As a financial institution that strives to help its members realize their financial goals and dreams, Clark County Credit Union (CCCU) is celebrating Bonus Dividend Day today with a $2.4 million dividend payout to its members. This is the eighth year in a row since Southern Nevada’s recession
recovery that CCCU members have received the bonus deposit.
This year’s distribution of $2,408,542.92 brings CCCU’s Bonus Dividend historic grand total to $70,727,782, putting millions of dollars back into the Southern Nevada economy over the last 22 years. As a non-profit cooperative, credit union members share in excess earnings in the form of low rates, additional products and services and the annual Bonus Dividend.
The Bonus Dividend calculation has changed over the years to reflect the equitable treatment of both loan holders and depositors. The dividend payment is calculated based on the average annual daily balances and how long the account is open, for both deposits and loans of any type including auto loans, credit cards, new home construction loans or commercial loans.
“The more you participate and use CCCU as your financial institution, the higher your Bonus Dividend can be,” said Matt Kershaw, President and CEO of CCCU. “When members ask how they can increase their Bonus Dividend, I tell them they need to be all in on the products and programs the credit union offers.”
A Bonus Dividend Estimator is available at the credit union’s website to see what a potential dividend could be if accounts were opened or moved to CCCU. A multiplier of 0.0015907905 is used to estimate the payment based on both deposits and loans.
Members often choose to save or spend their dividend in creative ways. Member June B. said, “Each year I put my dividend towards my grandsons’ 529 college funds. I have 3 grandsons, so I alternate years. I see it as another bonus to my membership that no other bank offers.”
Many members receive hundreds if not thousands of dollars. The highest single dividend paid was $9,073.57 to a commercial account, while the average amount was $49.11. The extra money can be used to add to savings, pay down a bill or even on a fun splurge, as many of our members have done over the years.
A member since he was three years old, Erik D., now in his early 50s, said, “CCCU is the only financial institution I’ve known so the Bonus Dividend is a normal thing for us. Currently, our youngest is in college so the dividend usually goes to travel expenses for her to go to or from school.”
For more information on Clark County Credit Union’s Bonus Dividend, please visit ccculv.org or visit the credit union’s social media pages at Instagram, Facebook or Twitter