MIDLAND, Mich.–Credit unions in Michigan and South Carolina have announced year-end bonuses and givebacks to members.
In the Palmetto State, Dow Chemical Employees’ Credit Union said its Member Giveback for 2019 amounts to more than $20.5 million in the form of rebates and rewards. It is the largest-ever giveback for DCECU, which said it has returned a share of its earnings to members every year since 1980 and in all but one year since 1955.
The 2019 DCECU Member Giveback represents an increase of more than $1.1 million versus 2018’s then-record-high total of $19.4 million, DCECU said.
For 2019, DCECU said it gave back 50% of the interest that members in good standing had paid on their eligible loans over the course of the year and also paid a cash reward equal to 50% of the interest/dividends they’d earned on their eligible deposits. Members in good standing also received rebates on Visa Debit Card transactions – 0.125% of all signature-based transactions and $0.01 per PIN-based transaction.
“Our members are committed to engaging in our financial cooperative, and we are committed to prudent management of their deposited funds,” said DCECU President/CEO Dennis Hanson. “This mutual commitment allows us to be one of only a handful of financial institutions nationwide to share so much of our earnings with members and still be able to maintain a very healthy amount of reserves.”
Payout in South Carolina
Separately, in Sumter, S.C., SAFE FCU has announced a bonus dividend and interest rebate payout to its membership of approximately $1.3 million.
The payments were based on members’ account usage. Deposit accounts, including certificates, received an 8% bonus based on dividends received in 2019. Loan accounts (except credit cards) received a 3% rebate based on total interest paid in 2019, the credit union said.
SAFE has paid more than $32 million in bonus dividends and interest rebates to its members over the last 23 years, it reported.
“Like family, we’re here to help our members earn more on savings and pay less on loans. And, like family, we’re happy to share during the good years,” said SAFE’s president and CEO, Darrell Merkel.