ownership account faq
ownership account faq
The first Rogue Reward is the Rogue Rewards Loyalty Dividend that was paid out to members for their participation in loans, deposits and transactions. This is just the beginning, there will be other Rogue Rewards opportunities for members that will be paid into the Ownership Account in 2016.
Why do I have a new Ownership Account?
Your Ownership Account is a new high-yield account, as a result of the Rogue Rewards program. This account was specially designed to reward you, our loyal member-owner for your participation at Rogue. The Rogue Rewards Loyalty Dividend was deposited into this account, and any future Rogue Rewards funds will be deposited here.
What are the benefits of my new Ownership Account?
- Your new Ownership Account is designed as a unique deposit only savings account for your Rogue Rewards.
- This special account is one of the highest yielding accounts at Rogue. Click here to see current rates.
What are the limitations of my Ownership Account?
- Members can NOT make a deposit into the Ownership Account. The only funds that will be placed in the high-yield account will be the Rogue Rewards LoyaltyDividend, or special offers created under the Rogue Rewards program.
- Once the money is withdrawn, it cannot be deposited again, unless earned through other Rogue Rewards promotions that may follow throughout the year.
- You can transfer funds from the Ownership Account to another account to be used, but you cannot transfer funds back into the Ownership Account.
- Ownership Account funds cannot be directly withdrawn from an ATM; members may transfer the funds to a checking or savings account through eBranch in order to make the withdrawal. However, remember that once withdrawn, it cannot be deposited back into the Ownership Account.
What rate will my Ownership Account receive?
The Ownership Account will have one of the highest yielding rates offered at Rogue! The rate will be subject to change as often as monthly, and will offer one of the best rates. Click here to see current rates.
Why can’t I add money to my Ownership Account when I want?
The Ownership Account was created to allow the deposit of a reward for participation. It is not meant to be a transaction account.
Is my Rogue Rewards Loyalty Dividend taxable?
This dividend is reported as 1099-INT income just like other dividends you accrue on your interest earning accounts.
Why am I not on the Ownership Account as a joint owner automatically?
The Ownership account is tied to the 00 Share Savings Account, and was set up for existing members in the primary account holder’s name. We can gladly add a joint owner to the account, but will need the primary member to request this and sign a new signature card. Just stop by one of our conveniently located branches, and we will be happy to assist you.