MIDLAND, Mich.–Two more credit unions have announced year-end member givebacks.
In Michigan, Dow Chemical Employees’ Credit Union has announced a 2021 Member Giveback for 2021 of $13.6 million. The funds will be given back to eligible members by mid-January via rebates and rewards deposited to their savings account, the credit union said.
The giveback marks the 41st consecutive year DCECU said it has returned a share of its earnings to members, with a grand total of $262 million given back during those four-plus decades.
The $2.1-billion DCECU has approximately 74,000 members.
The Member Giveback began in 1955 and has been offered in all but one year since, the credit union said.
For 2021, DCECU reported it will give back 40% of the interest that members in good standing paid on their eligible loans over the course of the year and will give them a cash reward equal to 40% of the interest/dividends they earned on their eligible deposits.
Members in good standing also will receive a 0.125% rebate on their total DCECU Visa Debit Card purchase transactions for the year, regardless of whether the transactions were signature-based or PIN-based.
‘Ahead of Other Credit Unions’
“In 2020, we provided the nation’s largest giveback to members as a percentage of total assets, and 2021’s payment currently is ahead of other credit unions that have announced givebacks,” said DCECU CEO Michael Goad. “We’re also the largest financial institution based in Michigan’s Great Lakes Bay Region – which is only possible because of the loyalty of our members, and the Member Giveback is one of the biggest ways in which we thank them for that loyalty.”
The official total dollar amount of the 2021 Member Giveback will be announced in late January, after all rebates and rewards have been deposited to members’ accounts. Most deposits will be made on Jan. 1, 2022, but all should be completed no later than Jan. 15, 2022.
Tyndall FCU Returning $11 Million
In Panama City, Fla., Tyndall FCU said it is returning $11 million to 50,000 of its members who qualified for the payout. The move comes at the same time the credit union said it has also eliminated all account maintenance fees, including fees for membership, NSFs and ATMs, effective Jan. 1.
TFCU said the payouts to members ranged from $50 to $400.
“People across the Panhandle have dealt with a lot these past years. A category 5 hurricane. A global pandemic. Economic uncertainty,” said President/CEO Jim Warren. “But despite all these challenges, our members have been resilient and our credit union has stayed strong. This is Tyndall’s way of saying thank you for your membership.”
Over the past three years, Tyndall FCU said it has returned $28 million to its members as profit sharing and storm aid. In addition, the credit union said its support for the community has included disbursing more than $200,000 in community grants and offering its staff 4,000 hours for community volunteer service.
As it moves to cut its fees at the beginning of the year, Chief Marketing Officer Seth Spiro added, “Our commitment to the community is to put people ahead of profit. Our members have stuck with us through ups and downs. Getting rid of account fees and sharing profits is just one way we can make the holidays a little brighter.”
Other Year-End Rebates
Other credit unions that have announced year-end rebates to date include:
- Goldenwest CU, which is paying out $2.2 million
- Western Division Credit Unions, which paid out more than $1 million
- Educators Credit Union (Wisconsin), which paid out $4.9 million
- Tyndall FCU, which returned more than $10 million to members
- Ascend FCU, which paid out $7 million
- Eastman Credit Union, which announced a $15 million extraordinary dividend