ARLINGTON, Texas – Two credit unions have announced recent bonus payouts and dividends to members.
Texas Trust CU is reporting it has hit $2 million in cash rewards for members who use its Bonus Checking account. The credit union has rewarded more than 32,000 members with monthly bonuses since the inception of the account in 2015.
Members can earn up to $20 a month based on their financial service usage. The average Bonus Checking account holder earns $8 in bonuses each month. In addition, account holders also receive special free perks such as identity theft protection, credit monitoring, cell phone protection, and a debit reward card.
“The Bonus Checking account allows us to give something back to our members to thank them for being loyal to us,” said Jim Minge, president and CEO of Texas Trust Credit Union. “We know they have lots of choices about where to bank, and we always appreciate that they choose us.”
The $1.3-billion Texas Trust CU has more than 118,000 members.
TTFCU Pays Rewards Dividends
Separately, in Tulsa, Okla., TTCU FCU is reporting it paid $798,724 in member rewards dividends at the end of the second quarter. Year-to-date, TTCU has distributed over $1.5 million in member rewards.
“As a member of a credit union, you are an owner of the credit union,” CEO and President Tim Lyons said. “When members utilize TTCU’s services, it allows us to give more value back to you – the member – in the form of reward dividends.”
According to the credit union, the increase in member rewards dividends is due in large part to a strong annualized deposit growth rate of more than 7% through the second quarter. The launch of new certificate products contributed to the growth, the credit union said, adding it has increased rates on all deposit products in 2019, which has led to members growing their balances across the board.
TTCU also reported a decline in loan delinquencies.
“Increasing deposit balances is the primary way TTCU grows as a credit union, which is a critical part of our ongoing financial success,” said Chief Financial and Technology Officer Shelby Beil.