We began the Member Loyalty Bonus™ as an additional avenue to demonstrate our co-operative spirit. Credit unions differ from banks, in that we are owned by our members, and not by stockholders. It is our members that reap the benefits of participation.
Wyomissing, PA (PRWEB) January 29, 2015
Utilities Employees Credit Union (UECU) members celebrated the New Year with a bonus totaling $1.1 million, which was distributed to members at the end of 2014. UECU, the virtual credit union serving the U.S. utility and energy industry, rewarded members with a Member Loyalty Bonus™ for the fourth consecutive year. Pat Zyma, President/CEO explained, “We began the Member Loyalty Bonus™ as an additional avenue to demonstrate our co-operative spirit. Credit unions differ from banks, in that we are owned by our members, and not by stockholders. It is our members that reap the benefits of participation. Our approach is to put more cash in your pocket all year long.”
A member’s bonus is based on a percentage of the interest they earned on their eligible UECU deposit (savings) accounts and paid on their UECU loans throughout the year. Members can increase their bonus by using more products and services, and bringing their loans from other financial institutions to UECU. The Member Loyalty Bonus™ is one of three Credit Union reward programs that rewards members for their loyalty. In the past four years, UECU has awarded over $4 million in bonuses.
As a virtual credit union that does not have shareholders or branches to maintain, UECU’s operating expenses are lower than those of a typical bank or credit union, allowing the Credit Union to return a greater share of profits to its member-owners. In addition to the reward programs, UECU also returns profits back to members by providing ATM surcharge rebates and paying higher than market deposit returns. The Credit Union also helps members save money by offering very competitive loan rates and keeping fees low. During 2014, the average UECU member household enjoyed an extra annual return of $232 in deposit earnings and loan interest savings, as well as $66 more in fee savings, compared to the average credit union household measured by Raddon Financial Group.
UECU remains committed to helping members improve their financial well-being, accumulate wealth, and conveniently manage their finances with 24/7 account access and free financial tools. The Credit Union also rewards members for their loyalty with programs like the Member Loyalty Bonus™. At UECU, membership has its advantages.
About Utilities Employees Credit Union:
Utilities Employees Credit Union is a nationwide, virtual credit union providing financial services to utility and energy workers and their families since 1934. Its membership includes the employees of 600 companies. UECU is among the two percent of U.S. credit unions to receive an A “Excellent” Weiss Rating for financial soundness and one of the few financial institutions to reward its members with a year-end bonus dividend.
To learn more about Utilities Employees Credit Union, visit http://www.uecu.org. Utility and Energy companies and related industry organizations interested in offering UECU financial benefits to their employees may call 800-288-6423 ext. 6034.