SIOUX FALLS, S.D.–Two credit unions have announced year-end bonuses for members.
Sioux Falls Federal Credit Union said it is paying $1 million to members in the form of a patronage dividend as a way to say “thank you.” The payment will be made to approximately 27,000 members.
"We're going to pay back all of our members a percentage of the profits Sioux Falls Fed made this year," CEO Fran Sommerfeld said in a statement. "We'll divide that based on how their relationship is with their credit union, based on the amount of loan interest they paid, as well as the amount of loan dividends on their accounts. A million bucks is a pretty big deal."
Meanwhile, in Washington, D.C., PAHO/Who FCU is paying a 6% bonus dividend to its members.
According to the credit union, the minimum bonus for every member in good standing is $15. Members will be paid a bonus equal to 6% of year-to-date dividends earned on their savings, checking and certificate accounts, and year-to-date interest paid on all loans except credit cards.
In all, more than $320,000 will be paid to members.
Other credit unions that have announced year-end bonuses include:
- Charter Oak FCU, Waterford, Conn., awarded more than $532,000 in annual $100 cash bonuses to members of its Gold Rewards program.
- Hanscom Federal Credit Union, Hanscom Air Force Base, Mass., paid a Loyalty Dividend to members representing 2% of most consumer loan finance charges as well as 2% of dividends earned on savings.
- Robins Financial Credit Union paid a “loyalty reward” to members in the amount of $12 million.
- Scott Credit Union, Edwardsville, Ill., paid a $500,000 bonus dividend.
- Eastman CU, Kingsport, Tenn., paid a $13-million extraordinary dividend
- Wright-Patt Credit Union, Beavercreek, Ohio, announced an $8-million Special Patronage Dividend.
- Goldenwest Credit Union, Ogden, Utah, announced it will pay members a year-end bonus dividend of $1,750,000.
- Summit Credit Union, Madison, Wis., paid out $2.08 million in what it calls a “Cash Boomerang” to its members.
- Andigo CU, Schaumburg, Ill., paid a $1 million “participation dividend” to its members in January.
- Educators CU, Racine, Wis., paid a $2.46 million loyalty reward to members.
- Citizens Equity First Credit Union (CEFCU) in Peoria, Ill. declared a $40-million extraordinary dividend for its members.