ANCHORAGE-Alaska USA FCU had staffed up last week to handle as much as $280 million of new member funds passing through as part of the annual dividend from Alaska's Permanent Fund.
An estimated 37% of this year's $760 million payout will be flowing through the $4.4-billion credit union, the state's biggest local depository, either through direct deposit or by mail.
That huge flood of funds means tens of thousands of Alaska residents who need to cash their checks, as well as annual overload of the credit union's call center, online and mobile channels and ATMs. "It's a huge day," said Dan McCue, senior vice president, corporate administration for Alaska USA.
Alaska's annual dividend checks go to every one of the state's eligible 647,549 residents, with some families receiving as many as six or seven checks. The checks come from earnings accrued on the state's Permanent Fund, a $40 billion reserve account that, since its creation in 1976, has been fed by oil revenues. This year's dividend will be $1,174, down from $1,281 last year.
Recipients must live in Alaska for at least a year before being entitled to the checks.
"Dividend Day" creates both challenges -such as ensuring all members have immediate access to their money, and as much as a 50% increase in cash needs at branches and ATMs-and opportunities, noted McCue. Among them are marketing possibilities not only for the credit union but all merchants in Alaska.
