BALTIMORE–MECU, Baltimore’s Credit Union, announced it returned $1.4 million to its members through its popular Bonus Rewards program during 2018.
The annual Bonus Rewards payout marks the 38th consecutive year that MECU has shared its profits with its members. Since beginning the program, MECU has returned nearly $100 million in the form of cash payouts to its members, the credit union said.
MECU’s Bonus Rewards payouts are made each year to members based on the credit union’s annual net income. As a result of MECU’s strong financial performance in 2018, this year’s payout was made on Feb. 28.
“We are pleased to continue MECU’s long tradition of sharing our success with our member-owners and the Baltimore community,” said John Hamilton, MECU president and CEO. “The member bonus is one of the many ways that we like to show our appreciation to our members for their continued loyalty and support of the credit union.”
Bonus Rewards are determined based on a member’s interest earned on qualifying savings accounts and interest paid on applicable loans.