Bonus payout. Remember, you must have accumulated enough interest or dividends to qualify for at least a $25 Loyalty Bonus.

Will I have to report my Loyalty Bonus on my taxes?

Yes. It will be included in your 1099-INT form after the disbursement of the Loyalty Bonus.

How do I join Founders?

You can apply for membership through our website at RelaxJoinFounders.com or call us at 1-800-845-1614 to see if you qualify for membership.

If I join now, will I qualify for a Loyalty Bonus this year?

Yes, but the sooner you join, the better. As soon as you join Founders, your deposits and loans count toward your Loyalty Bonus! You must have accumulated enough interest or dividends to qualify for at least a $25 Loyalty Bonus.

 

1 Loyalty Bonus based on various factors including dividends earned and finance charges paid. Loyalty Bonuses will be distributed to members in good standing and may not be distributed to accounts which are non-interest bearing, have unpaid mortgage late fees, caused Founders a loss, have been modified through troubled debt restructuring or dormant accounts. A member in good standing must have an open account, at least $5.00 in a Founders Savings Account and have no charge-offs or delinquency. 

2 The Loyalty Select Annual Percentage Yield of 5.38% is effective and accurate as of December 1, 2018. The APY may change after the account is opened. No minimum balance is required to open the account or earn the advertised APY. Fees may reduce earnings.

3 Securities and financial planning offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC. Insurance products offered through LPL Financial or its license affiliates. Founders Federal Credit Union, Founders Financial Group and Founders Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.
Not NCUA Insured | No Credit Union Guarantee | May Lose Value