GREENSBORO, N.C.– Vizo Financial said it is giving back more than $3.8 million to credit unions that are capital members in the form of a service usage credit and a higher rate on the Perpetual Contributed Capital (PCC) account in December.
According to Vizo Financial, the giveback is comprised of two components:
- It will be paying a bonus rate to all PCC accounts in December
- It has introduced the Member Incentive Credit (MIC) program. The MIC program is another way for Vizo Financial to provide rewards to capital members for their support and usage of the corporate, the organization said
Rebuilding Position
“Vizo Financial has worked diligently over the years to rebuild the Corporate’s financial position,” said President and CEO David Brehmer. “We are pleased to report we have never been stronger than we are today. This has afforded us the opportunity to share our financial success with our members, and we are proud to announce these two givebacks to capital members this December.”
Vizo Financial said the MIC Program gives an additional dividend to capital members based on how many products and services the credit union uses with the corporate and its payments CUSO, MY CU Services. Each year, based on our financial performance and with board approval, Vizo Financial said it will distribute a portion of earnings to each member based on their usage of key services. The more key services used, the larger the dividend.
‘Commitment and Appreciation’
“In a world where rewards programs reign supreme and members are looking to get the best return on their investment, the MIC program is a good way to demonstrate our commitment and appreciation to our capital members for their partnership and service usage,” said Chief Engagement Officer Rodney May. “These generous givebacks are only possible thanks to the credit unions that come to the Corporate for so many of their needs. Their consistent participation in our critical products and services gives us the opportunity to maximize potential cost savings, and this rewards program is our way of saying ‘thank you’.”
According to Vizo Financial, this year capital members that utilized five to seven eligible services will receive a credit of 50% of their annual billings, and capital members that used one to four eligible services will receive a 25% credit of their annual billings from October 2022 through September 2023.
The Total Return
In total, Vizo Financial's MIC program, along with the increased bonus rate on PCC, is distributing over $3.8 million to PCC and nonperpetual capital account (NCA) members, the corporate stated.
“We hope credit unions will enjoy the perks of this program and will continue to share in the benefits of cooperation through the Corporate,” said May. “It really is a MIC-drop moment for Vizo Financial and the members we value so much.”
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