This December, Ascend Federal Credit Union will return an estimated $8.7 million to its members in bonus dividends and loan interest refunds. With the addition of this year’s return, Ascend’s volunteer, unpaid board of directors has voted to give back more than $85 million to the credit union’s members since 2004.
“On behalf of Ascend’s board of directors, we are very pleased to once again offer a return for our members,” said Ascend President and CEO Caren Gabriel. “This year, we’re asking members, ‘What will you do with your share?’ It’s a simple question with many possible answers – maybe you’ll use it to buy Christmas gifts, put it toward a vacation you’ve always wanted to take or donate it to a charity.”
Gabriel said the member return is never guaranteed, but it is something Ascend’s board strives for annually.
The credit union examines its financial performance each year to identify how the return will be calculated and what amount will be given. Generally, the more savings someone has with Ascend, the greater his bonus dividend, and the more loans he has, the greater his loan interest refund. In order for a loan to receive an interest refund, it must not be delinquent.
The 2019 return will appear on members’ December statements.