SAFE Federal Credit Union, a $1 billion institution based in Sumer, S.C., announced that on Dec. 31, 2017, its members received annual bonus dividends and interest rebates totaling more than $1 million.
The credit union noted that the payments were based on members’ account usage. Deposit accounts, including certificates, received a 12 percent bonus based on dividends received in 2017. Loan accounts (excluding credit cards) received a three percent rebate based on total interest paid in 2017.
SAFE FCU added that it has paid out more than $30 million in bonus dividends and interest rebates to its members over the last 20 years.
“The unique structure and philosophy of credit unions makes it possible for our Board of Directors to declare year-end bonus returns,” Darrell Merkel, CEO of SAFE FCU, said in a statement. “It’s one more way that we put members first in all that we do.”