EDWARDSVILLE, Ill. — Scott Credit Union has declared a bonus dividend and loan interest rebate that will return more than $1 million to members.
The payout brings to more than $12 million the amount that has been returned to members in the form of bonuses over the last dozen years, the credit union reported.
The $1.2-billion Scott Credit Union gave active members an additional 1.75% annual percentage yield bonus dividend on their deposits and a rebate of 1.75% of the interest paid this year on any loan or credit card.
“Since members own the credit union, this is a great way for us to thank them and share our success,” said SCU President and CEO Frank Padak in a statement. “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.
“For the past 13 years we also were able to give the loan interest rebate,” Padak continued. “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 theirpart.”
Scott Credit Union has approximately 145,000 members.