PANAMA CITY, Fla.–Tyndall FCU said it’s simple strategy of “Charge less, give more” is the primary driver of its success.
In remarks to CUNA’s Board Roundtable in Chicago, Chair Frances Martin said that when it comes to the “give more” piece, Tyndall Federal has "shared more profits with its members over the last five years than any other credit union in the country,” a total of more than $62 million.”
According to Martin, TFCU is projecting a 2023 giveback of $22 million.
In a statement released by the credit union, Tyndall said it has eliminated many of its most common member fees and now charges $28 per member per year vs. $78 among its peer group, according to industry data.
The ‘First Thought’
Noting Tyndall is a low-income designated credit union, Martin said in a statement that that “means our first thought should always be, ‘How can we help our members keep money in their pocket and build the life they want?’”
Tyndall FCU, which has approximately 113,000 members, said it has worked to leverage the CU tax exemption and co-operative structure to help keep member fees and operating costs low, which in turn help drive its givebacks.
“Credit unions are not-for-profit organizations, but that doesn’t mean we don’t make a profit,” said CEO Jim Warren in a statement. “It’s what we do with that profit that matters.”
How Program Works
According to the $1.93-billion credit union, the Tyndall Giveback is awarded based on member relationships that include use of direct deposit or electronic services such as online banking.
“I think about that single mom. I think about the young family. I think about those retirees,” Martin said. “And it’s obvious. They have trusted us with their money. Honoring them with this giveback is the least we can do.”
Additional information on how Tyndall FCU structures its program is available at www.tyndall.org/giveback.
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