Utilities Employees Credit Union Awarded Over $4.7 Million to Utility and Energy Workers and their Families through the Member Loyalty Bonus™ Reward Program.
Wyomissing, PA (PRWEB) January 25, 2016 -- Utilities Employees Credit Union (UECU) members celebrated the New Year with a bonus totaling $775, 000, which was distributed to members at the end of 2015. 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.
Since the Credit Union reward program began in 2011, UECU has awarded over $4.7 million to members to thank them for making UECU their first choice and trusted partner for all of their financial needs. UECU makes it very easy for members to receive a year-end bonus. Members are not required to enroll in the reward program; all they have to do is use the Credit Union’s savings and loan products. A member’s individual bonus is calculated by multiplying the bonus percentage (4% for 2015) by the amount of interest they paid on loans and earned on their savings accounts. Members can earn an additional $100 through the reward program by financing a new mortgage with UECU.
The Member Loyalty Bonus™ program is one of three Credit Union reward programs available to UECU members. Pat Zyma, President/CEO explained, “We created our reward programs to get our members further engaged with the Credit Union, so they could truly benefit from UECU’s affordable loan rates and competitive savings rates. In addition to the reward programs, we help members financially succeed with low to non-existent fees, free checking account options and ATM surcharge rebates.” During 2015, the average UECU member household enjoyed an annual return of $237 in deposit earnings and loan interest savings, as well as $63 in fee savings, figures that are much higher than the average credit union household as measured by Raddon Financial Group.
UECU members also benefit from the Credit Union’s virtual business model; members from across the country can access their accounts anytime, anywhere with online and mobile banking tools. Members also have access to financial education resources through the News You Can Use articles and videos, and the online Fraud and Identity Theft Protection program. The Credit Union also hosts seminars and webinars on topics such as retirement and budgeting to help members prepare short-term and long-term savings plans.
UECU has been providing superior financial products and services to employees working in the utility industries since 1934. The Credit Union was recently awarded Best of Bauer Status for having earned Bauer Financial’s 5-Star Rating for 25 straight years! Fewer than 5% of the nation’s credit unions have earned Best of Bauer Status; it indicates extreme financial strength.
About Utilities Employees Credit Union
UECU was formed in 1934 to fulfill the financial needs of America’s utility workers and their families. Today, UECU is a billion dollar financial institution that serves its 44,000 nationwide member clientele as a virtual-service, branchless credit union from a single headquarters in Wyomissing, Pennsylvania. Without shareholders or branches to maintain, UECU returns profits to its member-owners through financial rewards and exceptional rates on loan, credit card, savings and checking products. Members have access to a wide array of mobile and online banking services and exclusive benefits including financial education, wealth management, insurance services and scholarships. UECU is among the five percent of U.S. credit unions to receive an “Excellent” Weiss Rating for financial soundness and one of the few financial institutions to reward members with a year-end bonus dividend. Visit http://www.uecu.org for more information.
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Erica Gates, Utilities Employees Credit Union, http://www.uecu.org, +1 610-927-4016, [email protected]
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