The Local Loop at EKC

EKC is growing local prosperity

When you bank at EKC, profits are returned to your community and to you, the member, by way of patronage rewards and dividends.

It’s easy, the more you bank at EKC, the more money stays local, and in turn builds local prosperity.

• get into the loop…the local loop at EKC offering a better way to bank!
• over $4.1 million has been given back to Cranbrook and Elk Valley communities since 2000

• Local Loop Infographic (PDF 617 KB)

Patronage Rewards 2019

Patronage rewards have been paid as of November 1, 2019

Check your statement or contact your branch. This is a very important part of who we are and how we are different than the banks. Our ability to share our profits are very much dependent on our subsidiaries, KIS and MoneyWorks.

• Patronage Rewards calculated on any non registered deposit accounts will be deposited in your A shares.
• Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts.
• Patronage Rewards calculated on month-end service charges will be on your November statement. If you would like the number in advance of the November statement, please contact your branch.

Patronage Payment

• Patronage Reward $168,000
• dividend on Shares $85,000
• community giving $62,000
• money raised by staff $1,500

Over $316,500 has been given back last year!

Patronage Rewards

Non-registered deposit accounts are deposited into A shares account registered deposits accounts (RRSP, RRIF, LIF, and TFSA) are deposited into the registered savings account

• Loans, Mortgages and Lines of Credit 0.50%
• Deposit Interest earned 1.00%
• Rebate on Month End Service Charges 10.00%

Postings

• Posting dates started and finished the first week of December
• Patronage Reward deposits will be effective dated as of November 1, 2019

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Patronage Rewards for 2018

Patronage rewards have been paid as of November 1, 2018.

Check your November statement or contact your branch. This is a very important part of who we are and how we are different than the banks. Our ability to share our profits are very much dependent on our subsidiaries, KIS and MoneyWorks.

• Patronage Rewards calculated on any non registered deposit accounts will be deposited in your A shares.
• Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts.
• Patronage Rewards calculated on month-end service charges will be on your November statement. If you would like the number in advance of the November statement, please contact your branch.

Patronage Payment

• Patronage Reward $231,049
• Dividend on Shares $84,400
• Community Investment $88,196
• Money raised by staff $1,355

Over $405,000 has been given back last year!

Patronage Rewards

Non-registered deposit accounts are deposited into A shares account registered deposits accounts (RRSP, RRIF, LIF, and TFSA) are deposited into the registered savings account

• Loans, Mortgages and Lines of Credit 0.50%
• Deposit Interest earned 1.65%
• Rebate on Month End Service Charges 8.00%

Postings

• Posting dates started and finished the first week of December
• Patronage Reward deposits will be effective dated as of November 1, 2018

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Patronage Rewards for 2017

Patronage rewards have been paid as of November 1, 2017.

Check you December statement or contact your branch. This is a very important part of who we are and how we are different than the banks. Our ability to share our profits are very much dependent on our subsidiaries, KIS and MoneyWorks.

• Patronage Rewards calculated on any non registered deposit accounts will be deposited in your A shares.
• Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts.
• Patronage Rewards calculated on month-end service charges will be on your December statement. If you would like the number in advance of the December statement, please contact your branch.

Patronage Payment

• Patronage Reward total $149,500
• Dividend total $83,600
• Community Donations until October 31, 2017 $59,600

Over $292,000 has been given back last year!

Patronage Rewards

Non-registered deposit accounts are deposited into A shares account registered deposits accounts (RRSP, RRIF, LIF, and TFSA) are deposited into the registered savings account

• Loans, Mortgages and Lines of Credit 0.50%
• Deposit Interest earned 1.65%
• Rebate on Month End Service Charges 8.00%

Postings

• Posting dates started and finished the first week of December
• Patronage Reward deposits will be effective dated as of November 1, 2017

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Patronage Rewards for 2016 Announced

Patronage Payment

• Patronage Reward total $60,000
• Dividend total $63,000
• Community Donations until October 31, 2016 $47,000

Over $170,000 has been given back last year!

• Members can check their e-Statement or paper statement (not MemberDirect)

Patronage Rewards

Non-registered deposit accounts are deposited into A shares account registered deposits accounts (RRSP, RRIF, LIF, and TFSA) are deposited into the registered savings account

• Loans, Mortgages and Lines of Credit 0.47%
• Deposit Interest 0.47%
• Rebate on Month End Service Charges 0.47%

Loans, Lines of Credit and Mortgages (including Commercial Loans)

• 0.47% on interest paid from November 1, 2015 to October 31, 2016
• $44,000 rewarded to our members by EKC

Deposits

• 0.47% on deposit interest earned from November 1, 2015 to October 31, 2016
• $13,000 rewarded to our members by EKC

Month End Service Charges

• 0.47% on month end service charges collected from November 1, 2015 to October 31, 2016
• $3,000 rewarded to our members by EKC

Postings

• Posting dates started soon
• Patronage Reward deposits will be effective dated as of November 1, 2016

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Patronage Rewards calculated on any non registered deposit accounts will be deposited in your A shares.

Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts.

Patronage Rewards calculated on month-end service charges will be on your December statement. If you would like the number in advance of the December statement, please contact your branch.

Patronage Rewards for 2015 Announced

Loans, Lines of Credit and Mortgages (including Commercial Loans)

• 0.4% on interest paid from November 1, 2014 to October 31, 2015
• $30,654 rewarded to our members by EKC

Deposits

• 2.25% on deposit interest earned from November 1, 2014 to October 31, 2015
• $46,887 rewarded to our members by EKC

Month End Service Charges

• 10% on month end service charges collected from November 1, 2014 to October 31, 2015
• $48,290 rewarded to our members by EKC

Patronage Rewards calculated on any non registered deposit accounts will be deposited in your A shares.

Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts.

Patronage Rewards calculated on month-end service charges will be on your December statement. If you would like the number in advance of the December statement, please contact your branch.

Patronage Rewards for 2014 Announced

Loans, Lines of Credit and Mortgages (including Commercial Loans)

• 0.75% on interest paid from January 1, 2014 to October 31, 2014
• $57,477 rewarded to our members by EKC

Deposits

• 2.35% on deposit interest earned from January 1, 2014 to October 31, 2014
• $48,971 rewarded to our members by EKC

Month End Service Charges

• 5% on month end service charges collected from January 1, 2014 to October 31, 2014
• $24,145 rewarded to our members by EKC

Patronage Rewards calculated on any non registered deposit accounts will be deposited in your A shares.

Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts.

Patronage Rewards have been paid out for 2013!

Loans, Lines of Credit and Mortgages (including Commercial Loans)

• 0.15% on interest paid from November 1, 2012 to December 31, 2013

RSP/RIF/LIF/Non-registered terms, Chequing and Savings

• 0.60% on deposit interest  earned from November 1, 2012 to December 31, 2013

Month End Service Charges

• 5.53% on month end service charges collected from November 1, 2012 to December 31, 2013

2012 Patronage Rebates and Dividends

Membership Pays!

We are excited to announce that for the year ending October 31 2012 EKC will share over $125,000 in operating profits with our membership through patronage rebates and membership dividends!

Your patronage and dividend payments are based on the following calculations:

• Loans, Lines of Credit and Mortgages – 1.0%
• Deposits GIC, Community Bonds, Demand (RRSP/RIF/Term, Variable and Non-registered) – 1.2%
• Service Charges – 3.74%

What is the Patronage Reward?

Simply put, it is EKC’s way of sharing in the profits with our members. It is based upon EKC’s financial performance.

How much do I get?

That depends on how much of your business you do with us. It is based on percentages from interest earned, interest paid and service charges incurred. The more banking business you do with us, the bigger your patronage reward.

When and how are Patronage Rewards paid?

Patronage rewards are paid based on a November 1 – October 31 fiscal year. Watch for your patronage in your A shares and your registered savings account and join our celebration.

Become a member and share in the success – contact a branch today.