LOS ANGELES–Firefighters First Credit Union is paying a $1.6-million extraordinary dividend and interest refund bonus to members.
Over the past 30 years the credit union has made payments of more than $42 million to members.
“Extraordinary Dividend Bonuses and Interest Refunds are unique benefits of credit unions, and many have stopped them altogether. But at the discretion of our board of directors, we feel it is an important part of our tradition. Members agree. Payouts vary based on member relationships, but it’s not uncommon to see payouts of over $5,000,” said Mike Mastro, Firefighters First CU president/CEO.
Members were also paid a bonus for having additional services through the credit union. For instance, members who maintained an investment account, business account, insurance policy through Firefighter Insurance Services, or had a mortgage servicing loan, received an extra $30 for each of these services.