The $1.4 billion, Midland, Mich.-based Dow Chemical Employees’ Credit Union announced a return of $11.5 million to members in rebates and rewards for 2012 — its largest year-end member giveback to date.
The payout stemmed from three different sources: a loan interest rebate, which gave borrowers 50% of the total interest they paid on eligible loans in 2012; a member saver reward, a payback comprising 50% of the dividends and interest members in good standing earned on their shares and deposits in 2012; and a Visa check card rebate, which provided card holders with a 0.125% rebate on all signature-based transactions and one cent for all PIN-based transactions throughout the year, DCECU said.
“At DCECU, we believe in giving back,” said Dennis Hanson, president/CEO at DCECU. “We return part of the credit union’s earnings back to our members because they are the owners of the credit union. We are pleased to wrap up our 75th anniversary on such a high note.”
In 2011, DCECU’s year-end member giveback totaled $7.3 million. The credit union serves more than 56,000 members who are affiliated with the Dow Chemical Co.