WILLIAMSVILLE, N.Y.–Three more credit unions have announced bonus year-end dividends for their members.
In New York, the $175-million Western Division Credit Unions aid it has distributed more than $1 million to its members in the form of a patronage dividend. Since 2003, Western Division members have received more than $10 million patronage dividends, the credit union said.
“This year has been a special year for our employees and members,” said CEO/President Robert Harms. “Even during these trying times, we were once again able to pay a patronage dividend to our members, and were also honored to be voted the Best Credit Union of the 716. What a better way to celebrate by rewarding our members for their business. The amount of a dividend ranged from $7.16 to $716, based on participation.”
According to WDCU, all active members, in good standing, who paid interest or received dividends in a sufficient amount to warrant a patronage dividend received 55% of interest paid on loans, 100% of dividends received on savings, and 50% of dividends earned on certificates, as of Sept. 30. The patronage dividend was paid in addition to regular dividends.
Payout in Wisconsin
In Racine, Wis., the $3-billion Educators Credit Union said it is returning $4.9 million combined as part of its 2021 Member Loyalty payout, its highest payout to date.
“Member Loyalty is how we thank you, our members, for your commitment and loyalty to Educators Credit Union,” the credit union said. “Throughout 2021, members built their reward each month based on the products and services they used with Educators. The more products and services used, the bigger the reward.”
Sunnier Days in Florida
Finally, in Panama City, Fla., the $2-billion Tyndall FCU said it is returning more than $10 million to members, with each member receiving a minimum of $50.
According to Tyndall FCU’s website, the distributions work this way:
- Silver Tier: Members who have logged into Online or Mobile Banking a minimum of four times between Sept. 1, 2021 and Nov. 30, 2021 will receive a $50 minimum giveback deposit (into their Share Account).
- Gold Tier: Members who have logged into Online or Mobile Banking a minimum of four times, have used their debit or credit card at least 15 times (ATM Transactions do not count) and have completed a single direct deposit or mobile deposit of at least $250 or greater between September 1, 2021 and November 30, 2021 will receive a $200 minimum giveback deposit (into their Share Account).
- Platinum Tier: Members who have logged into Online or Mobile Banking a minimum of four times, have used their debit or credit card at least 15 times (ATM Transactions do not count), have completed a single direct deposit or mobile deposit of at least $250 or greater, made an internal transfer or external (ACH) transfer and open or have an active Tyndall loan between Sept. 1, 2021 and Nov. 30, 2021 will receive a $300 minimum giveback deposit (into their Share Account).
Tyndall FCU said members will receive their giveback deposit on Dec. 16.