Pacific Service CU Members to Receive $1.4 Million Bonus Rebate
WALNUT CREEK, Calif. -- As a measure of its continued financial strength, Pacific Service Credit Union said members will get their share of a $1.4 million rebate. The $1 billion credit union said its members will receive a rebate based on 5% of interest earned on all existing funds on deposit and all new money deposited into a 6-month certificate of deposit or liquid deposits between Jan. 1 and Oct. 31, 2006. Members who deposited new funds into a CD of 1-year or longer during the same time period will receive a bonus rebate of 10% of interest earned. The bonus rebate will be credited to members' accounts in November. Since beginning the program in 1996, Pacific Service CU said it has distributed member rebates five times and has returned nearly $14 million to members. "Because we operate as a non-profit, we are able to return income to our owners--and our owners are each and every one of our nearly 70,000 loyal members," said Tom Smigielski, president of Pacific Service CU. "The Bonus Rebate is a result of our continued strength."