EDWARDSVILLE, Ill.—Offering Santa a holiday assist, Scott Credit Union here has declared a bonus dividend and loan interest rebate and is paying nearly $1.5 million back to members.
The money was directly deposited recently into Scott Credit Union members’ accounts.
Scott Credit Union said 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 to thank them for their loyalty.
The credit union has more than 135,000 members.
“Since members own the credit union, this is a great way for us to thank them and share our success,” said Scott Credit Union President and CEO Frank Padak. “This is one of the benefits of being a member with accounts at Scott Credit Union. Since we are a not-for-profit cooperative, we give our earnings back to members through dividends, loan interest rebates, better rates on savings, lower rates on loans, lower fees and the most convenient services possible.”
Over the past eight years Scott Credit Union said it has given bonus dividends and loan interest rebates back to members totaling over $9.2 million.
“We have been able to issue a bonus dividend to our members for 25 consecutive years,” Padak added. “For the past 10 years we also were able to give the loan interest rebate. Our members are the reason we have been successful and it is nice to show them that active membership in our credit union is a good decision on their part.”