MECU of Baltimore, Inc. pays members cash bonuses
BALTIMORE, MD (July 15, 2016) — One of the great benefits of credit union membership is the savings members get on loans and the higher interest they receive on deposits. One of the great benefits of membership in MECU of Baltimore Inc. is that every year since 1981 the MECU Board of Directors has also returned profits to members in the form of a cash bonus. At the beginning of July, most MECU members received a cash bonus for the first half of 2016 totaling $1,246,000.
MECU’s cash bonus benefits members in good standing, whether they have deposits or loans with the credit union. Members received an extraordinary dividend on top of the interest they earned on their deposit accounts. For the first half of 2016 that came to a total of $579,000. Members also received a loan interest rebate on most loans, which came to a total of $667,000 for this period.
The few credit unions that still give their members a cash bonus usually pay it once a year. In 2008, the MECU Board decided to pay half the cash bonus at the end of June and the remainder in December. The June payment helps members at vacation time and helps the cash flow of the 10-month employees of the Baltimore City School System. The December payment helps members at holiday time.
As MECU often tells its members, it pays to belong to MECU.