JACKSON, Mich.–American 1 Credit Union is paying a “Give Back” to its members of $1.58 million, including returning 50% of loan interest to any member who financed with the credit union during 2017.
Nearly $900,000 in loan interest rebates were returned to members, with the average individual member Give Back exceeding $150, the credit union said. In addition to the loan interest Give Back, a bonus dividend of more than $690,000 was deposited into members’ savings accounts, bringing the total Give Back to $1,588,194.
This most recent Give Back exceeds the previous Give Back by 52%, when the credit union similarly gave $1.038 million back to members in the form of loan interest rebates and bonus dividends, American 1 reported.
“The magnitude of our giving is driven by the loyalty of our members and their use of our products and services. Credit unions are cooperatives,” said VP-Marketing Laura Pryor. “When members of a cooperative use the services the cooperative provides, the success that results are shared by members, and at American 1, we are delighted to give generously to the communities we are honored to serve.”
In addition to the aggressive member Give Back, American 1 Credit Union said it gave over $150,000 in charitable and community contributions during 2017 and was the sponsor of free community events such as the Women’s Expo, Kids Fest in Jackson and Hillsdale, and Buy Michigan Now Fall Fest, among others.