MIDLAND, Mich.–Dow Chemical Employees’ Credit Union announced it will pay out approximately $14 million as part of its “Member Giveback Rebates and Rewards for 2015.” It is the largest payout in the credit union’s history.
On Jan. 1, 2016, DCECU members will receive these givebacks via:
- The year-end Loan Interest Rebate, which will rebate borrowers in good standing 75% of the total interest they paid on all eligible DCECU loans during 2015.
- The Member Saver Reward, which will give depositors in good standing an additional 75% of the dividends/interest they earned on DCECU shares/deposits in 2015.
- DCECU VISA Check Card Rebates of 0.125% of all signature-based transactions during 2015 and $0.01 for each PIN-based transaction during 2015.
“We have a deep commitment to giving back to our members, and we return part of the credit union’s earnings to them because they also are owners of the credit union,” said DCECU President/CEO Dennis Hanson. “It certainly is a point of pride that we are able to return a historic $14 million in Member Giveback Rebates and Rewards to our valued members this year.”
In 2014, DCECU’s Member Giveback Rebates and Rewards paid out approximately $13.2 million. The $1.4-billion CU has more than 57,000 members.
Other credit unions announcing bonus dividends and rebates so far this year include:
- In Baltimore, as it has every year since 1981, MECU here is paying a cash bonus to members. Members have already been paid a loan interest rebate and at the end of December they will receive an extraordinary dividend.
In 2008, the MECU Board decided to pay half the cash bonus at the end of June and the remainder in December in order to help the cash flow for employees of the Baltimore City School System, which make up a large portion of the membership.
In total, members will have received $3 million in cash bonuses in 2015, the $1.2-billion MECU said. It has 115,000 members.
- In Hartford, Conn., Hartford Municipal Employee’s FCU announced it is refunding 2% of all interest paid by members on any loan during 2015, including car, home equity, personal, debt consolidation, holiday, vacation or VISA credit cards. This is the second consecutive year the credit union’s board has approved such a refund. Loan holders will receive 2% of interest paid from Jan. 1, 2015 – Dec. 14, 2015 on all loans.
- In Kingsport, Tenn., the $3.2-billion Eastman Credit Union is paying a $10-million bonus dividend. It is the 18th year the credit union has paid the bonus, distributing more than $80 million over that time.
- In Edwardsville, Ill., Scott Credit Union here is returning $1.3 million to members, with funds being directly deposited into member accounts. Scott CU reported it has given active members an additional 3% APY bonus dividend on their deposits and a rebate of 3% of the interest they paid this year on any loan or credit card as a means of saying thank you for members’ loyalty. SCU has more than 131,000 members. SCU has paid a bonus dividend for 24 consecutive years.
- Meanwhile, in Edmonton, Alberta, Servus Credit Union is paying out a $47.9-million bonus to members as part of its annual profit-sharing program. The amount is second only to the $50 million paid in 2014.
- The $301-million Partner Colorado Credit Union paid its members a $1-million in pre-holiday bonus dividend. The marketing theme for this year’s bonus dividend is “Thanks a Million…Literally." More than 25,000 members will receive a bonus dividend. The average bonus dividend is $59.27, and the highest is $200.
- In Colorado Springs, Colo. Ent Federal Credit Union’s members received more than $3.4 million dollars in annual loan rebates as part of the credit union’s “Ent Extras” loan benefit program. The Ent Extras program includes a loan payment grace period, alerts and push notifications and other loan-specific benefits – in addition to paying members annual loan rebates on every loan, every year. Annual loan rebate amounts range from $75 for a mortgage loan to $10 for a personal loan or line of credit, Ent said.