Community Choice Credit Union on Tuesday said it gave back more than 50% of its 2016 net earnings – more than $2.1 million – to members through its GetBigReward$ program.
The $853 million CU, based in Farmington Hills, Mich., said the return to members was an increase of 9% percent over 2015 and a “milestone” for Community Choice.
Now in its fourth year, the rewards program provides monthly credits and loan interest rebates to members who make the most of their memberships by using multiple products and services. More than $6 million has been awarded to members since the program’s inception in 2013, the credit union said.
Here is how the program works: There are four levels determined by the number of qualified products and services used – Emerald, Gold, Silver and Copper. Members who are highly active in various Community Choice products and services can reach the top Emerald and Gold levels of membership. Each month Emerald and Gold level members receive credits to their GetBigReward$ account.
Throughout the year, the credits can be used to offset or eliminate overdraft and other fees, the credit union explained. At the conclusion of the year, any credits not utilized are deposited into member share (savings) accounts. For example, if a member has eight eligible credit union products and services, at the Emerald level that member would receive $9 in monthly reward credits, annually accumulating $108 in rewards in the savings account.
The top GetBigReward$ member received a payout of more than $1,300. Some Emerald-level members received a loan interest rebate as high as 10% of the total interest paid on loans. Visit GetBigRewards.com for more information.
“GetBigReward$ is our way of rewarding and encouraging our members’ financial goals. They are our partners and benefit from our shared success,” Rodger Rowland, vice president of retail delivery at Community Choice Credit Union, said in a statement.
Rowland added, “Members are taking notice and maximizing their participation at Community Choice.”
“This highlights the fundamental difference between Community Choice and traditional banks. As a member-owned cooperative, we are in the business of helping our members keep as much of their money as possible. This reward reinforces our commitment to give back to our members and to be their everyday trusted financial resource,” said Alan Bergstrom, chief marketing officer and senior vice president of strategic development.
Community Choice Credit Union was established in 1935. Any individual who lives, works, studies or worships in the state of Michigan is eligible to become a member of the CU.
