Ideal Credit Union, Woodbury, Minn., has returned 10 percent of its 2017 earnings to its most active members through its exclusive VIP Program.
The $694 million CU said it rewarded 4,406 of what it calls its “VIP+ members” with cash dividends in amounts ranging from $50 to $600. The dividends will be automatically deposited into members’ savings accounts sometime this month.
A total payout of $532,150 was returned to Ideal CU members as a result of the VIP Program for deposit and loan activity in 2017. The credit union said it has paid more than $3.1 million to VIP members since the program’s inception.
To qualify, members must have a savings account, an active personal checking account and conduct a minimum of 144 checking transactions throughout the year via debit and credit card, checks, ATM and ACH transactions.
According to Ideal CU, some members received a deposit bonus dividend based on their average deposit balances throughout the year, while others earned a loan rebate dividend, calculated on the amount of interest paid in 2017. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member was $600.
“Ideal is the only credit union in Minnesota offering this type of rewards program, believed to be the first of its kind in the state,” the credit union said in a statement.
“The VIP program is designed to encourage members to bring all of their accounts to Ideal and when they do, we reward their loyalty by paying an annual VIP dividend,” said Brian Sherrick, Ideal CU’s president and CEO. “Our staff works with members throughout the year to help them identify opportunities to grow their relationship with us and ultimately increase their payout. Because of our amazing Ideal team, we have increased our VIP+ members by 17 percent since 2012.”
Ideal Credit Union was founded in 1926. Today it serves 52,337 members via branches located in six Minnesota cities.