DEARBORN, Mich.–DFCU Financial Credit Union here has announced the largest payout as part of its annual Cash Back Dividend Payout: $27 million.
The credit union is making the payment to members for the 11th consecutive year. Funds will be distributed in January to more than 100,000 members, based on their relationship with DFCU Financial.
According to the credit union, this year’s payout will put the total dividend payout since the program’s inception in 2006 at more than $233 million.
The payout to members is calculated based upon each member’s total relationship with DFCU Financial. Qualifying members receive a 50-basis-point dividend on their average yearly loan and deposit balances, with each eligible member receiving at least $50. This includes all checking, savings and loan balances.
As an example, the credit union said a household with a $150,000 Mortgage, $2,000 savings account balance, $1,000 checking account balance and a $12,000 auto loan would receive $825 back based on their $165,000 total relationship with the credit union.
DFCU Financial CEO Mark Shobe said the dividend is a significant differentiator between the $4.3-billion credit union and other financial institutions.
"There is not another financial institution that can offer what we offer,” stressed Shobe. “Outstanding financial performance combined with member loyalty makes this possible. We invest in our members and their families and they put their trust in us. It's a relationship of mutual success."