LAS VEGAS–Clark County CU said it is paying a $2.4-million bonus dividend to members, the eighth year it has made such a payout.
CCCU said this year’s distribution of $2,408,542.92 brings its bonus dividend’s historic grand total to $70,727,782, “putting millions of dollars back into the Southern Nevada economy over the last 22 years.”
Clark County CU said its bonus dividend calculation has changed over the years to reflect the “equitable treatment of both loan holders and depositors.”
The dividend payment is calculated based on the average annual daily balances and how long the account is open, for both deposits and loans of any type including auto loans, credit cards, new home construction loans or commercial loans.
“The more you participate and use CCCU as your financial institution, the higher your bonus dividend can be,” said President/CEO Matt Kershaw. “When members ask how they can increase their Bonus Dividend, I tell them they need to be all in on the products and programs the credit union offers.”
A Bonus Dividend Estimator is available at the credit union’s website to see what a potential dividend could be if accounts were opened or moved to CCCU. A multiplier of 0.0015907905 is used to estimate the payment based on both deposits and loans, CCU said.
Funds Help Grandchildren
The credit union said members often choose to save or spend their dividend in creative ways, and it quoted member June B. as saying, “Each year I put my dividend towards my grandsons’ 529 college funds. I have three grandsons, so I alternate years. I see it as another bonus to my membership that no other bank offers.”
According to CCCU, many members receive hundreds if not thousands of dollars. The highest single dividend paid was $9,073.57 to a commercial account, while the average amount was $49.11.