BALTIMORE–MECU of Baltimore has announced the cash bonus it is returning to members as of mid-year.
The credit union has returned $1,246,000 to members in good standing, whether they have deposits or loans with the credit union.
Members received an extraordinary dividend on top of the interest they earned on their deposit accounts. For the first half of 2016 that came to a total of $579,000. Members also received a loan interest rebate on most loans, which came to a total of $667,000 for this period.
Noting that those credit unions that pay members a cash bonus typically do so once a year, the MECU board voted in 2008 to pay half the cash bonus at the end of June and the remainder in December. The June payment helps members at vacation time and helps the cash flow of the 10-month employees of the Baltimore City School System, the credit union said, while the December payment helps members at holiday time.
MECU of Baltimore Inc. has been paying an annual bonus since 1981.