LENEXA, Kan.–CommunityAmerica Credit Union has announced it is returning $8 million as part of a “Profit Payout” to members.
CommunityAmerica said the average member household qualified to receive a payout would receive approximately $100.
While the credit union did not specifically say how each member’s reward was calculated, its website includes a “Profit Payout Calculator” that allows members to enter various account balances, including deposits and loans, to calculate a payout. The calculator also indicates Direct Deposit and online banking are required, with at least one transaction every 180 days. CACU said the reward is based on the number of products and services a member has with the credit union, rather than the balance in each account.
“Why would we do this? Because we aren’t owned by investors, but by the members who bank with us,” CommunityAmerica says on its site explaining the payout.
The credit union, which describes itself as “Your Kansas City cashback headquarters,” has created a video about the payout that can be viewed here: https://www.youtube.com/watch?v=q54XOKYMoXE
Other CUs that have announced year-end bonus dividends and interest rebates include:
- SAFE FCU, Sumter, S.C., paid a year-end bonus and interest rebates of more than $1 million. The credit union noted that the payments were based on members’ account usage. Deposit accounts, including certificates, received a 12% bonus based on dividends received in 2017. Loan accounts (excluding credit cards) received a 3% rebate based on total interest paid in 2017.SAFE reported it has paid more than $30 million in bonus
- Ideal Credit Union in Woodbury, Minn. returned 10% of its 2017 earnings to members through its VIP program. The 4,406 members of the VIP+ program were paid bonus dividends of between $50 and $600. In all, a payout of $532,150 was returned to Ideal CU members as a result of the VIP Program.
- DATCU Credit Union, Denton, Texas, paid members $1.875 million via a bonus dividend to its members, making the total distribution more than $11.3-million in bonus dividends since it began its program.
- In Greensboro, N.C., for the eighth consecutive year, members of Premier Federal Credit Union received 5% of the interest paid in 2017 on eligible loans. More than 9,600 members received a portion of the $259,899 given back through a deposit to their savings account.
- In Oklahoma City, Okla., True Sky Credit Union said it is returning $113,000 to its more than 50,000 members in the form of year-end rebates and bonuses.
- Fort Community Credit Union, Fort Atkinson, Kan., which paid a cash bonus to 29% of its members.
- Empower FCU, Syracuse, N.Y., which paid members a $3.5-billion “give-back” bonus
- First Financial Federal Credit Union, Lutherville, Md., is paying a $2-million Loyalty Rewards bonus to members.
- PSECU, Harrisburg, Penn., is paying a $6-millionSpecial Reward to members.
- OTIS Federal Credit Union, Jay, Maine, is paying an 8% Bonus Dividend and Interest Refund.
- In Sioux Falls, S.D., Sioux Falls FCU is paying a $1-million bonus to members.
- In Washington, D.C., PAHO/Who FCU is paying a 6% bonus dividend to its members.
- Charter Oak FCU, Waterford, Conn., awarded more than $532,000 in annual $100 cash bonuses to members of its Gold Rewards program.
- Hanscom Federal Credit Union, Hanscom Air Force Base, Mass., paid a Loyalty Dividend to members representing 2% of most consumer loan finance charges as well as 2% of dividends earned on savings.
- Robins Financial Credit Union paid a “loyalty reward” to members in the amount of $12 million.
- Scott Credit Union, Edwardsville, Ill., paid a $500,000 bonus dividend.
- Eastman CU, Kingsport, Tenn., paid a $13-million extraordinary dividend
- Wright-Patt Credit Union, Beavercreek, Ohio, announced an $8-million Special Patronage Dividend.
- Goldenwest Credit Union, Ogden, Utah, announced it will pay members a year-end bonus dividend of $1,750,000.
- Summit Credit Union, Madison, Wis., paid out $2.08 million in what it calls a “Cash Boomerang” to its members.
- Andigo CU, Schaumburg, Ill., paid a $1 million “participation dividend” to its members in January.
- Educators CU, Racine, Wis., paid a $2.46 million loyalty reward to members
- Citizens Equity First Credit Union (CEFCU) in Peoria, Ill. declared a $40-million extraordinary dividend for its members.