People who have savings accounts or loans with Scott Credit Union are realizing the value of membership with a gift of extra money in their accounts.
Scott Credit Union declared a bonus dividend and loan interest rebate in November, giving over $1 million back to members. The money was directly deposited recently into Scott Credit Union members’ accounts.
Scott Credit Union has given over $12 million back to members in the past 12 years.
Scott Credit Union announced it gave active members an additional 1.75 percentage Annual Percentage Yield bonus dividend on their deposits and a rebate of 1.75 percent of the interest they paid this year on any loan or credit card to thank them for their loyalty.
Scott Credit Union has total membership of more than 145,000 people.
The Scott Credit Union Board of Directors approved the bonus dividend and the loan interest rebate as another way to share the success of the credit union in 2019 with its members.
“Since members own the credit union, this is a great way for us to thank them and share our success,” said Scott Credit Union President and CEO Frank Padak. “This is one of the benefits of being a member with accounts at Scott Credit Union. Since we are a not-for-profit cooperative, we give our earnings back to members through dividends, loan interest rebates, better rates on savings, lower rates on loans, lower fees and the most convenient services possible.”
“We have been able to issue a bonus dividend to our members for 28 consecutive years,” he added. “For the past 13 years we also were able to give the loan interest rebate. Our members are the reason we have been successful, and it is nice to show them that active membership in our credit union is a good decision on their part.”
Padak (shown) said Scott Credit Union has positioned the organization to remain financially strong for its members and attractive to new members who are looking for the best value.
“We are one of the premier financial institutions in the country and have exceptional programs for mortgages, auto loans and credit cards,” Padak added. “We also work very hard to be efficient, so we can keep fees low and increase the overall value we offer our members.”
Scott Credit Union currently has 17 area locations: Scott Air Force Base; East Belleville; Fairview Heights; Collinsville; O’Fallon; Edwardsville; Waterloo; Highland; West Belleville; Mascoutah; Troy; Wood River; Columbia; Ladue, Mo; Crestwood, Mo.; Ferguson, Mo.; and its Home Office in Edwardsville.