Ideal Credit Union has paid over $3.1 million to back to it’s members
WOODBURY, MN (January 10, 2018) — Ideal Credit Union has returned 10% of its 2017 earnings to members through its exclusive VIP Program, rewarding 4,406 VIP+ members with cash dividends between $50 and $600, which were automatically deposited into members’ savings accounts in January 2018. A total payout of $532,150 was returned to Ideal CU members as a result of the VIP Program. Ideal CU has paid out over $3.1 million to VIP members since the program’s inception. Ideal is the only credit union in Minnesota offering this type of rewards program, believed to be the first of its kind in the state.
“The VIP program is designed to encourage members to bring all of their accounts to Ideal and when they do, we reward their loyalty by paying an annual VIP dividend,” said Brian Sherrick, Ideal CU President/CEO. “Our staff works with members throughout the year to help them identify opportunities to grow their relationship with us and ultimately increase their payout. Because of our amazing Ideal team, we have increased our VIP+ members by 17% since 2012!”
To qualify, members must have a savings account, an active personal checking account and conduct a minimum of 144 checking transactions throughout the year via debit and credit card, checks, ATM and ACH transactions. Some members received a Deposit Bonus Dividend based on their average deposit balances throughout the year, while others earned a Loan Rebate Dividend, calculated on the amount of interest paid in 2017. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member was $600.
The Butler family joined Ideal Credit Union 36 years ago in 1982. Their total VIP+ payout since 2013 is now over $2,450.
About Ideal Credit Union
Founded in 1926, Ideal Credit Union is a member owned financial institution that is dedicated to providing financial services driven by a sincere and personal interest in the needs of our employees, members and community. Ideal CU offers a complete range of services, including a full suite of digital banking products, savings, checking, loans, mortgage products, business services and more. Offices are located in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater and Woodbury. Visit idealcu.com for details and directions. Ideal has been voted “Best Credit Union in the East Metro” five years in a row by readers of the Stillwater Gazette, “Best Credit Union in the Forest Lake Area” by readers of the Forest Lake Times, and was named a 2021 Star Tribune Top Workplace. Federally insured by NCUA. Equal Housing Lender. NMLS# 401783.