We want to express our appreciation to the loyal member-owners of the Credit Union. The Member Loyalty Bonus™ handsomely rewards both savers and borrowers and further differentiates UECU from other financial institutions.
Wyomissing, PA (PRWEB) December 18, 2012
Utilities Employees Credit Union (UECU), the virtual credit union serving the U.S. utility and energy industry nationwide, recently announced the sophomore year of its now-annual Member Loyalty Bonus™ reward program, which will distribute a bonus deposit of nearly $1 million among the UECU membership at the end of this year.
UECU first launched its Member Loyalty Bonus™ program last year as a “bonus dividend” paid to its members to reward their patronage of the credit union throughout the year. The loyalty bonus is the most recent addition to the cooperative financial institution’s suite of member financial benefits, which are designed to return the organization’s profits to its member-owners.
“Even though UECU’s deposit and loan rates are superior to the market, we wanted an additional way to express our appreciation to the loyal member-owners of the Credit Union,” says UECU President/CEO Glen A. Yeager. “The Member Loyalty Bonus™, which we expect to pay annually, handsomely rewards both savers and borrowers and further differentiates UECU from other institutions.”
During 2012, the average UECU member household earned an extra annual return of $235 in deposit earnings and loan interest savings, as well as $72 more in fee savings, compared to the average credit union household measured by Raddon Financial Group. The Member Loyalty Bonus™ is one of three programs UECU uses to reward its members’ financial activities and loyalty to their credit union.
With the debut of the Member Loyalty Bonus™, UECU has joined an elite group of credit unions across the United States to offer this type of patronage refund or bonus dividend reward. According to Callahan & Associates, over the last five years, less than half of one percent of the nation’s 7,000+ credit unions consistently paid some form of bonus dividend.
UECU members received their first Member Loyalty Bonus™ as a surprise dividend deposit to their share savings accounts at the end of 2011. UECU has continued promoting the program as an annual reward opportunity throughout 2012. By increasing their use of UECU loan and deposit products, and bringing their loans from other financial institutions to UECU, the credit union’s members can earn more toward their year-end bonus earnings. Each individual’s Member Loyalty Bonus™ is based on a percentage of the interest they earned on their UECU deposit accounts or paid on their UECU loans throughout the year.
To learn more about Utilities Employees Credit Union, visit http://www.uecu.org. Utility companies and related industry organizations interested in offering UECU financial benefits to their employees may call 800-288-6423 ext. 6034 or visit benefits.uecu.org.
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 and members of Energy People Connect, an association for individuals currently employed or pursuing employment in the energy industry. UECU is among the less than one percent of U.S. credit unions to consistently receive the A+ “Excellent” Weiss Rating for financial soundness and one of the few financial institutions to reward its members with a year-end bonus dividend, totaling nearly $1 million last year.