The January payout will mark the 19th year and more than $92 million in extraordinary dividends paid to members since 1998.
“Over the past several years, ECU has announced several record-breaking extraordinary dividend payouts. It’s awesome to make such an economic impact. Last year was phenomenal, but this year is even better. We owe it all to our loyal members, dedicated staff, and volunteer board of directors,” Olan Jones, ECU’s president and CEO, said in a release.
According to the release, members receive this bonus based on their loyalty to ECU through the amount of interest they’ve earned on deposits and paid on loans over the course of the year.
“We are fortunate to have a board of directors who sees the benefit of rewarding our members for having their accounts at ECU,” Jones noted. “It’s not uncommon for members who have several loans and deposits with ECU to receive a few hundred dollars in extraordinary dividends. Receiving the January extraordinary dividend is a nice way to start off the new year.”
The extraordinary dividend rewards members in a unique way that is uncommon for most financial institutions, according to ECU.
“People who don’t have all of their loans and deposits with ECU really don’t understand what they’re missing,” Jones added.
ECU said all deposit and loan accounts, including certificates of deposit, checking accounts, credit cards, auto loans, and mortgages, count toward the extraordinary dividend members receive.
The 2016 year-end bonus is set to be paid in January 2017 as an automatic deposit to members’ accounts.
ECU is the largest credit union in Tennessee and one of the largest credit unions in the country with more than $3.5 billion in assets. ECU is a not-for-profit financial service cooperative serving more than 175,000 members at 25 branches. Credit union members have access to more than 55,000 free ATMs nationwide and a wide range of financial services, including free checking and free online banking.
For more about ECU, visit www.ecu.org.