MADISON, Wis.–Summit Credit Union is paying another “Cash Boomerang” to members, which is the name it gives its policy of paying bonus dividends depending on the CU’s success.
For 2015, the boomerang will reach 43,000 members, and total around $1.7 million.
“Sharing our success is fundamental to our cooperative principles,” said Summit CEO and President Kim Sponem. “Cash Boomerang is one way we thank our members for choosing Summit as their financial partner.”
The payout to individual members depends on the amount they saved and borrowed with Summit. The overall success of the credit union between Oct. 2014 and Sept. 30, 2015 is also considered. “This helps the credit union collectively and gives members incentive to focus on their financial well-being,” the CU said.
“When you choose a financial product from Summit, you’re not just helping yourself,” Sponem added. “You’re helping every member of the credit union.”
According to Summit, members will receive personalized e-mails that include a congratulatory video from Sponem, further addressing the values of cooperatives, and can retrieve payouts through Summit’s online banking system.
This year’s payout is part of Summit’s “Thank You for Your Business” campaign, just in time for holiday shopping. Members can also donate their Boomerang payout to Summit’s Money Smarts Fund, where all donations will go to their partner organization, A Fund for Women.