WOODBURY, Minn. Postal CU yesterday said it paid its most loyal members a bonus dividend totaling $535,000 as part of its VIP Program.
The VIP Program rewards about a third of the credit union’s 45,000 members cash dividends of between $5 and $800 in automatic deposits in their accounts. The transactions hit members’ accounts in a one-time deposit.
The payout to members was calculated based upon several factors. Those members who had 144 or more withdrawals from their checking accounts in 2012 received a payout. Some members with a checking account at PCU received a Deposit Bonus Dividend based on their average deposit balances throughout the year. Other members were the beneficiaries of a Loan Rebate Dividend, calculated on the amount of interest the member paid in 2012. Many members were eligible for more than one reward based on qualifying through more than one of the programs available.
“The cash payout to members is our way to thank them for choosing PCU as their primary financial institution,” said Brian Sherrick, president of the $540-million credit union.