The $3.7 billion DFCU Financial announced a payment of $24 million to 100,000 of its members.
Michigan credit union pays $24M to its members, surpassing last year’s $23M payout.
Most in eight years of member patronage dividends that now total $154 million from Michigan credit union.
Seventh-consecutive payout brings total to more than $130 million, suburban Detroit credit union says.
Michigan credit union announces payout for seventh consecutive year, says it's the largest payout in the country.
Bonus dividend payouts are a true differentiator for credit unions as they compete against banks, and in a year when big banks made headlines for proposing unwanted fees, year-end member cash rewards carry even more weight for CUs looking to stand out in the marketplace.
The $3 billion DFCU Financial of Dearborn, Mich. announced it will pay eligible members a total of $21 million in dividends on Jan. 4, 2012.
Mark Shobe, CEO of the $3 billion DFCU Financial, praised the credit union's efficiency for being able to share $19 million with its 85,000 members through a patronage dividend.