MEMPHIS--Orion Federal Credit Union will pay a 1% dividend to all of its premium checking account holders.

Customers with direct deposits of at least $500 a month and eight signature-based debit transactions will be eligible for the 1% interest payment, though those who do not will continue to receive .05% interest, the same rate as the $540 million CU's free checking account.

The premium checking account also includes features customers have come to expect, such as online banking, electronic billpay and mobile check deposits.

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