EDWARDSVILLE, Ill.—Two more credit unions have announced year-end bonuses and loan interest rebates for members, just in time for the holidays.
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.
“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.
Over the past seven years, Scott Credit Union has given bonus dividends and loan interest rebates back to members totaling over $7.7 million, Padak noted.
“We have been able to issue a bonus dividend to our members for 24 consecutive years,” he added. “For the past nine 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.”
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.
“Alberta’s economy presented significant challenges last year, but we innovated, worked hard and finished very strong in 2015,” said Garth Warner, Servus president and CEO.
Servus credit union said it is paying cash as well as a dividend on common shares and investment shares. Commercial and agricultural members are receiving a cash rebate on their service charges.