Scott Credit Union gives over $1.3 million back to members
(December 10, 2013) — Just in time for the holidays, area residents who have savings accounts or loans with Scott Credit Union are putting extra money in their pockets this month.
Scott Credit Union has declared a bonus dividend and loan interest rebate, giving over $1.3 million back to members.
In addition to paying higher-than-market rates on its members’ accounts, Scott Credit Union has given active members an additional 3.00% Annual Percentage Yield bonus dividend on their deposits and a rebate of 3.00% of the interest they paid this year on any loan or credit card to thank them for their loyalty.
The bonus dividend and loan interest rebate for 2013 totaled over $1.3 million that was directly deposited into Scott Credit Union members’ accounts. The Scott Credit Union Board of Directors approved the bonus dividend and the loan interest rebate as another way to share the success of the credit union in 2013 with its members.
“Since members own the credit union, this is a great way for us to thank them and share our success,” said Scott Credit Union President & CEO Frank Padak. “This is one of the benefits of being a member with accounts at Scott Credit Union. Since we are a not-for-profit cooperative, we give our earnings back to members through dividends, loan interest rebates, better rates on savings, lower rates on loans, lower fees and the most convenient services possible. Our structure is really the best for the consumer. When we do well, everyone benefits.”
Over the past five years, Scott Credit Union has given bonus dividends and loan interest rebates back to members totaling over $4.6 million, Padak noted.
“We have been able to issue a bonus dividend to our members for 22 consecutive years,” he added. “For the past seven years we also were able to give the loan interest rebate. Our members are the reason we have been successful and it is nice to show them that active membership in our credit union is a good decision on their part.”
“We also typically have among the lowest rates in the area on auto loans and competitive mortgage rates,” Padak added. “We have really concentrated on positioning Scott Credit Union to be the best for our members and attractive for new members.”
“Unlike traditional banks that try to maximize profits for a small group of shareholders, we work to provide the best value to our members,” Padak said. “Our members are the reason the cooperative exists and we do everything we can to give them the best value. We have our members’ best interests in mind in everything we do.”
Scott Credit Union continues to be a sound financial institution with growth in total membership over 113,000 people, as well as increases in assets, deposits and loan volume.
“It is important to note that we are conservative in how we manage our business,” Padak said. “This conservative approach is really the nature of credit unions and our efforts to protect our members’ share in the organization. Now is a great time to belong to a credit union.”
“Our structure is different than banks allowing us to give consumers a better value,” Padak noted. “We are not-for-profit. All of our members own the credit union and they benefit when we are successful.”
Scott Credit Union is open to anyone who lives or works in a 17 county area, including Madison, St. Clair, Monroe, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson, and Jackson counties. Anyone who lives or works in St. Louis County, Missouri also can open accounts at SCU. Additionally, anyone active or retired military also can have accounts with Scott Credit Union.
Scott Credit Union currently has 15 area locations: Scott Air Force Base, East Belleville, Fairview Heights, Collinsville, O’Fallon, Edwardsville, Waterloo, Highland, Caseyville, West Belleville, Millstadt, Mascoutah, Troy, Wood River and its Home Office in Edwardsville. For details on opening accounts at Scott Credit Union, visit www.scu.org, call 1-800-888-4728, or stop by any of the credit union’s branches.