WOODBURY, Minn. — Postal CU here has returned more than $524,000 to its members, 16% of its 2013 earnings.
This is the second year the CU has doled out dividends using its VIP Program, which rewards members according to their relationship with the credit union. More than 14,000 members received cash dividends ranging from $5 to $605. Las year the CU returned $535,000 to its members using the VIP Program.
The amount given to each member varies according to multiple factors. Members with 144 or more (12 per month) withdrawals from their checking account during 2013 received a payout. Some members with checking accounts at PCU received their dividend based on their average deposit balance throughout the year, while others received loan rebate dividends calculated based on how much interest that member paid during the previous year. Some members were eligible for more than one reward by qualifying through multiple programs.
Additionally, more than 3,760 members received VIP Plus status, which gives them additional dividend rewards along with other perks and benefits throughout the year.
PCU says it is the only CU in Minnesota to run this kind of dividend rewards program, which is believed to be the first-ever of its kind in the state.
"Our team works hard to operate an efficient, well-managed organization, which is the reason we can offer this unique membership benefit," PCU's president and CEO Brian Sherrick said in a statement. "The cash payout to members is our way to thank them for choosing PCU as their primary financial institution. We are committed to continuing this program in 2014 and working with all members to attain VIP status."
