Press
Ideal Credit union returns over $516,000 to members
WOODBURY, MN (January 29, 2015) — Ideal Credit Union has returned 14% of its 2014 earnings to members through their exclusive VIP Program, marking the third consecutive year for the generous payout to VIPs. Ideal is the only credit union in Minnesota offering this type of program, believed to be the first-ever of its kind in the state.
The VIP Program rewarded over 14,500 Ideal CU members with cash dividends between $5 and $555. The dividends were automatically deposited into members’ savings accounts in January 2015. More than $516,000 was returned to Ideal CU members as a result of the VIP Program. In addition, 3,663 members achieved VIP Plus status, which entitles them to a variety of perks and cost-savings benefits throughout the year. This is the third year for the program and Ideal has paid out over $1.5 million to members since the program’s inception.
“Our team works hard to operate an efficient, well-run organization, which is the reason we can offer this unique membership benefit,” said Brian Sherrick, Ideal CU President/CEO. “The cash payout is our way of thanking members for choosing and using Ideal Credit Union as their primary financial institution. We are excited to continue this program in 2015 and will work with all members to attain VIP status.”
The payout to members was calculated based upon several factors. Those members who had a personal Ideal checking account and conducted a set number of transactions in 2014 received a $5 payout. Some members also 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 2014. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member in 2014 was $555.
Ideal Credit Union (formerly Postal Credit Union) is a member owned financial institution that specializes in providing excellent member service, great rates and convenience. Ideal CU offers a complete range of services, including 24/7 loan approval, mortgages, online banking, online deposits, mobile banking, mobile check deposit and mobile bill pay, free checking, business services, investment services and more. Ideal CU serves the Twin Cities metro area with office locations in Eagan, Hugo, North St. Paul, West St. Paul and Woodbury.