MIDLAND, Mich. — Dow Chemical Employees' Credit Union (DCECU) announced it will issue Member Giveback Rebates and Rewards for 2014 that will break the $1.4 billion CU's previous records.
DCECU, which has some 57,000 members, said that for the third consecutive year, the percentages of year-end rebates and rewards on loans and share/deposit accounts provided to its members will surpass the prior year's givebacks.
Specifically, on New Year's Day 2015, credit union members will receive: the year-end Loan Interest Rebate, which will rebate borrowers in good standing 75% of the total interest they paid on all eligible DCECU loans during the year; the Member Saver Reward, which will give depositors in good standing an additional 75% of the dividends/interest they earned on DCECU shares/deposits in 2014.
Members will also get a VISA Check Card Rebate of 0.125% of all signature-based transactions during 2014 and $0.01 for each PIN-based transaction during 2014.
That's up from the 2013 program that comprised a 60% Loan Interest Rebate and a 60% Member Saver Reward. The VISA Check Card rebates were at the same level.
"At DCECU, we believe in giving back. As part of our commitment to giving back to our members, we return part of the credit union's earnings to them because our members also are owners of the credit union," said Dennis Hanson, DCECU's president and CEO in a statement. "We are pleased that 2014 is able to end on such a high note and that we are again able to surpass the previous year's historic Member Giveback Rebate and Reward rates."
