Dow Chemical Employees’ Credit Union (dcecu.org) has announced its Member Giveback for 2017, with more than $17.6 million being given back to eligible members on Jan. 1 in the form of rebates and rewards. This is the largest-ever giveback for DCECU, which has returned a share of its earnings to members every year since 1980.
For 2017, DCECU gave back 70 percent of the interest members in good standing paid on their eligible loans over the course of the year and gave them a cash reward equal to 70 percent of the interest they’d earned on their savings. Members in good standing also received rebates on Visa® Debit Card transactions.
“It is only through the engagement of our members and our prudent management of members’ deposited funds that we are able to be one of only a handful of financial institutions nationally to share its earnings with members to this extent while still maintaining a healthy capital cushion,” said DCECU President/CEO Dennis Hanson.
At the 70 percent giveback rate for 2017, a member who had paid $4,000 in interest on one or more rebate-eligible DCECU loans during the year received a Loan Interest Rebate of approximately $2,800.
“The possibilities are almost endless; some members use the money to take a trip or tackle a home improvement project, while others use it to pay down a loan or start a CD,” Hanson said.