...Arizona Federal deposited the $5 million payout to more than 87,000 member accounts...
Phoenix, AZ (PRWEB) January 01, 2016
Arizona Federal Credit Union paid its members $5 million on December 31, 2015, as part of the credit union’s PLUs (Payback for Loyalty to Us) program. This year’s payout brings the total to more than $19 million paid back to active members since the program began in 2012.
“Credit unions are cooperatives. Following the principles of a cooperative, Arizona Federal members who contribute to the success of the cooperative – through loans, savings and using benefits of membership – share in excess capital when the credit union performs well,” said Jason Paprocki, senior vice president and chief experience officer for Arizona Federal.
“Like most credit unions, we return excess capital to our members through lower loan interest rates and higher savings rates. However, we’re one of only a handful of credit unions that also provides patronage payouts to our members.”
This year, Arizona Federal deposited the $5 million payout to more than 87,000 member accounts, with a minimum payout of $36 and an average payout of around $57 per member. Members qualified for a payout by completing an average of 10 account transactions per month. Payouts included a base amount for active membership as well as a dividend bonus and loan interest refund on eligible accounts.
For more information about PLUs, visit ArizonaFederal.org/plus.
About Arizona Federal Credit Union
Arizona Federal is a $1.3 billion not-for-profit financial cooperative providing financial services and expertise to more than 120,000 member/owners. Founded in 1936, the organization takes its mission of financial empowerment and mutual benefit to heart by providing members cutting-edge self-service tools, financial coaches, identity protection services, and annual member payouts when the cooperative does well. Arizona Federal has 15 locations across the Phoenix metropolitan area. Deposits are insured by the National Credit Union Administration.
Director of Marketing
Arizona Federal Credit Union
PO Box 60070
Phoenix, AZ 85082-0070