TULLAHOMA, Tenn. -- For the third consecutive year, Ascend Federal Credit Union is giving money back to its members just in time for the holiday season.
This year, Ascend is returning approximately $5 million to its members as bonus dividends and loan interest refunds.
In three years the credit union has returned a total of over $10 million to members. The return, which will be included in members' December statements, will be calculated as a percentage of total year-to-date dividends, including IRAs, and total year-to-date interest paid on all loans. The period covered will be Jan. 1 through Nov. 30, 2007, with a target grand total of $5 million credit union-wide.
As in previous years, the bonus dividend and loan interest refund represent a member's relationship with the credit union with more savings equaling a higher bonus dividend, and more loans leading to a larger loan interest refund.
"I am thrilled that we are able to offer our members a bonus dividend and loan interest refund for a third straight year," Ascend FCU President/CEO Caren Gabriel said. "This is one of the many ways Ascend is living up to its motto of raising possibilities for members. We appreciate the loyalty of our members, and we are excited to once again be able to reward their loyalty."