Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466
Wyandotte, Mich. — January 29, 2026 – Carma Peters, president and CEO of Michigan Legacy Credit Union, a not-for-profit financial cooperative serving members throughout Michigan via local branches and online-virtual banking platforms, is pleased to announce the credit union’s Patronage 365 dividend totals for 2025.
Patronage dividends, also known as patronage refunds, are refunded payments to credit union financial cooperative members. According to Peters, Michigan Legacy opts to distribute its patronage dividends back to its members every day of the year in fee waivers (hence, ‘Patronage 365’), based on the members’ participation with the credit union. The dividend increases as members increase their financial transaction activity.
“Our staff educate members by informing them that the more they use their credit union, the less they pay in fees,” Peters said. “In 2025, Michigan Legacy waived a total of $319,275.00 in fees to members via patronage dividends – a number equal to 34% of Michigan Legacy Credit Union’s 2025 income, and one that reflects our role as a true financial cooperative.”
Patronage fee waivers include monthly maintenance fees and check cashing fees, among others. Members accrue points each month which result in automatic fee waivers after a designated threshold. Michigan Legacy is currently working with core processor CU*Answers, a Credit Union Service Organization (CUSO), to enhance its members’ ability to track the incurred and waived fees on their statements and mobile/app-based banking, making the information more transparent.
In addition to the Patronage 365 fee waivers, Michigan Legacy Credit Union’s total donations and sponsorships in 2025 was $55,055.72: $13,596.00 in Sponsorships and $41,459.72 in donations. MLCU supported numerous charitable causes in 2025, including Detroit-based The Konnection, Wyandotte Rotary, Detroit Thanksgiving, Celebrate MiLife and Corewell Health Children’s in Southeast Michigan.
“It’s an honor for me to represent the more than 20,000 generous Michigan Legacy Credit Union members who are also always willing to give of their funds to help the less fortunate in our communities,” Peters said. “I also commend our 68 employees who gave their time, talents and resources over the past year to support the communities our credit union serves.”
About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.
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