WOODBURY, Minn.–Ideal Credit Union is reporting it returned 10% of its 2017 earnings to members through its VIP program.
The 4,406 members of the VIP+ program were paid bonus dividends of between $50 and $600. In all, a payout of $532,150 was returned to Ideal CU members as a result of the VIP Program.
Ideal CU reported it has paid out over $3.1 million to VIP members since the program’s inception.
“The VIP program is designed to encourage members to bring all of their accounts to Ideal and when they do, we reward their loyalty by paying an annual VIP dividend,” said Brian Sherrick, Ideal CU president/CEO, in a statement. “Our staff works with members throughout the year to help them identify opportunities to grow their relationship with us and ultimately increase their payout. Because of our amazing Ideal team, we have increased our VIP+ members by 17% since 2012!”
To qualify for the program, members must have a savings account, an active personal checking account, and conduct a minimum of 144 checking transactions throughout the year via debit and credit card, checks, ATM and ACH transactions.
According to Ideal CU, some members received a Deposit Bonus Dividend based on their average deposit balances throughout the year, while others earned a Loan Rebate Dividend calculated on the amount of interest paid in 2017. Many members were eligible for more than one reward based on qualifying relationships.