Vizo Financial gives back more than $3.8 million to capital members
GREENSBORO, NC (December 19, 2023) — Vizo Financial is giving back more than $3.8 million to capital members in the form of a service usage credit and a higher rate on the Perpetual Contributed Capital (PCC) account in December.
“Vizo Financial has worked diligently over the years to rebuild the Corporate’s financial position,” said David Brehmer, Vizo Financial’s president/CEO. “We are pleased to report we have never been stronger than we are today. This has afforded us the opportunity to share our financial success with our members, and we are proud to announce these two givebacks to capital members this December.”
This giveback is comprised of two components. First, Vizo Financial is pleased to announce it will be paying a bonus rate to all PCC accounts in December. Second, the Corporate is excited to introduce the Member Incentive Credit (MIC) program. The MIC program is another way for Vizo Financial to provide rewards to capital members for their support and usage of the Corporate.
“In a world where rewards programs reign supreme and members are looking to get the best return on their investment, the MIC program is a good way to demonstrate our commitment and appreciation to our capital members for their partnership and service usage,” said Rodney May, chief engagement officer of Vizo Financial. “These generous givebacks are only possible thanks to the credit unions that come to the Corporate for so many of their needs. Their consistent participation in our critical products and services gives us the opportunity to maximize potential cost savings, and this rewards program is our way of saying ‘thank you’.”
The MIC Program gives an additional dividend to capital members based on how many products and services the credit union uses with the Corporate and its payments CUSO, MY CU Services. Each year, based on our financial performance and with board approval, Vizo Financial will distribute a portion of earnings to each member based on their usage of key services. The more key services used, the larger the dividend.
This year, capital members that utilized five to seven eligible services will receive a credit of 50 percent of their annual billings, and capital members that used one to four eligible services will receive a 25 percent credit of their annual billings from October 2022 through September 2023.
In total, Vizo Financial’s MIC program, along with the increased bonus rate on PCC, is distributing over $3.8 million to PCC and nonperpetual capital account (NCA) members.
“We hope credit unions will enjoy the perks of this program and will continue to share in the benefits of cooperation through the Corporate,” said May. “It really is a MIC-drop moment for Vizo Financial and the members we value so much.”
About Vizo Financial Corporate Credit Union
Vizo Financial Corporate Credit Union’s goal is to drive credit union success through proven EXCELLENCE, unmatched EXPERTISE and engaged PARTNERSHIPS. It is a state-chartered corporate credit union that serves CUSOs, leagues, chapters and more than 1,100 credit unions in the U.S. and Canada. Vizo Financial is part owner of the consortium, Aptys Solutions, LLC. Vizo Financial provides money management, payments and core processing services for credit unions. For more information, please visit www.vfccu.org.