Dow Chemical Employees’ Credit Union Gives Back More Than $15 Million to Members in 2016
Dow Chemical Employees’ Credit Union (DCECU) announced the largest member giveback in the credit union’s history–more than $15 million in rebates and rewards.
For 2016, DCECU gave back 75 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 75 percent of the interest they earned on their savings. Members in good standing also received rebates on their Visa® Debit Card transactions.
DCECU has returned a share of its profits to members every year since 1980. This was the third consecutive year that the credit union was able to give back 75 percent.
“We are one of only a handful of financial institutions in the country that shares its profits with its members to this extent,” said DCECU President/CEO Dennis Hanson.
“The credit union’s careful management of our members’ deposited funds–including prudent investments in loans to members – plays a large role in our ability to offer rebates and rewards while still maintaining a healthy capital cushion,” Hanson said. “But the most important factor is the loyalty and engagement of our members. When they choose DCECU for their savings and loan needs, they can benefit in proportion to their financial transactions with us.”
For example, at the 75 percent giveback rate for 2016, a member with a $125,000 mortgage could expect to receive a Loan Interest Rebate of approximately $3,750.
“That’s money the member could use to help fund a child’s education, save for retirement, put a down payment on a car, pay for a home improvement project or take a dream vacation,” Hanson said.
Membership in DCECU is open to employees and retirees of more than 50 Select Employer Group companies, as well as to their family members. A list of participating employers is available at dcecu.org/join.
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