For more information on Member Rewards, click here
Member Rewards FAQs
What are Member Rewards?
Member Rewards is just one of the ways your Credit Union rewards members who have actively participated in New Mexico Educators Federal Credit Union’s savings, deposit and loan products during the previous year. The more you economically participate, the greater your reward.
Check out the Member Rewards calculator to see how much you can earn.
Please note that Member Rewards are completely separate from the Community Rewards Program, which you can take advantage of through the use of your Visa® Debit Card. Member Rewards is paid out in addition to any Community Rewards payout.
Do I need to enroll in Member Rewards?
No, your financial relationship with New Mexico Educators FCU will determine if you are eligible. If you meet the eligibility criteria you automatically earn Member Rewards.
How does Member Rewards apply to my existing accounts?
Your existing accounts and your average yearly loan and deposit balances determine your eligibility for the Member Rewards program. If you meet the eligibility criteria you automatically earn Member Rewards.
How can I “strengthen my relationship” and “financially participate”?
Each time you deposit into an existing account or open a deposit account, acquire a credit card, auto or mortgage loan you are economically participating in your not-for-profit financial institution. The more products you use, the deeper your financial relationship and the more you earn.
Why don’t you lower my loan rate or increase my savings rate instead of paying this reward?
Interest rates, for both savings and loans, are in part driven by fair market value. As a member owned cooperative, New Mexico Educators FCU also considers the income received from the interest on loans, the expenses and reserves necessary to offer future stability for your Credit Union and the fair market interest rates that can be offered back to you on deposit accounts. Member Rewards is an additional benefit that is offered to members who choose to make their Credit Union stronger through financial participation. Is there an age limit to earn Member Rewards? No, there is not an age limit. However, eligibility is dependent upon the average loan and deposit balances within specific age groups. You must also have a $100 average deposit account balance and be a member in good standing on the deposit date in January to receive your Member Rewards.
- Ages 26 and over: Must maintain an average loan and deposit balance of $5,000
- Ages 18-25: Must maintain an average loan and deposit balance of $1,000
- Ages 0-17: Must maintain an average deposit balance of $100
Why is Member Rewards calculated differently for different ages?
Different groups participate in different economic ways. New Mexico Educators FCU wanted to take into account that a younger person would contribute at a lower level. Encouraging younger members to economically participate will give them a solid start on their financial future.
When will I receive my Member Rewards?
Member Rewards are deposited in qualifying members’ accounts in January 2013. If your relationship develops after January of 2012, your Rewards will be prorated accordingly.
How does New Mexico Educators calculate Member Rewards?
If you qualify for Member Rewards you will receive a dividend based on your average qualifying yearly loan and deposit balances. Although the calculator determines the Member Rewards based on a 12 month relationship, rewards are prorated for your actual participation throughout the year.
How can I see my Member Rewards?
If you would like to calculate your potential reward, please use the Member Rewards calculator
. The calculator determines Member Rewards based on a full year of qualifying loans and deposit balances. Please remember if your relationship developed after January of the program year, your Reward will be prorated accordingly. Call an Anywhere Advisor at 505-889-7755 or 800-347-2838 (outside the Albuquerque area) to ask how you can earn more Member Rewards.
What is the minimum amount I might receive with the Member Rewards program?
If you are eligible, you will receive at least $25.
Which accounts qualify for annual Member Rewards?
Share Savings, all Checking accounts, Share Certificates, IRA Share Account, IRA Certificates, Money Market Account, Vacation Club and Holiday Club all qualify. All accounts except Business Accounts and Loans, IRG Investment Accounts and Student Loans qualify.
Which types of loans qualify for Member Rewards?
Credit card, auto loan, signature loan, Extra Credit Line-of-Credit, Equity Loan, Equity Line-of-Credit, and any mortgage with payments that are made to New Mexico Educators Federal Credit Union - all qualify. All accounts except Business Accounts and Loans, IRG Investment Accounts and Student Loans qualify.
Are Member Rewards and Community Rewards the same?
Member Rewards and Community Rewards are two different member benefit programs. If you meet the eligibility criteria, you automatically earn Member Rewards. Member Rewards is the money you earn for economically participating in your financial cooperative. Community Rewards is based upon your Visa Debit Card usage and you must enroll in this program. You earn these rewards based on each qualifying signature based purchase that you make. Community Rewards benefit you as well as the community and category of your choice. Click here
to learn more about Community Rewards.
What loan balance should I enter into the calculator?
Enter your average monthly balance. You can calculate your average monthly balance by adding the ending monthly balance on your statements from the beginning of the current year and then dividing it by 12.
How can I increase my Member Rewards for 2012?
Member Rewards are determined by your participation in the credit union. The more you participate in your financial cooperative, the more money you earn. Check out the Member Rewards calculator
to see how much you can earn by consolidating your financial relationships with your Credit Union.
What if I close my account, will I still receive Member Rewards?
You must have an open membership in January 2013 on the date of distribution, in good standing, in order to receive your Member Rewards.
Is Member Rewards an annual program at the Credit Union?
While it is the intent of the New Mexico Educators Federal Credit Union’s Board of Directors to pay Member Rewards every year, it is not guaranteed and the amount of the dividend will depend on financial performance.
How do Member Rewards affect my income taxes?
The Bonus Dividend will be included in the 2013 1099-INT form that you will receive from New Mexico Educators FCU for your annual income taxes.