For the first time in credit union history, the Kansas Blue Cross Blue Shield Credit Union paid triple dividends, loyalty rewards and a loan interest rebate back to members!
"Since the credit union had an outstanding year in 2012 we voted to return a portion of the earnings back to members," says Randy Lambrecht, credit union board president.
During December, loyalty rewards totaled $17,215 and even after the $35,230 triple dividend was paid, the credit union still finished last year 15 percent ahead of budget! In early January, the credit union returned a total of $11,952 in loan interest rebates back to members.
Here is a break down of what members earned:
- 1.20% APR (1.21% APY) on average daily balance in savings for the fourth quarter and .60% APY on average daily balance in checking for December
- 2% of the interest paid on all consumer loans for all of 2012
- $5 for using e-statements
- $5 for having an active Visa credit card
- $10 for having an open checking account
All loyalty rewards were deposited to primary savings with a description line of "2012 Rewards – Checking," or whichever reward applied. The triple dividends were posted to the account earning the dividend.