ELKO, Nev.–Elko FCU got creative with its year-end giveback to members.
In conjunction with its 60th anniversary, EFCU launched “We’re Kickin’ It Back to You,” a year-end $50,000 giveback for members. To qualify for the giveback, EFCU members simply needed to have qualifying EFCU loans closed by Dec. 31, 2020.
EFCU said the giveback is a refund of loan interest paid. On Jan. 4, at the end of the qualification period, EFCU drew 25 winning names at random. Each winner received a $2,000 interest refund applied to their existing loan balances.
“It’s nice to know that our credit union still cares about its members,” EFCU member Cherie T. said.
Added CEO John Kelly, “Every year we find ways to give back to our members, including through loan interest refunds. As we celebrated our 60 years of service in the community throughout 2020, we wanted to take our giveback to a new level. It was a great way to end the year and usher in 2021.”
Quarterly Returns at FFFCU
Separately, in Sparks, Md., First Financial FCU reported it returned more than $2.4 million to members during 2020 in the form of dividends and rebates through the credit union’s quarterly rewards program.
During Q4, First Financial members received more than $473,000 in rebates, while checking accountholders earned more than $124,000 in checking dividends. Members with Better Rewards Checking accounts earned the highest dividends with the opportunity to earn additional Visa debit card rebates, FFFCU said.
In addition, First Financial Visa credit card holders were also eligible to earn cash rebates.
“Especially through a year as difficult as 2020 was for many people in our communities and in our membership, it was our honor to have the opportunity and ability to reward our members in this way,” said President/CEO Eric Church. “This rewards program is an important way we return profits to our members, and we’re glad we were able to continue this program to provide much-needed support throughout the COVID crisis.”
Other Assistance
First Financial said it has also been offering other forms of assistance and resources to provide members financial relief through the pandemic. These include loan payment deferral options, increased availability of funds, no-penalty early withdrawals from share certificates and free financial education.