PASADENA, Calif.– Credit unions across the country continue to announce bonus dividends and loan-interest rebates, bringing to more than $133 million the amount reported by CUToday.info to date as being returned to members at year-end 2022.
In California, Firefighters First CU said it paid out $2.1 million in “profit-sharing proceeds” to its nearly 60,000 members.
Member payouts were based on loan interest refunds and a bonus on dividends earned.
“We prospered during an unpredictable year, in no small way thanks to our member-owners and their loyalty to us,” said President/CEO Dixie Abramian.
The $2.095-billion CU operates branches in California, Arizona and Texas, and said it serves 825 fire departments nationally.
$22 Million to First Responders
In Philadelphia, Police and Fire FCU announced it returned $22-million to its members as part of its Member Bonus program during 2022.
All accounts in good standing were eligible to receive up to $1,000! Members were paid 8% of the loan interest paid and dividends earned from Jan. 1 through Nov. 30, 2022.
“We also know that overdrafts happen to even the most careful of people, and returned 8% of your paid courtesy overdraft fees,” the credit union said.
In addition, first mortgages sold to Fannie Mae were eligible to receive up to $100.
Police and Fire noted in its announcement to members that it has paid out more than $100 million to members since launching the Member Bonus program in 2018.
Scott CU Returns $1 Million
In Illinois, the $1.7 billion Scott Credit Union paid its members a bonus dividend and loan interest rebate totaling $1 million. Over the past 15 years Scott CU said it has returned nearly $15 million to its 153,552 members.
“The Bonus Dividend and Loan Interest Rebate are two more examples of the value of your active membership with Scott Credit Union!” the CU said on its website. “When we do well, everyone benefits.”
Other Member Payouts
To date, CUToday.info has reported on credit unions that have returned a total of $133,450,000 to members. Other member payouts reported include:
- In Warner Robins, Ga., Robins Financial Credit Union has distributed $18 million in rebates to members, the fifth straight year the special payout has been made. Over that time, Robins Financial said it has returned to members more than $73 million to members.
- In Ogden, Utah, Goldenwest Credit Union paid out more than $3.75 million with its 2022 year-end bonus dividend.
- Wright-Patt Credit Union said it is paying an $11 Million Special Patronage Dividend this year, the largest in its history. The individual payouts are dependent upon relationships with the CU, with WPCU saying members can earn $15 just by having a debit card, using online or mobile banking, or having e-statements.
- In North Carolina, Fort Bragg FCU said it is paying $1 million to members as part of a “Loyalty Dividend,” bringing to $3.775 million the total it has paid out over the last five years. Payouts are based on deposit and loan relationships with the credit union, with some members receiving up to $500, FBFCU said.
- In Peoria, Ill., a $20-million Extraordinary Dividend is being paid out by CEFCU. Over the last 21 years, CEFCU said it has returned $380 million in Extraordinary Dividends to members.
- In Tennessee, Eastman Credit Union members will share in a $15 million Extraordinary Dividend. The payout will bring the total it has paid out since 1998 to $177 million returned to members since it began in 1998. We are excited to return this money to our members. This announcement is a direct result of our members’ loyalty, our employees' hard work, and our board's leadership," said Kelly Price, ECU's president and CEO.
- Empower CU in Syracuse, N.Y. is paying out a $4.5 million member giveback.
- Panama City, Fla.-based Tyndall FCU, which paid out $13.7 million to more than 70,000 qualifying members.
- Tullahoma, Tenn.-based Ascend Federal Credit Union, which is returning $5 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for loyal debit card use.
- Racine Wis.–based Educators Credit Union, which returned a record $5.1 million with its 2022 “Member Loyalty” payout.
- Midland, Mich.-based Dow Credit Union has announced a Member Giveback for 2022 of $14 million.
- In Indiana Beacon Credit Union has announced a $1.8-million bonus dividend to members.
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