Wyomissing, PA, - Utilities Employees Credit Union (UECU) members celebrated the New Year with a bonus totaling $775, 000, which was distributed to members at the end of 2015. As a virtual credit union that does not have shareholders or branches to maintain, UECU’s operating expenses are lower than those of a typical bank or credit union, allowing the Credit Union to return a greater share of profits to its member-owners.
Since the Credit Union reward program began in 2011, UECU has awarded over $4.7 million to members to thank them for making UECU their first choice and trusted partner for all of their financial needs. UECU makes it very easy for members to receive a year-end bonus. Members are not required to enroll in the reward program; all they have to do is use the Credit Union’s savings and loan products. A member’s individual bonus is calculated by multiplying the bonus percentage (4% for 2015) by the amount of interest they paid on loans and earned on their savings accounts. Members can earn an additional $100 through the reward program by financing a new mortgage with UECU.
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Member Loyalty Bonus™ program is one of three Credit Union reward programs available to UECU members. Pat Zyma, President/CEO explained, “We created our reward programs to get our members further engaged with the Credit Union, so they could truly benefit from UECU’s affordable loan rates and competitive savings rates. In addition to the reward programs, we help members financially succeed with low to non-existent fees, free checking account options and ATM surcharge rebates.” During 2015, the average UECU member household enjoyed an annual return of $237 in deposit earnings and loan interest savings, as well as $63 in fee savings, figures that are much higher than the average credit union household as measured by Raddon Financial Group.
