TULLAHOMA, Tenn. – Ascend Federal Credit Union has announced it is paying out $7 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for debit card use.
With the addition of this year’s return, Ascend FCU reported it has approved giving a total disbursement of more than $99 million to the credit union’s members since 2004.
“At Ascend, our members are owners and we fulfill our non-profit mission by returning to them a significant portion the proceeds generated by our well-run credit union,” said President/CEO Caren Gabriel. “I also can’t think of a better way to culminate our 70th anniversary year by making the holidays brighter for our members and showing our gratitude for being entrusted with serving their financial needs.”
Gabriel added the member return is never guaranteed, but it is a goal of Ascend’s board to distribute it every year.
Ascend said it examines its financial performance each year to identify how return will be calculated and what amount will be given. For members to receive a their loan interest refund, the account cannot be delinquent.
The $3.5-billion Ascend has approximately 233,564 members.
Some of the other credit unions that have also announced year-end bonus dividends to date include Goldenwest, CU, Western Division CU, Educators Credit Union, Tyndall FCU and Dupaco Credit Union.