CHICAGO–Despite odds in excess of 292-million to one, Americans keep lining up to buy tickets for the record $1.3-billion Powerball jackpot.
But the odds are much better of winning a bonus at a credit union, especially for the most loyal members. To date, CUToday.info has reported $122.15 million in such bonuses and rebates, and that figure does not include those credit unions that did not provide exact figures related to the bonus dividends and loan rebates that were paid. The figure also does not include the value of lower rates and fees and higher interest paid by CUs throughout the year as part of normal CU business practices.
Below is a listing of the rebates and bonuses CUToday.info has reported to date. If your credit union is not included, or if you know of a credit union(s) not shown here, please forward that information to Frank J. Diekmann at Frank@CUToday.info.
- 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.