Albuquerque, N.M. — New Mexico Educators Federal Credit Union on Friday paid more than $7 million to its qualifying member-owners.
The $1.5 billion CU said 2014 was the third year of its "Earn Your Return" program, which returns dividends to members and their communities based on their participation in their credit union. Each qualifying New Mexico Educators FCU member-owner received his/her dividend by direct deposit Friday.
Loan and credit card balances are combined with checking and saving balances to determine the dividend each member receives, NME FCU. Debit card use also is included in the return.
In conjunction with individual member returns, New Mexico Educators FCU said it gives back to nonprofit and community-based organizations, "to improve the communities in which our member-owners live, work and play."
The funding includes education, healthcare, the arts, environment and wildlife, and community organizations. Every year, the credit union pledges to make a "direct impact" on the social and economic health of its community, as well as "innovations and education to build a future for generations to come."
Since 2005, New Mexico Educators FCU said it has returned more than $25 million to its member-owners and their communities, including in-kind contributions such as financial literacy and capability training, internship and mentorship programs, and innovative solutions such as micro assistance, payroll distribution products, and member assistance loans.
"This year we are pleased to announce that more than $7 million was earned by our
member-owners through their participation in their credit union," Terry Laudick, CEO of New Mexico Educators Federal Credit FCU, said in a statement. "Our approach is to do well so that we can do good."
