WATERFORD, Conn.–Three more credit unions have announced year-end bonuses/rebates to members, bringing to more than $172-million the amount returned to members at year-end 2022/early 2023 as tracked by CUtoday.info.
In Connecticut, Charter Oak FCU has awarded more than $815,000 in annual $100 cash bonuses to its Gold Rewards members. The payout marks the largest annual amount since Charter Oak created the member-appreciation program in 2010.
“This is our 13th year of recognizing our Gold Rewards members for their support and loyalty to Charter Oak. It is our way of saying thank you and letting them know how much we appreciate them,” said President and CEO Brian A. Orenstein. “Our Gold Rewards membership continues to grow each year because our members recognize the value and the great benefits that come with being a Charter Oak Gold Rewards member.”
Charter Oak reported it first introduced Gold Rewards in 2010, a total of 2,590 members received annual $100 cash bonuses compared to the record payout in 2022, when 8,157 members received $100 bonuses.
Charter Oak has awarded over $6.5 million in annual $100 cash bonuses to its qualified Gold Rewards members since the program began. In addition to the $6.5 million in annual cash bonuses awarded, Charter Oak also has returned over $2.8 million in ATM rebates to Gold Rewards members.
Payout in Kansas
In addition, in Lenexa, Kan., CommunityAmerica reported it is returning a record-breaking $9.5 million back to its members through the CU’s Profit Payout program.
“We have such a heart for serving our members and our community, so it’s truly important that we are good stewards of our business and well positioned to pay forward a portion of our profit to them,” said CommunityAmerica CEO Lisa Ginter. “Working hard for our members and the communities we serve is what drives us and allows us to deliver this kind of return.”
According to the $4.6-billion, 260,000-member CommunityAmerica, members who qualify for the Profit Payout program need to be considered highly engaged in three of six categories: save, spend, manage, borrow, live and invest.
Skyward-High Bonus Paid
Also in Kansas, the $391-million Skyward Credit Union has paid out a $300,000 bonus dividend. The credit union has approximately 19,000 members.
Other Payouts
The total amount returned to members this season in the CUToday.info Tracker is $172,793,000. In addition to the payouts by Charter Oak and CommunityAmerica, other credit unions that have reported bonus dividends/interest loan rebates include:
- In Warner Robins, Ga., Robins Financial Credit Union has distributed $18 million in rebates to members, the fifth straight year the special payout has been made. Over that time, Robins Financial said it has returned to members more than $73 million to members.
- In Ogden, Utah, Goldenwest Credit Union paid out more than $3.75 million with its 2022 year-end bonus dividend.
- Wright-Patt Credit Union said it is paying an $11 Million Special Patronage Dividend this year, the largest in its history. The individual payouts are dependent upon relationships with the CU, with WPCU saying members can earn $15 just by having a debit card, using online or mobile banking, or having e-statements.
- In North Carolina, Fort Bragg FCU said it is paying $1 million to members as part of a “Loyalty Dividend,” bringing to $3.775 million the total it has paid out over the last five years. Payouts are based on deposit and loan relationships with the credit union, with some members receiving up to $500, FBFCU said.
- In Peoria, Ill., a $20-million Extraordinary Dividend is being paid out by CEFCU. Over the last 21 years, CEFCU said it has returned $380 million in Extraordinary Dividends to members.
- In Tennessee, Eastman Credit Union members will share in a $15 million Extraordinary Dividend. The payout will bring the total it has paid out since 1998 to $177 million returned to members since it began in 1998. We are excited to return this money to our members. This announcement is a direct result of our members’ loyalty, our employees' hard work, and our board's leadership," said Kelly Price, ECU's president and CEO.
- Empower CU in Syracuse, N.Y. is paying out a $4.5 million member giveback.
- In Philadelphia, Police and Fire FCU, which announced it returned $22-million to its members as part of its Member Bonus program during 2022.
- In California, Firefighters First CU said it paid out $2.1 million in “profit-sharing proceeds” to its nearly 60,000 members.
- In Illinois, the $1.7 billion Scott Credit Union paid its members a bonus dividend and loan interest rebate totaling $1 million.
- In Antigo, Wis., CoVantage Credit Union has paid out a $5-million Patronage Dividend to its members.
- In Sumpter, S.C., SAFE FCU paid $2.16 million to members
- In Pennsylvania, the $167.4-million Top Tier FCU is paying out $350,000 to eligible members this month.
- In Niagara Falls, N.Y., the $262-million Niagara’s Choice FCU said it is paying out $193,000 to its more than 24,000 members in the form of a bonus dividend and loan interest rebate.
- In Washington, PAHO/WHO FCU Paid a bonus dividend of more than $350,000
- In Texas, the $150-million Space City Credit Union has announced it is returning $175,000 to members.
- In Phoenix, Desert Financial Credit Union said it is paying out $16 million as part of its Member Giveback Bonus,
- Panama City, Fla.-based Tyndall FCU, which paid out $13.7 million to more than 70,000 qualifying members.
- Tullahoma, Tenn.-based Ascend Federal Credit Union, which is returning $5 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for loyal debit card use.
- Racine Wis.–based Educators Credit Union, which returned a record $5.1 million with its 2022 “Member Loyalty” payout.
- Midland, Mich.-based Dow Credit Union has announced a Member Giveback for 2022 of $14 million.
- In Indiana Beacon Credit Union has announced a $1.8-million bonus dividend to members.
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