BATTLE CREEK, Mich. – OMNI Community Credit Union is taking the traditional CU annual dividend as an opportunity to highlight the credit union difference during the ongoing economic slump, touting what it used to call its Special Dividend as the credit union’s version of an economic stimulus package.
Now called the “Cashback Rebate,” Omni is paying out $750,000 to its members; the second year in a row the credit union has distributed the bonus dividend. Since 2008, the CU says it has given back more than $1.4 million to its 33,000 members.
“This rebate is in addition to some of the area’s best interest rates on loans and savings accounts we already offer our members,” said Ted Parsons, CEO of OMNI Community Credit Union.
OMNI’s Cashback Rebate is calculated based upon the member’s total relationship. Qualifying members will receive an extra .22% back on their 2009 average yearly loan and account balances. In 2008, members received an extra .20% back on their 2008 average yearly loan and account balances.
Similar to a feature available at another Michigan CU, DFCU Financial, the credit union has even created a special website at omnicashback.org with a calculator to help non-members calculate how much they would receive if they moved all of their accounts over to Omni Community CU.
