MIDLAND, Mich. — Dow Chemical Employees' Credit Union on Thursday said it will set a new record with its Member Giveback Rebates and Rewards for 2015.
Approximately $14 million in year-end rebates and rewards on loans and share/deposit accounts will be given back to members, which the $1.4 billion CU said is the largest dollar amount in its history.
On Jan. 1, 2016, DCECU members will receive the following givebacks:
- A 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 2015.
- 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 2015.
- DCECU VISA check card rebates of 0.125% of all signature-based transactions during 2015 and $0.01 for each PIN-based transaction during 2015.
"We have a deep commitment to giving back to our members, and we return part of the credit union's earnings to them because they also are owners of the credit union," DCECU President and CEO Dennis Hanson said in a statement. "It certainly is a point of pride that we are able to return a historic $14 million in Member Giveback Rebate and Rewards to our valued members this year."
In 2014, DCECU's Member Giveback Rebates and Rewards — which included a 75% Loan Interest Rebate, a 75% Member Saver Reward, and VISA Check Card Rebates of 0.125% of signature-based transactions and $0.01 per PIN-based transaction — totaled more than $13.2 million.
DCECU serves more than 57,000 members.
