Ideal Credit Union in Woodbury, Minn., has paid back more than $2 million to members through a special program since it began in 2012.
Through Ideal's VIP Program, the credit union rewards cash dividends to members who meet certain requirements. The $617 million-asset credit union gave back 11% of its 2015 earnings, or nearly $530,000, to 14,917 members who qualified, in January.
The cash dividends paid out in 2015 range from $5 to $605. Members with an Ideal checking account who performed a certain number of transactions earned $5. Some members also earned a Deposit Bonus Dividend if their average deposit balances reached a certain level through the year. Others also received a Loan Rebate Dividend based on the amount of interest paid on borrowings.
"The VIP program is designed to encourage members to bring all of their accounts to Ideal Credit Union, and when they do, Ideal rewards their loyalty by paying an annual VIP dividend," Ideal president and chief exeuctive Brian Sherrick said in a statement. "Throughout the year, our staff works with members to help them identify opportunities to grow their relationship with us and ultimately increase their payout."
In addition to the dividends, nearly 3,800 of Ideal's 48,471 members also achieved VIP Plus status in the program, meaning they will receive future perks and cost-savings benefits.
