CHICAGO–Credit unions in the U.S. and Canada have returned $146,808,857 to members according to the latest CUToday.info calculation of bonus dividends and loan interest rebates announced to date.
That figure does not include credit unions that announced they paid bonuses or loan refunds but which declined to provide a precise figure for the value returned to members.
Nearly one-third of that figure represents the bonus dividend paid by Canada’s Servus Credit Union, which paid out $47.9 million to members at year-end. The largest amount paid by a U.S. credit union was $25 million by Dearborn, Mich.-based DFCU Financial.
Among the bonuses and rebates CUToday.info has reported to date are:
- In Houston First Service Credit Union here has paid a patronage dividend to members, with some receiving as much as $900. In all, First Service has shared some $300,000 with members.
- Hanscom FCU, Hanscom AFB, Mass., paid a special Loyalty Dividend to members representing 2% of the interest paid on most consumer loans as well as a 2% bonus on savings.
- In Phoenix, the $1.3-billion Arizona FCU closed out 2015 by paying its members a $5-million bonus dividend.
- In Baltimore, as it has every year since 1981, MECU here is paying a cash bonus to members. In total, members were paid $3 million in cash bonuses during 2015.
- In Hartford, Conn., Hartford Municipal Employee’s FCU announced it is refunding 2% of all interest paid by members on any loan during 2015, including car, home equity, personal, debt consolidation, holiday, vacation or VISA credit cards
- In Kingsport, Tenn., the $3.2-billion Eastman Credit Union is paying a $10-million bonus dividend. It is the 18th year the credit union has paid the bonus, distributing more than $80 million over that time.
- In Edwardsville, Ill., Scott Credit Union here is returning $1.3 million to members, with funds being directly deposited into member accounts. Scott CU reported it has given active members an additional 3% APY bonus dividend on their deposits and a rebate of 3% of the interest they paid this year on any loan or credit card as a means of saying thank you for members’ loyalty. SCU has more than 131,000 members. SCU has paid a bonus dividend for 24 consecutive years.
- Meanwhile, in Edmonton, Alberta, Servus Credit Union is paying out a $47.9-million bonus to members as part of its annual profit-sharing program. The amount is second only to the $50 million paid in 2014.
- The $301-million Partner Colorado Credit Union paid its members a $1-million in pre-holiday bonus dividend. The marketing theme for this year’s bonus dividend is “Thanks a Million…Literally." More than 25,000 members will receive a bonus dividend. The average bonus dividend is $59.27, and the highest is $200.
- In Colorado Springs, Colo., Ent Federal Credit Union’s members received more than $3.4 million dollars in annual loan rebates as part of the credit union’s “Ent Extras” loan benefit program. Annual loan rebate amounts range from $75 for a mortgage loan to $10 for a personal loan or line of credit, Ent said.
- In Oklahoma City, Okla., FAA Credit Union paid year-end rebates and bonuses to its nearly 50,000 members, totaling $453,922.
- In Dearborn, Mich., DFCU Financial here, has returned $25 million to its members, the largest patronage dividend awarded in its history. This year’s giveback, deposited into members’ accounts Jan. 5, represents about half of DFCU’s 2015 net income.
- In Harrisburg, Penn., Pennsylvania State Employees Credit Union said it will be paying a $12.5-million “Relationship Reward” to its members, the fourth consecutive year it has rewarded members for doing business with it.
- In Rock Island, Ill., the $70-million Gas & Electric Credit Union has paid a $250,000 bonus dividend to its members for 2015. It’s the second consecutive year the credit union has paid a bonus dividend.
- In Forth Worth, Texas, American Airlines Federal Credit Union said it paid more than $12 million in bonus dividends to qualifying member-owners on Dec. 19, 2015. The bonus dividend was based on dividends earned on qualifying share accounts and/or interest paid on applicable loans. To recognize the most active and loyal members, an additional $50 bonus was distributed to those who actively participated in three or more of the eight major account categories.
- In Broomfield, Colo., Community Financial Credit Union (CFCU) announced that it is distributing $300,000 to reward its most loyal members as part of its Member Bonus program. More than 3,200 members are eligible for the Member Bonus and will receive amounts ranging from $5 to just over $2,000.
- Neighbors Credit Union, St. Louis, paid its members a special dividend of 1.31% APY, which amounts to approximately $209,000.
- In Los Angeles, Firefighters First Credit Union is paying a $1.6-million extraordinary dividend and interest refund bonus to members. Over the past 30 years the credit union has made payments of more than $42 million to members.
- Guardian Credit Union, Montgomery, Ala., paid members $750,000 in a “Cash Back” year-end bonus. The $321-million CU has now given back to its members more than $3.75 million over the past four years.
- In Columbia, S.C., SAFE Federal Credit has paid members a 20% share/certificate bonus dividend and a 7% interest rebate, returning $2 million in all to members.
- Nusenda Credit Union in Albuquerque, N.M., paid members $8 million as part of its “Earn Your Return” program.
- In Kansas City, CommunityAmerica Credit Union said it is returning $7 million to members as part of its “Profit Payout,” with an average of approximately $90 going to every qualifying CACU household.
- Ideal CU in Woodbury, Minn. returned 11% of its 2015 earnings to members through its VIP Program, with cash dividends ranging between $5 and $605. A total payout of $528,935 was returned members.
- Fort Community CU in Fort Atkinson, Wis., paid out its first Member Loyalty Cash Reward.
- Cooperative Teachers CU, in Tyler, Texas, returned $92,000 to members.
- Skyward Credit Union in Wichita, Kan. Paid members a $750,000 bonus.
- In Las Vegas, Clark County Credit Union has paid a $2.7-million bonus spread across 34,000 members.
- Utilities Employees Credit Union, Wyomissing, Penn., paid members a $775,000 bonus.