ALBUQUERQUE, N.M. — New Mexico Educators Federal Credit Union said it is returning an extra $7 million to qualifying member-owners.
It is the third year the $1.5-billion NMEFCU has made the payments as part of its “Earn Your Return” program, which rewards members according to their participation in the CU.
Under the program, loan and credit card balances are combined with checking and saving balances, along with debit card usage, to determine the dividend each member receives.
Separately, New Mexico Educators also provides funds to local nonprofits and community-based organizations.
Since 2005, New Mexico Educators FCU said it has returned more than $25 million to its member-owners and their communities.
Meanwhile, in Raleigh, N.C., Coastal FCU has paid out $2.1 million to members through its VIP Program.
The VIP Program rewards members who have their primary checking account at Coastal. Members qualified as VIPs by performing 144 withdrawals from their Coastal checking accounts during 2014. VIP members then had the opportunity to earn Loan Rebate Dividends and Deposit Bonus Dividends by also having either two or more loan types, or two or more deposit types. Loan Rebates were based on interest paid during 2014, while Deposit Bonuses were determined by average balances.
The Loan Rebate and Deposit Bonus Dividends were shared among nearly 9,100 members, and ranged from $100 to $1,000. This year’s payout was the largest in the four-year history of the program, both in dollars and in the number of members who benefitted. To date, Coastal has issued more than $7.1 million in VIP dividends.
The $2.4-billion coastal also said that regular CU benefits, such as lower loan rates, higher deposit rates and fewer fees led to an additional $15.4 million in member benefits throughout the year.
“Member giveback is a core component of who we are as a cooperative,” said Chuck Purvis, Coastal’s president and CEO. “Whether it’s issuing a large dividend or simply saving members a few dollars every day, Coastal’s purpose is creating financial win-win situations for our membership. We focus on providing consumer-friendly products and services, and when we’re successful, we can share even more with the members whose active participation in the credit union drives that success.”
Related