Members of Access Credit Union can expect a few extra dollars in their bank account in the coming days.

A $13.1 million cash return is being given back to members thanks to the credit union's Member Rewards profit-sharing program. This is one of the largest pay-outs in Manitoba credit union history, according to Access CEO Larry Davey, and is the largest is Access Credit Union history.

"It's very very exciting," said Davey, adding the strong emphasis on retaining the patronage program was part of the commitment made when Access and Crosstown Civic credit unions merged in January 2021. "We're continuing to focus on maximizing that ability to pay patronage to our members as part of the co-operative values and the belief that members should share in our profit."

“The successes of 2021 reflect an organization that is committed to excellence in every facet of our operation. It’s this achievement that allows us to give back to our members through the Member Rewards program,” shared Ingrid Loewen, Board Chair, in a news release. “We are proud of the accomplishments achieved last year and are eager to return the associated earnings to our valued members, while maintaining a strong equity position for the future.”

After satisfying requirements for equity reserves, the Board of Directors may set aside a portion of earnings for members who have borrowed and saved at the credit union. The amount a member receives is based on interest earned on non-registered deposits and interest paid on lending products.

"It's based on the theory that the more business you do with us, the more we can repay you," added Davey.

"It's really part of the credit union philosophy, and we're big believers in supporting that philosophy," he noted. "We've seen continued profit because of the efficiencies gleaned from the mergers that we've had and the economies-to-scale that we've gained, so members are seeing that their positive votes have gone a long way in rewarding themselves."

Davey expects Access Credit Union to continue to build on that philosophy with the upcoming merger with Noventis and Sunova credit unions effective July 1st.

Access Credit Union was incorporated in 2021 following a merger with Crosstown Civic Credit Union. The current assets exceed $6.2 billion. The credit union serves 92,000 members through 26 service delivery offices spread across southern Manitoba and Winnipeg. Access is currently the second largest credit union in Manitoba.