...the Phoenix-based credit union has paid out more than $24 million to active members since 2012.
Phoenix, AZ (PRWEB) January 01, 2017
Local cooperative Arizona Federal Credit Union issued a $5 million payout to its members on December 31, 2016, as part of its promise to share excess capital with active members when the credit union performs well. Through this program, called PLUs – or Payback for Loyalty to Us – the Phoenix-based credit union has paid out more than $24 million to active members since 2012.
“As a credit union, we’re not owned by a group of investors sitting back and waiting for us to make them money; we’re owned by our members,” explains Ronald L. Westad, president and CEO at Arizona Federal. “While PLUs is certainly something that differentiates us from other financial institutions, we do it because as a cooperative we want to reward active members for their participation in the credit union.”
Members first qualify for the payout by being considered active, or using their account an average of 10 times each month. Once they meet that requirement, they receive a base payout, a refund on a percentage of interest paid throughout the year on qualifying loans, and a bonus dividend on interest earned on deposits. Members can also receive a one-time mortgage origination bonus if they fund a mortgage loan during the year.
Each year approximately 80,000 of the credit union’s 120,000 members qualify for a PLUs payout.
About Arizona Federal Credit Union
Arizona Federal is a $1.4 billion not-for-profit, locally-owned financial cooperative providing financial services and expertise to more than 120,000 member/owners. Founded in 1936, the credit union 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 locations across the Phoenix metropolitan area. Deposits are insured by the National Credit Union Administration.