First Financial of Maryland Federal Credit Union, Lutherville, Md., gave back "loyalty rewards" of more than $2 million to members based on the products and services they used throughout 2017, the $1 billion CU announced today.
The cash awards were automatically deposited into member accounts.
The payout saw a bonus dividend of 15 percent on all dividends earned in 2017 on share accounts. Borrowers were entitled to a 10 percent interest rebate on non-real estate loans and every active "5-Star Member" was credited an additional $100. In addition to reward deposits, First Financial Visa credit card users automatically receive a 1 percent cash rebate of purchases made year-round, which also hit accounts on the morning of Jan. 1.
“Member loyalty is an essential component of a successful credit union,” President and CEO Eric Church said in a press release. “We feel humbled by the commitment that our members exhibit and sharing in our success is our way of paying homage to that relationship.”