DEARBORN, Mich. – More than 100,000 members of DFCU Financial will get a big bonus tomorrow, the credit union’s annual Special Patronage Dividend—this year a record $21 million.
The $3.3 billion one-time Ford auto workers credit union pays out half of its annual net income in bonus dividends—this year’s is the biggest ever paid by a credit union.
Michigan’s largest credit union paid members $20 million last year and $19 million the year before, and has paid out $130 million in patronage dividends since 2006.
The payout to members is calculated based upon the member’s total relationship with DFCU Financial -- the greater the relationship, the larger the dividend. Qualifying members will receive a one-half percent (0.5%) dividend on their average yearly loan and deposit balances, with each eligible member receiving at least $50. This includes all savings accounts and loan balances.