HARTFORD, Conn.–Hartford Municipal Employee’s FCU announced it is refunding 2% of all interest paid by members on any loan during 2015, including car, home equity, personal, debt consolidation, holiday, vacation or VISA credit cards.
This is the second consecutive year the credit union’s board has approved such a refund. Loan holders will receive 2% of interest paid from Jan. 1, 2015 – Dec. 14, 2015 on all loans.
“As a member-owned financial cooperative, we believe benefits like these are what set us apart from the rest,” said Marco Signorello, CEO of Hartford Municipal EFCU. “Our members are the key to our success and we hope our members know just how much we appreciate them.”
Separately, HMEFCU was recently granted a charter expansion to allow it to serve anyone who lives, works, worships, or attends school in the city of Hartford.
Other credit unions that have announced year-end bonuses and refunds so far this year include:
- In Kingsport, Tenn., the $3.2-billion Eastman Credit Union is paying a $10-million bonus dividend. It is the 18th year the credit union has paid the bonus, distributing more than $80 million over that time.
- In Edwardsville, Ill., Scott Credit Union here is returning $1.3 million to members, with funds being directly deposited into member accounts. Scott CU reported it has given active members an additional 3% APY bonus dividend on their deposits and a rebate of 3% of the interest they paid this year on any loan or credit card as a means of saying thank you for members’ loyalty. SCU has more than 131,000 members. SCU has paid a bonus dividend for 24 consecutive years.
- Meanwhile, in Edmonton, Alberta, Servus Credit Union is paying out a $47.9-million bonus to members as part of its annual profit-sharing program. The amount is second only to the $50 million paid in 2014.
- The $301-million Partner Colorado Credit Union paid its members a $1 million pre-holiday bonus dividend. The marketing theme for this year’s bonus dividend is “Thanks a Million…Literally." More than 25,000 members will receive a bonus dividend. The average bonus dividend is $59.27, and the highest is $200.
- In Colorado Springs, Colo., Ent Federal Credit Union’s members received more than $3.4 million dollars in annual loan rebates as part of the credit union’s “Ent Extras” loan benefit program. The Ent Extras program includes a loan payment grace period, alerts and push notifications and other loan-specific benefits – in addition to paying members annual loan rebates on every loan, every year. Annual loan rebate amounts range from $75 for a mortgage loan to $10 for a personal loan or line of credit, Ent said.