WYOMISSING, Penn.–Utilities Employees Credit Union is paying a $592,000 Member Loyalty Bonus to members.
The payout marks the sixth consecutive year the $1.1-billion UECU has returned funds to members, during which it has returned $5.3 million.
The credit union credited its branchless business model for lower operating expenses compared to peers, allowing UECU to return a greater share of profits to its members in various ways, such as the Member Loyalty Bonus, while providing convenient banking access through virtual and mobile channels.
"We know that our members have many options when it comes to where they do their banking," said Pat Zyma, president and CEO of UECU, in a statement. "To thank them for choosing UECU for their savings and borrowing needs, we award them with a year-end bonus. We also make it easy for every UECU member to earn a bonus, as there is no enrollment required. All they have to do is use the credit union’s loans and savings products."
In addition to the Member Loyalty Bonus Program, members also benefited from new loan programs, educational resources, expanded mobile services, and a member referral program, the credit union said, noting it also added a suite of new mobile pay services.