FORT WORTH, Texas – Four more credit unions have announced bonus dividends/loan interest rebates to members for a total of more than $16 million. Unique among the payouts to members, one CU urged its members to consider using their funds to “pay it forward.”
The distributions by the four credit unions bring to more than $225 million the amount returned this season to members in the CUToday.info Tracker.
In Texas, American Airlines has paid out more than a $10 million bonus dividend for 2022. The credit union said the total paid to each member is calculated based on dividends earned on qualifying share accounts and/or interest paid on auto loans, credit cards, mortgages, personal loans or student loans.
In addition, there’s a multi-product $25 bonus for participation in a number of product categories, AAFCU explained on its website.
“Quite simply, the more you participate and use the credit union as your financial institution, the higher your bonus dividend can be,” said President and CEO Gail Enda on the website. “When members ask how they can increase their Bonus Dividend, I tell them they need to take advantage of as many of the financial solutions we offer as possible. These products not only add value to your life, they can also literally pay off in the end.”
AAFCU said it has now paid out nearly $183 million to members since 1998.
Member Bonus in Arizona
In Phoenix, Arizona Financial Credit Union distributed a $6 million year-end bonus to members as part of the credit union’s Member Bonus Payout program. Since starting the program in 2012, the credit union reported it has returned more than $51 million in excess earnings as bonus payouts to participating members.
“While the past year has been filled with rising interest rates, inflationary challenges and uncertainty, we’re pleased to be able to share excess earnings with our member-owners,” said Amy Hysell, president/CEO of Arizona Financial. “With our recent charter expansion across Arizona, we look forward to inviting even more Arizonans to join the Arizona Financial family. The more members who participate in our cooperative business model by turning to Arizona Financial for their personal or business financial needs – like checking, credit cards, consumer and commercial loans, and home mortgages – the bigger the impact we can have.”
Eligible members earned a bonus dividend based on interest earned on their deposit accounts in 2022. Members with a qualifying loan or credit card received a partial refund of interest paid in 2022. For members who opened a home loan during the year, they received a one-time mortgage origination bonus.
A 5% Bonus in Alabama
In Sylacauga, Ala., Heritage South Credit Union paid a 5% bonus dividend on interest earned and interest paid. In total, almost $250,000 will be paid out to HSCU members, the credit union said.
‘Pay it Forward’
In Louisville, Ky., calling it “one of the most impactful differences between credit unions and banks--the way in which they are structured,” Advanz Credit Union that totaled $75,013, or $8.75 a member.
“Thank you as always for your support of your credit union - we're honored to be a trusted resource on your financial journey,” the credit union said on its website. “And if you're feeling generous, consider putting the credit union difference in action by using your bonus to "pay it forward," or let an eligible friend or family member know about the many benefits of Advanz membership.”
The Total
The more than $16 million returned by the four credit unions brings to $225,395,772.57 the bonus dividends, loan interest rebates and more tracked by credit unions this season. Other that have announced payouts 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
- In Connecticut, Charter Oak FCU has awarded more than $815,000 in annual $100 cash bonuses to its Gold Rewards members
- In Kansas, the $391-million Skyward Credit Union has paid out a $300,000 bonus dividend.
- 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.
- In Nevada, Elko Federal Credit Union (EFCU) has announced a $500,000 bonus dividend and “community impact commitment.” The one-time bonus dividend consists of a $250,000 loan interest refund to EFCU’s borrowers, as well as a $50 per share dividend payment to its Moola Moola and Student Share Accounts, regardless of account balance.
- In Texas, evolve FCU said it is returning $1.75 million to members via a patronage dividend.
- In Jay, Maine, OTIS FCU said it has paid out a 5% bonus dividend and interest refund on to members, resulting in a total of $277,759.57 returned for the year 2022
- ESL FCU in Rochester, N.Y. paid $25 million to members as part of its Owner’s Dividend program.
- In Albuquerque, N.M., Nusenda Credit Union paid out $7.8 million in “Earn Your Return” bonus dividends and business debit card rewards.
- OMNI Credit Union in Battle Creek, Mich. paid $1.8 million to members as part of its “Cashback Rebate” program.
- Valley Credit Union in Salem, Ore. returned an “Ownership Dividend” of $228,000.
- 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.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com