The $1.5 billion Merck Employees Federal Credit Union is forgoing its newly-announced dues rebate from the New Jersey Credit Union League to be channeled toward financial literacy.
The Rahway-based CU said it has long been committed to enhancing financial literacy efforts for its members and so the rebate check can be put to good use.
The league announced last week it was providing its members a one-time 10% dues rebate for 2011 to assist CUs in light of "continued NCUA assessments and a challenging economy."
"We are thrilled that our league is ahead of the curve on financial literacy and we want to support that effort, " said Herman Johnson, chairman of Merck EFCU. "Merck EFCU has always been focused on giving back to our members and we believe financial literacy is part of that."
The league had originally suggested that certain CUs that had already paid their 2011 might want to direct their dues rebate to the trade group's co-op ad campaign,"Banking You Can Trust."
The league noted that Merck already has committed funds to the ad effort but "wanted to earmark its money for financial literacy."