Patronage Direct Deposit: A New Level of Convenience for Ag Credit Members
Patronage Direct Deposit: A New Level of Convenience for Ag Credit Members
Central Kentucky Ag Credit is excited to announce a new feature for our members—Patronage Direct Deposit. With this option, your patronage refund can now be deposited directly into your bank account, eliminating the need for a trip to the bank.
Why Choose Direct Deposit?
Direct deposit offers several key benefits. It provides convenience by removing the need to visit the bank in person. It also ensures speed, allowing funds to be available more quickly than traditional check processing. Additionally, direct deposit offers transparency, giving members a clear, secure, and traceable transaction process.
Skipping the hassle of handling paper checks has never been easier.
How Is Patronage Determined?
Each year, Ag Credit’s Board of Directors reviews the association’s financial performance and determines the percentage of profits to distribute as patronage. This decision is based on maintaining capital adequacy and ensuring the cooperative’s safety and soundness.
While the amount varies annually, every member receives a distribution relative to their interest paid, which reduces their effective interest rate.
Although patronage is not guaranteed, Ag Credit has proudly paid patronage to members for the last 30 years. This long-standing tradition reflects our commitment to delivering tangible benefits to our cooperative members.
Bottom Line
Patronage Direct Deposit is another way Ag Credit is making membership more rewarding and convenient. Combined with the cooperative structure and our history of strong patronage returns, this new feature underscores our dedication to serving members and supporting their success.