HARRISBURG, Penn.–Two more credit unions have announced special year-end bonuses for members.
Pennsylvania State Employees Credit Union announced a $6-million Special Reward has been paid to its members.
“At PSECU, we believe our members’ money should stay where it belongs – with them. That’s why we offer everyday value with things like free checking, surcharge-free ATMs plus rebates, low-rate financing options, and much, much more,” said PSECU President Greg Smith. “To start 2018, more means a Special Reward approved by our board of directors.”
The distribution of the Special Reward was based on members’ dividends earned and interest paid. It was deposited into receiving members’ regular shares. “Every loan that’s taken out with PSECU, every dollar that’s put into one of our savings shares – those are the funds that help the credit union grow. Since we are member-owned, our more than 430,000 members reap the rewards of our money back banking opportunities,” added Smith. “A Special Reward isn’t an annual guarantee, but it is something we try to do to show appreciation to our members whenever possible.”
In addition to the Special Reward, PSECU said it continues to provide added value in 2018 by investing in technology resources to better meet members’ needs through new digital banking tools that will equip the credit union to further offer excellent member service. Anticipated improvements for the year include a new online banking feature called Financial Insights that analyzes a member’s personal transaction history to provide information to help him or her better manage their money, PSECU said.
PSECU said it plans to offer a referral program that will allow members to earn cash for bringing their family, friends, and coworkers to PSECU membership.
Meanwhile, in Jay, Maine, OTIS Federal Credit Union is paying an 8% Bonus Dividend and Interest Refund for 2017. Over the past 13 years, OTIS FCU reported it has returned more than $4.5 million to savers and borrowers via this annual practice.
“We are very fortunate to be able to give back to our members,” said Roland Poirier, president/CEO of OTIS FCU. “I personally take pride in how OTIS strives to exemplify the Seven Cooperative Principles around which credit unions are built, one of which is 'members' economic participation.'"
The credit union noted that particular principle acknowledges members as the owners of their credit unions, who contribute to and democratically control their credit unions’ capital. Members benefit in proportion to the transactions that they choose to conduct at their credit unions rather than to the amount of capital invested.
"All year long this principle is reflected in our comparatively higher dividends, lower loan rates and lower fees," Poirier said. "In providing our yearly Dividend Bonus and Interest Refund, OTIS takes these advantages one step further."
The $161-million OTIS FCU has nearly 11,000 members.
Other CUs announcing year-end bonus dividends and interest rebates include:
- In Sioux Falls, S.D., Sioux Falls FCU is paying a $1-million bonus to members.
- In Washington, D.C., PAHO/Who FCU is paying a 6% bonus dividend to its members.
- 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.