MIDLAND, Mich. – Dow Chemical Employees’ Credit Union has announced it is paying out $19.4 million as part of its Member Giveback for 2018, with funds being
returned to members in the form of rebates and rewards.
The payout is the largest-ever giveback for DCECU, which has returned a share of its earnings to members every year since 1980 and in all but one year since 1955, the credit union said.
The 2018 DCECU Member Giveback represents an increase of nearly $2 million versus 2017’s then-record-high total of $17.5 million, DCECU added.
For 2018, DCECU has given back 60% of the interest members in good standing had paid on their eligible loans over the course of the year, and further paid out a cash reward equal to 60% of the interest earned on savings. Members in good standing also received rebates on Visa Debit Card transactions.
“The credit union’s prudent management of members’ deposited funds and our members’ commitment to engaging in our financial cooperative are both key factors in our ability to be one of only a handful of financial institutions nationwide to share earnings with members to this extent while still maintaining a healthy capital cushion,” said DCECU President/CEO Dennis Hanson.
The $1.63-billion Dow Chemical Employees CU has approximately 64,000 members.