EDWARDSVILLE, Ill.—Scott Credit Union has declared a bonus dividend and loan interest rebate that will return more than $500,000 back to members. The money was directly deposited recently into Scott Credit Union members’ accounts.
Over the past 10 years, Scott Credit Union reported it has returned more than $10 million to members.
Scott Credit Union reported it paid active members an additional 1% APY bonus dividend on their deposits and rebated 1% of the interest paid this year on any loan or credit card.
SCU has nearly 140,000 members.
“Since members own the credit union, this is a great way for us to thank them and share our success,” said Scott Credit Union President and CEO Frank Padak in a statement. “This is one of the benefits of being a member with accounts at Scott Credit Union. Since we are a not-for-profit cooperative, we give our earnings back to members through dividends, loan interest rebates, better rates on savings, lower rates on loans, lower fees and the most convenient services possible. We have been able to issue a bonus dividend to our members for 26 consecutive years. For the past 11 years we also were able to give the loan interest rebate. Our members are the reason we have been successful, and it is nice to show them that active membership in our credit union is a good decision on their part.”
Other credit unions that have announced rebates to date:
- Eastman CU, Kingsport, Tenn., which is paying a $13-million extraordinary dividend
- Wright-Patt Credit Union, Beavercreek, Ohio, which has announced an $8-million Special Patronage Dividend.
- Goldenwest Credit Union, Ogden, Utah, which announced it will pay members a year-end bonus dividend of $1,750,000.
- Summit Credit Union, Madison, Wis., which is paying out $2.08 million in what it calls a “Cash Boomerang” to its members.
- Ascend Credit Union, Tullahoma, Tenn., which is paying out $5 million in bonus dividends and loan interest refunds.
- Andigo CU, Schaumburg, Ill., which is paying a $1 million “participation dividend” to its members in January.
- Educators CU, Racine, Wis., which is paying a $2.46 million loyalty reward to members
- Citizens Equity First Credit Union (CEFCU) in Peoria, Ill. has declared a $40-million extraordinary dividend for its members.