TULLAHOMA, Tenn. – Ascend Federal Credit Union said it is returning $5 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for loyal debit card use.
With the addition of this year’s return, the $3.8-billion Ascend FCU said its board has approved a total disbursement of more than $104 million to members since the member return program began in 2005.
“In what has been a challenging economic year, Ascend continues to show strength in its steadfastness and security,” said Caren Gabriel, Ascend president and CEO. “Our credit union’s ability to consistently offer this return yearly is another example of the many benefits that Ascend provides for its members.”
How Rewards Are Earned
In a statement, Gabriel added the member return is never guaranteed, but it is a “goal of Ascend’s board to distribute it every year. Thanks to growing membership and use of the credit union, as well as prudent management, members have received a return every year for the last 18 years.”
Generally, the more checking/debit or savings activity someone has with Ascend, the greater their bonus payment, and the more loans they have, the greater their loan interest refund, the credit union said.
In order for a loan to receive an interest refund, it must not be delinquent.
Ascend FCU has more than 253,000 members.
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