ALBUQUERQUE, N.M.–Two credit unions have announced significant special dividends for members as year-end approaches.
In Albuquerque, Sandia Labs FCU has paid out a $20-million special dividend to its members. The amount paid to each member by the $2.5-billion Sandia Labs was based on the dividends earned on all deposit accounts as well as the interest paid on business, consumer, and mortgage loans from Jan. 1 to Oct. 31.
Separately, in Beavercreek Ohio, Wright-Patt Credit Union has announced it is paying out a Special Patronage Dividend of $10 million on Jan 3, 2020.
“It’s our largest Special Patronage Dividend yet! How much will you get back? It all depends on how much you used WPCU's services throughout the year,” Wright-Patt CU said. “At WPCU, our goal is to help our members keep more of their hard-earned money in their pocket, where it belongs. That's why, when we have excess earnings at the end of the year, we give them back to our members with a Special Patronage Dividend.
According to WPCU, the formula it uses to determine payouts includes:
- Earn 0.1% on the annual average share balances (includes business share balances and excludes financial planning balances)
- Earn 0.1% on the annual average loan balances (excludes business loan balances and mortgage balances)
- Earn $100 for a business loan relationship
- Earn $45 for each first mortgage
- Earn $5 for a financial planning relationship\
- Earn $5 for debit cards with greater than 4 and less than 20 transactions per month (one per account)
- Earn $10 for debit cards with greater than 19 transactions per month (one per account)
- Earn $5 for e-statements
- Earn $5 for active mobile banking, online banking or Call-24 (at least 1 login/call for each of the following months: September 2019, October 2019 and November 2019)
- Payout for business accounts is capped at $1,000
Wright-Patt CU said over the last 11 years it has returned more than $75 million to its members.