Ideal Credit Union, Woodbury, Minnesota, on Friday said it has returned 10.5% of its 2016 earnings to members through its exclusive VIP Program.
The VIP Program rewarded 4,165 VIP Plus members with cash dividends in amounts ranging from $50 to $600, which were automatically deposited into members’ savings accounts in January. A total payout of $501,900 was returned to Ideal CU members as a result of the VIP Program.
Ideal CU noted this was the fifth consecutive year of payouts to VIPs. The $650 million institution reported it has returned more than $2.6 million to VIP members since the program’s inception in 2012.
Ideal said it is the only credit union in Minnesota offering this type of rewards program, which it added is believed to be the first of its kind in the state.
To qualify, members must have a savings account, an active personal checking account and conduct a minimum of 144 transactions throughout the year via debit and credit card, checks, ATM and ACH transactions. Some members received a Deposit Bonus Dividend based on their average deposit balances throughout the year, while others earned a Loan Rebate Dividend, calculated on the amount of interest paid in 2016. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member in 2016 was $600.
“The VIP program is designed to encourage members to bring all of their accounts to Ideal and when they do, we reward their loyalty by paying an annual VIP dividend,” Brian Sherrick, Ideal CU’s president and CEO, said in a statement. “Our staff works with members throughout the year to help them identify opportunities to grow their relationship with us and ultimately increase their payout.”
