OKLAHOMA CITY, Okla.–Two more credit unions have announced bonus dividends and loan rebates for members.
True Sky Credit Union here said it is paying year-end rebates and bonuses of $359,000. It is the 16th consecutive year the credit union has paid the bonus, and has returned more than $4 million to members to date.
True Sky CU said it paid a 3% rebate to members who paid interest on loans or earned dividends during 2016.
"We are proud to be one of the few financial institutions to give back to our members with year-end rebates and bonuses," said True Sky President/CEO Steve Rasmussen. "It brings us great joy to have the ability to give our profits back to our members. It's our special way of thanking members for their business."
Meanwhile, in Jackson, Mich., American 1 Credit Union has returned more than $1 million to members in the form of a savings dividend and a loan rebate. During the past year, American 1 promoted a “Finance Local” message to the community, which it said led to the continued growth and financial strength of the credit union.
A 40% rebate is being paid to all members who financed a secured, closed-end loan with American 1 in 2015 or 2016. The rebate is 40% of the interest the member paid on their loan during 2016.
All members with savings shares were awarded a bonus dividend of 2% APY based on their daily balances during the final quarter of 2016. In addition, members with money market accounts received a bonus dividend of 2% APY based on their daily balances in December 2016.
All rebates and dividends will post to members’ accounts by Jan. 15, 2017.
American 1 has 55,000 members.