LUTHERVILLE, Md.–Credit unions in Maryland and Alabama have become the latest to announce year-end bonuses for members.
First Financial FCU here has announced it is paying out $2 million in Loyalty Rewards to members. The amount awarded to each member is based on the products and services each member utilized throughout the year.
According to First Financial, members earned a bonus dividend of 15% on all share account dividends in 2018, while members who had non-real estate loans with First Financial received a 10% interest rebate, and those members who participated in its 5-Star Member Rewards Program were credited an additional $100 in rewards.
Members with First Financial Visa credit cards also received their 1% cash rebate at year-end based on purchases made throughout 2018.
“Giving back to those who have made our year so successful is one of the most important and exciting things we do,” said CEO Eric Church. “There’s no better way to thank our members for the loyalty they have shown us throughout the year. This is a great time to be a First Financial member, and the Loyalty Rewards are just the beginning.”
Bonus in Alabama
Separately, in Montgomery, Ala., Guardian Credit Union here has announced an Interest Rebate and Dividend Bonus totaling $587,660.
“Giving back to our local community is important to Guardian and returning profits to members has become an important piece of the member relationship,” the credit union said in a statement to members. “With this year's cash back bonus, Guardian Credit Union has now given members more than $4.8 million dollars over the past eight years in the form of an interest rebate and bonus dividend.”
Guardian Credit Union said the rebate/bonus dividend was possible due to strong financial performance that resulted from member relationships and their loyalty.
“Guardian Credit Union is member owned and as a member, you get very unique rewards,” said Guardian's CEO Heath Harrell. “We are grateful of the support and loyalty of our members and we are extremely proud to be able to give back. We understand that there are many financial institutions to choose from and we appreciate our members choosing Guardian. In today’s financial marketplace great service and free products do not necessarily set us apart from others in the industry. What makes Guardian unique is that we are constantly challenging ourselves to find ways to better serve our members, which has allowed us the opportunity to give back to our members in tremendous amounts, unseen by most financial institutions. Returning profits to our members is a true example of the difference between a credit union and bank, but the incredible amounts in which we have been fortunate enough to give back in recent years is what sets Guardian apart from all other financial institutions.”