MIDLAND, Mich.–Two more credit unions have announced year-end givebacks to members.
In Michigan, for the 43rd consecutive year, Dow Credit Union said it is returning nearly $20 million via its “Member Giveback” in the form of rebates and rewards.
“Dow Credit Union is giving back 35% of the interest that members in good standing have paid on their eligible loans over the course of the year and is giving them a cash reward equal to 35% of the dividends/interest they earned on their eligible deposits in 2023,” the $2.1-billion CU said in a statement to members on its website. “Members in good standing also will receive a .125% rebate on their combined total signature-based and PIN-based Visa debit card purchases for the year.”
A Return in Wisconsin
Separately, in Antigo, Wis., the $3.4-billion CoVantage Credit Union said it is returning $6 million in patronage to members.
“This is the largest patronage payment in the history of CoVantage Credit Union,” the credit union said. “In the last five years $25 million has been returned to members specifically through patronage.”
The 164,301-member CU said it’s a way to give “extra value” to members who use its serves. The year-end patronage payment includes a bonus on dividends, and a loan interest rebate for those who borrow.
“Being able to provide outstanding value through patronage, great rates, no overdraft fees, and technology enhancements are key to living our mission,” said President Charlie Zanayed. “When we compare rates and fees CoVantage members received on their loans and deposits to banks in Wisconsin, in 2023 members earned $47 million more in direct financial benefits with CoVantage. Additionally, we do not charge overdraft fees which amounts to approximately $6 million more in member value that CoVantage members receive annually.”
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