Metrum Community Credit Union, Centennial, Colo., on Tuesday unveiled a new twist on its rewards program for members.
The $68 million CU noted its Metrum Ownership Reward program, also known as M.O.R., typically has returned a portion of the credit union's net income to members at the end of the calendar year – as many other credit unions do, as well. For example, in 2017, 1,995 owners, or 37 percent of Metrum Community CU’s owners, received a year-end ownership reward. The M.O.R. program gave back $30,000 to owners of the CU last year, representing a 7.55 percent shareback of Metrum Community Credit Union’s 2017 operating net income.
On Tuesday, Metrum said it is rolling out a program that disburses dividend payments to members all year long. In 2018, the CU plans to give back to owners every month through the M.O.R. program. It said “active owners” will receive monthly rebates on the interest they pay on loans and bonus interest on their savings and investments.
“Several years ago, Metrum Community Credit Union set out to be a better cooperative,” Steve Kelly, president and CEO of Metrum Community Credit Union, said in a statement. “This began at the business level as we started working with more vendors that also were cooperatives. Working with other like businesses allows us to give profits back to our owners.”
According to Kelly, the M.O.R. program will be expanded to also include refunding fees that may be assessed on an account, such as a NSF fee.
“The more someone uses us, the M.O.R. they will get back,” Kelly added.