WOODBURY, Minn.—Ideal Credit Union has returned 10.5% of its 2016 earnings to members through its VIP Program, the fifth consecutive year for the payout to VIPs—members with qualifying relationships.
The VIP Program rewarded 4,165 VIP Plus members with cash dividends between $50 and $600, which were automatically deposited into members’ savings accounts in January, the CU stated in a release. A total payout of $501,900 was returned to Ideal CU members as a result of the VIP Program. Ideal CU has paid out more than $2.6 million to VIP members since the program’s inception in 2012.
“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. “Our staff works with members throughout the year to help them identify opportunities to grow their relationship with us and ultimately increase their payout.”
To qualify, members must have a savings account, an active personal checking account and conduct a minimum of 144 transactions throughout the year via debit and credit card, checks, ATM and ACH transactions. 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 2016. Many members were eligible for more than one reward based on qualifying relationships, according to Ideal.