ROBINS, Ga.–Several more credit unions have announced year-end givebacks and rebates to members.
Robins Financial Credit Union announced it is paying out $18 million to its members in the form of a Member Rebate.
The Member Rebate was based on many different components, the credit union said, including having an active checking account, loan and deposit balances, years of membership and overall usage of Robins Financial’s products and services this year.
“As a not for profit financial cooperative, we give our earnings back to our members in the form of higher rates on savings, lower rates on loans, little to no fees and the most convenient products and services possible,” the credit union said in announcing the rebate to members. “When the credit union does well, everyone benefits.”
Members Empowered With $4.5 Million
In Syracuse, N.Y., Empower FCU said it is paying members a $4.5-million “giveback” in the form of bonus dividends and rewards rebates.
“As we continue to navigate through these difficult times, we are pleased to announce the board of directors approved a $4.5-million member giveback to our member-owners,” said Lori Verzillo, SVP-chief retail officer. “Over the past 14 years, Empower FCU has given back $44,000,000 to our member-owners. We thank all our many members who take advantage of the products and services we offer; and for all your patience and perseverance during these difficult times.”
The amount each member receives represents a percentage of savings account dividends earned and a rebate on loan interest paid throughout the year, the credit union said.
70,000 Members Rewarded
Separately, in Live Oak, Texas, Randolph-Brooks FCU said it has awarded $100 each to 70,000 members as part of its Member Giveback Sweepstakes, for a total payout of $7 million.
The credit union said the objective of the program was to celebrate credit union membership and loyalty.
Members were rewarded for having a:
- Active Consumer Checking Account with Freedom Debit Card
- Consumer RBFCU Mastercard Credit Cards
- Consumer Loans (excluding business commercial loans, business vehicle loans and fleet loans)
- Mortgage Loans
- Paperless Statements
- RBFCU Membership
RBFCU said it also rewarded its 100 longest tenured members with $100 each.
The $14-billion Randolph-Brooks FCU has more than one-million members and 61 branches.
Other CUs Paying Bonuses, Rebates
Other credit unions that have announced year-end bonuses and rebates include:
- Goldenwest CU, which is paying out $2.2 million
- Western Division Credit Unions, which paid out more than $1 million
- Educators Credit Union (Wisconsin), which paid out $4.9 million
- Tyndall FCU, which returned more than $10 million to members
- Ascend FCU, which paid out $7 million
- Eastman Credit Union, which announced a $15 million extraordinary dividend
- Dow Chemical Employees’ CU, which is returning $13.6 million.
- Tyndall FCU, which is returning $11 million