WOODBURY, Minn. – Ideal Credit Union has returned 14% of its 2014 earnings to members through its exclusive VIP Program, the third consecutive year it has paid the bonus to members who are VIPs.
The VIP Program rewarded more than 14,500 Ideal CU members with cash dividends between $5 and $555. The dividends, totaling $516,000, were automatically deposited into members’ savings accounts in January 2015. In addition, 3,663 members achieved VIP Plus status, which entitles them to a variety of perks and cost-savings benefits throughout the year. This is the third year for the program and Ideal has paid out over $1.5 million to members since the program’s inception. The payout to members was calculated based upon several factors. Those members who had a personal Ideal checking account and conducted a set number of transactions in 2014 received a $5 payout. Some members also received a Deposit Bonus Dividend based on their average deposit balances throughout the year, while others earned a Loan Rebate Dividend, calculated on the amount of interest paid in 2014. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member in 2014 was $555.
“Our team works hard to operate an efficient, well-run organization, which is the reason we can offer this unique membership benefit,” said president/CEO Brian Sherric. “The cash payout is our way of thanking members for choosing and using Ideal Credit Union as their primary financial institution. We are excited to continue this program in 2015 and will work with all members to attain VIP status.”
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