MIDLAND, Mich. – Dow Credit Union has announced a Member Giveback for 2022 of $14 million. The credit union said the funds are to be given back to eligible members in January via rebates and rewards deposited to their savings accounts.
This is the 42nd consecutive year that the credit union – which earlier this year changed its name after 85 years as Dow Chemical Employees’ Credit Union – has returned a share of its earnings to members, it said. Over that time it has paid out a total of more than $275 million to members.
“The Member Giveback began in 1955 and has been offered in all but one year since,” the CU said.
According to Dow Credit Union, the 2022 give back will return 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.
Additional Returns
Members in good standing also will receive a 0.125% rebate on their total Dow Credit Union Visa Debit Card purchase transactions for the year, regardless of whether the transactions were signature-based or PIN-based, the credit union added.
“We provided the largest giveback in the nation as a percentage of total assets for 2021, and we’re hopeful that our 2022 Member Giveback will keep us on that leading edge,” said Dow Credit Union President and CEO Michael Goad. “Along with our diligent management of members’ deposited funds, the loyalty of our members in saving with and borrowing from us year after year is a key reason we’re able to routinely offer such a significant Member Giveback.”
Official Tally to Come
Dow Credit Union added that the official total dollar amount of Dow Credit Union’s 2022 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, 2023, but all should be completed no later than Jan. 31, 2023. Visitdowcreditunion.org/giveback for details and updates.
Other Credit Union Givebacks
Other credit unions that have recently returned they are also returning funds to members include:
- Panama City, Fla.-based Tyndall FCU, which paid out $13.7 million to more than 70,000 qualifying members.
- Tullahoma, Tenn.-basedAscend Federal Credit Union, which is returning $5 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for loyal debit card use.
- Racine Wis.–based Educators Credit Union, which returned a record $5.1 million with its 2022 “Member Loyalty” payout.
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