TULSA, Okla.–Credit unions have announced another $10 million in bonus dividends, year-end loan interest rebates and more, bringing to more than $235 million the amount returned to members this year in the CUToday.info Tracker.
In Oklahoma, TTCU FCU said it is paid out $3.9 million in member rewards to TTCU members in 2022, an increase of 7% over the previous year.
“The primary contributor to the increase in member rewards payments in 2022 was the 14% increase in loan balances during the year,” TTCU Executive Vice President and Chief Financial Officer Shelby Beil said in a statement on the CU’s website.
According to TTCU, its member rewards program, which has five tiers, pays dividends to members who use its services, including those with both qualifying loan balances and deposit balances.
“When comparing savings options, always remember to factor in the member rewards payments you will receive. This will add a meaningful bump to TTCU’s already attractive deposit rates,” Beil said in the statement.
TTCU said it has returned $28 million to members to date as part of the rewards program.
A Payout in Vegas
In Las Vegas, the $1.1-billion Clark County CU has paid out $2.6 million as part of its Bonus Dividend program.
“Though the Bonus Dividend began in 2001, this year marks the ninth year in a row that CCCU members have received the bonus dividend since the recession,” the credit union said on its website. “This year’s distribution of $2,625,755 brings CCCU’s Bonus Dividend historic grand total to $73,353,537, putting millions of dollars back into the Southern Nevada economy over the last 23 years.”
CCCU explained that its Bonus Dividend calculation has “changed over the years to reflect the equitable treatment of both loan holders and depositors and it is given to both consumer and commercial members.”
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 credit union explained.
Returns of as Much as $11K
“CCCU ended the year on a high note and our team is thrilled to be able to give back $2.6 million to the members,” said Matt Kershaw, president and CEO of CCCU, in a statement. “We focus on providing great rates all year, and the Bonus Dividend is just another way that we give back to our owners, the 52,000 members of Clark County Credit Union.”
CCCU said the highest single dividend paid was $11,964 to a commercial or business account, while the highest payout to an individual member was $7,807. The average amount distributed to members was $46.54 with commercial accounts receiving an average of $295.06.
Funds Paid Out by Bank Fund Staff FCU
In Washington, Bank Fund Staff CU announced that it is paying out $3 million in the form of a supplemental dividend. The $6.5-billion credit union noted in announcing the payment that it marked its 75th anniversary last year.
“Adding new members and maximizing the participation of borrowers and savers in our products and services increases our ability to give back to all members and sustains our financial capacity to better serve and invest in improvements to meet our members' evolving needs,” BFSFCU said, noting it has returned $228 million in dividends over the past decade.
American United Pays Reward Dividend
In Utah, American United Credit Union has paid out $380,000 to members in the form of reward dividends. “Based on your relationship with American United and the products and services you use throughout the year, we offer a special end of year dividend to our members,” the credit union said on its website.
‘Our Way of Thanking Members’
In Fort Atkinson, Wis., $300,000 was paid out to members of Fort Community CU in the form of a patronage dividend.
FCCU said it has returned $1.6 million in excess earnings to its members through its Member Loyalty Cash program over the past six years.
“It's our way of thanking our members for using the products and services we have to offer and being a part of the FCCU family,” said President and CEO Sue Johnson. “FCCU is financially strong and we’re thankful to be able to help both our members and the larger community navigate the challenges of the pandemic. It is all part of the credit union difference.”
‘Everyone Benefits’
In Georgia, the $20-million Rome Kraft Employees CU paid members a bonus dividend of approximately $80,000. “Since we are a not-for-profit cooperative, we give our earnings back to the members through dividends, better rates on savings, lower rates on loans and lower fees,” the credit union explained. “When we do well, everyone benefits.”
The Total to Date
The $10.26 million returned by the credit unions above brings to $235,995,772.57 the bonus dividends, loan interest rebates and more tracked by credit unions this season. Other that have announced payouts 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.
- In Philadelphia, Police and Fire FCU, which announced it returned $22-million to its members as part of its Member Bonus program during 2022.
- In California, Firefighters First CU said it paid out $2.1 million in “profit-sharing proceeds” to its nearly 60,000 members.
- In Illinois, the $1.7 billion Scott Credit Union paid its members a bonus dividend and loan interest rebate totaling $1 million.
- In Antigo, Wis., CoVantage Credit Union has paid out a $5-million Patronage Dividend to its members.
- In Sumpter, S.C., SAFE FCU paid $2.16 million to members
- In Pennsylvania, the $167.4-million Top Tier FCU is paying out $350,000 to eligible members this month.
- In Niagara Falls, N.Y., the $262-million Niagara’s Choice FCU said it is paying out $193,000 to its more than 24,000 members in the form of a bonus dividend and loan interest rebate.
- In Washington, PAHO/WHO FCU Paid a bonus dividend of more than $350,000
- In Texas, the $150-million Space City Credit Union has announced it is returning $175,000 to members.
- In Phoenix, Desert Financial Credit Union said it is paying out $16 million as part of its Member Giveback Bonus
- In Connecticut, Charter Oak FCU has awarded more than $815,000 in annual $100 cash bonuses to its Gold Rewards members
- In Kansas, the $391-million Skyward Credit Union has paid out a $300,000 bonus dividend.
- In Lenexa, Kan., CommunityAmerica reported it is returning a record-breaking $9.5 million back to its members through the CU’s Profit Payout program.
- In Nevada, Elko Federal Credit Union (EFCU) has announced a $500,000 bonus dividend and “community impact commitment.” The one-time bonus dividend consists of a $250,000 loan interest refund to EFCU’s borrowers, as well as a $50 per share dividend payment to its Moola Moola and Student Share Accounts, regardless of account balance.
- In Texas, evolve FCU said it is returning $1.75 million to members via a patronage dividend.
- In Jay, Maine, OTIS FCU said it has paid out a 5% bonus dividend and interest refund on to members, resulting in a total of $277,759.57 returned for the year 2022
- ESL FCU in Rochester, N.Y. paid $25 million to members as part of its Owner’s Dividend program.
- In Albuquerque, N.M., Nusenda Credit Union paid out $7.8 million in “Earn Your Return” bonus dividends and business debit card rewards.
- OMNI Credit Union in Battle Creek, Mich. paid $1.8 million to members as part of its “Cashback Rebate” program.
- Valley Credit Union in Salem, Ore. returned an “Ownership Dividend” of $228,000.
- 4 More CUs Announce Bonus Dividends, Loan Interest Rebates; Total Tops $225 Million as Tracked by CUToday.info
- In Texas, American Airlines has paid out a more than $10 million bonus dividend for 2022. The credit union said the total paid to each member is calculated based on dividends earned on qualifying share accounts and/or interest paid on auto loans, credit cards, mortgages, personal loans or student loans. In addition, there’s a multi-product $25 bonus for participation in a number of product categories, AAFCU explained on its website.
- In Phoenix, Arizona Financial Credit Union distributed a $6 million year-end bonus to members as part of the credit union’s Member Bonus Payout program.
- In Sylacauga, Ala., Heritage South Credit Union paid a 5% bonus dividend on interest earned and interest paid. In total, almost $250,000 will be paid out to HSCU members, the credit union said.
- In Louisville, Ky., calling it “one of the most impactful differences between credit unions and banks--the way in which they are structured,” Advanz Credit Union that totaled $75,013, or $8.75 a member.
- 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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