The Rundown
- Credit union seeking more PFI members targets dividends
- Strong deposit program offers high rates to most members
- Step-up auto loans have lowest rates on highest auto loan balances.
The $86 million Grossmont Schools Federal Credit Union has launched a unique set of incentives aimed at turning more of their more casual members, those with perhaps only a mortgage or a CD with the credit union, into more engaged members.
"We want more of the folks with one or two things with us to make us their primary financial institution," explained Steven Devan, CEO of the El Cajon, Calif.-based CU. "We want them to better appreciate what being a member here can mean for them," he added.
To that end, the credit union decided to give a percentage of the interest and fees they have paid over the previous years with the credit union as a dividend. By itself, this is not that unusual. While it is rarer than they used to be, some credit unions still offer their memberships dividends on the previous year's business, and that is what Grossmont did.
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