FAQs | OMNI Community Credit Union Thanks members with a $750,000 Cashback Rebate

OMNI Cashback Rebate
Frequently Asked Questions

1. What is the OMNI Cashback Rebate of 2009?
The $750,000 Cashback Rebate is our way of saying "Thank You," and a way to help members in the economic climate we are in today. For many years, OMNI has worked hard to become an efficient, healthy and well-capitalized credit union so that we are able to give back to our members in many ways – competitive rates, low fees, more branches, investment services, the OMNI scholarship program and the Cashback Rebate.

2. How will the OMNI Cashback Rebate be calculated?
Qualifying members will receive a 0.22% dividend on all 2009 average yearly loan and account balances for the 12-month period of January 1, 2009 through December 31, 2009.
For example, a member with an average yearly account balance of $50,000 and an average yearly loan balance of $20,000 ($70,000 total balance) would receive a $154 Cashback Rebate. ($70,000 X 0.0022)

3. How do I qualify for the Cashback Rebate?
To qualify, you must be a member of record as of November 16, 2009, and maintain your active account through January 8, 2010.

4. When will the Cashback Rebate be paid out?
The Cashback Rebate will be paid out on January 8, 2010.

5. How will the Cashback Rebate be received?
The Cashback Rebate will be deposited into your savings account.

6. Is the Cashback Rebate guaranteed each year?
Although there is no guarantee, we are working to make some level of the Cashback Rebate payout a yearly member benefit.

7. What about income tax?
The Cashback Rebate is taxable as interest income in the year received. Please consult a tax advisor for details.

8. How can I increase the amount that I could have received?
By increasing your use of Credit Union loan and savings services, you increase your participation in the OMNI Cashback Rebate!

9. Are any loan or savings services excluded from the Cashback Rebate calculation?
Yes. We do engage with business partners who provide investment and business services to you: Bar Financial and Commercial Alliance. Any balances maintained with these business partners will not qualify for the OMNI Cashback Rebate.

*The estimated Cashback Rebate amount is based on the 2009 Cashback Rebate as of November 16, 2009 – which was 0.22% of the 2009 average yearly loan and account balances. 2008's estimated Cashback Rebate was 0.20% of the 2008 average yearly loan and account balances. While it is the intent of the OMNI Community Credit Union Board of Directors to pay the Cashback Rebate each year, payment of a Cashback Rebate and/or the amount of the Cashback Rebate is not guaranteed. OMNI Community Credit Union reserves the right to change the Cashback Rebate eligibility criteria. OMNI Community Credit Union and Member First Mortgage are not tax professionals. Closing cost discount is available through our mortgage partner Member First Mortgage only. Offer is non-transferable and is subject to credit approval. If home’s value is less than loan refinance, OMNI reserves the right not to approve loan. Offer is based on credit worthiness and collateral value. Other restrictions may apply. Offer ends June 30, 2010.