Mar 13, 2021
The Board of Directors of The Northern Chautauqua Federal Credit Union announces an interest refund. The Northern Chautauqua Federal Credit Union is a non-profit credit union that serves employees and families of the Silver Creek and Forestville school districts.
The credit union has worked hard at giving loans and recovering money from previously written off loans. Even during this COVID-driven year we have been profitable. Since we are non-profit, we give back the income we make at the end of the year to our members. This year we were able to give an interest refund to all members with non- delinquent loans. This refund of interest was 5%. What this means is that all members who had loans that were always paid on time, received 5% of what they paid in interest returned to them as shares in their accounts.