HARRISBURG, Penn. Pennsylvania State Employees CU said it will pay members a $10 million cash reward based on their relationship with the credit union, the credit union giant’s first member bonus since the financial crisis.
“After the recession, we wanted to make sure the credit union was in a healthy position and we’ve more than done that,” said Gregory Smith, president of the state’s largest credit union. “Thanks to our members we’re as strong as ever and as a member-owned cooperative, it’s only right that we give back to the members.”
To be eligible for the Reward, the member must be in good standing and have certain products and services with $4 billion credit union.
All eligible members receiving the Reward will get at least $10 and the final amount will be determined by two components. The first is usage of eligible products and services which earns a fixed dollar amount depending on the product or service. The second is a percentage based on both the amount the individual member and the entire membership received in total dividends earned and interest paid in the past year.