Evansville Teachers Federal Credit Union checking accounts pay members $2 million in 2016
EVANSVILLE, IN (February 28, 2017) — Evansville Teachers Federal Credit Union paid more than $2 million to members through their premium checking accounts in 2016. This amount was paid to their members in the form of interest payments on checking deposits, reward points, and refunds of ATM fees charged by other financial institutions.
The $2,059,168.74 returned to members through ETFCU’s premium checking accounts represents a 93 percent increase over their 2015 total—and a 178 percent increase over the two-year time period since the credit union began offering its high-dividend checking product. Vertical Checking, ETFCU’s flagship product, offers members a high return of three percent APY on balances up to $15,000.
In addition to their high dividend checking product, the credit union also provides Platinum Rewards Checking. This checking account offers reward points on debit card purchases, plus 500 bonus reward points each month basic requirements are met. Members can redeem their accumulated reward points for brand-name merchandise, travel, gift cards, and even cash back.
In October 2015, ETFCU added the ATM-reimbursement feature to both accounts.
“Our mission is to provide optimal returns to our members. We do this through innovative products and services that provide real value on a monthly basis,” said Bill Schirmer, ETFCU President and CEO.
ETFCU calculates their 2016 returned value from checking accounts total as follows:
• $751,746.53 – Paid through interest on checking accounts
• $1,133,145.00 – Reward points earned on debit cards
• $174,277.21 – Reimbursement of ATM fees charged by other financial institutions
Of the total that ETFCU returned to members in consumer checking account interest, $696,355.60, more than 92 percent, were distributed to members with ETFCU’s Vertical Checking account. These members receive the account’s benefits when they meet basic usage requirements. Qualifying accountholders received a combined average of $161.59 in interest income and ATM fee reimbursements for the year.
As ETFCU’s total return continues to grow, its membership total has increased at a similarly impressive rate. The credit union grew from 130,508 members in 2015 to 165,937 in 2016 for a growth rate of 27 percent.
In response, the credit union continues construction of their new branch and administration building at its existing location on Theater Drive in Evansville. The new building, which will replace the current Main Office, is an 82,500 square foot, state-of-the-art facility that will feature advanced technologies to provide a better service experience.
About Evansville Teachers Federal Credit Union
ETFCU was founded by teachers from the Evansville school system and then-Evansville College in 1936, but has long been open to other prospective members and their families. The credit union has more than 212,000 members in all 50 states and eight nations, with assets of $1.8 billion, and leads the Evansville market in mortgage and auto loans.