Dow Chemical Employees’ Credit Union, a $1.7 billion institution based in in Midland, Mich., announced that it paid more than $17.6 million to its members for 2017, the largest such giveback in its history.
Eligible members received the payment on Jan. 1 in the form of rebates and rewards.
For the 2017 dividend, DCECU gave back 70 percent of the interest members in good standing paid on their eligible loans over the course of the year, along with a cash reward equal to 70 percent of the interest they’d earned on their savings.
Members in good standing also received rebates on Visa debit card transactions, the credit union added.
“It is only through the engagement of our members and our prudent management of members’ deposited funds that we are able to be one of only a handful of financial institutions nationally to share its earnings with members to this extent while still maintaining a healthy capital cushion,” DCECU President and CEO Dennis Hanson said in a statement.
For example, under the 70 percent giveback rate for 2017, a member who paid $4,000 in interest on one or more rebate-eligible DCECU loans during the year received a rebate of approximately $2,800.
“The possibilities are almost endless; some members use the money to take a trip or tackle a home improvement project, while others use it to pay down a loan or start a CD,” Hanson added.