Members of the $825 million South Florida Educational Federal Credit Union in Miami have been enjoying a little extra spending money this month.
South Florida Educational FCU announced it paid members a shared earnings dividend of $2 million on Aug. 3, which brings the credit union’s total shared earnings dividend payout amount to $16.3 million since 2007.
The credit union said the $2 million dividend is equal to 10% of the dividends received on most members’ combined credit union savings accounts, plus the interest paid on most of their credit union loans, between July 1, 2011 and July 1, 2012, adding that the more a member saved and/or borrowed through the credit union during the one-year time period, the larger his or her portion of the shared earnings dividend.
This dividend is in addition to the regular dividend members receive on their savings accounts, South Florida Educational FCU said.
