The League of Southeastern Credit Unions & Affiliates said its member credit unions in Alabama and Florida will receive an 8.7% dues rebate this month.
This is the second consecutive year credit unions in both states received a dues rebate. Last year, members received a 10% dues rebate, which amounted to $310,000, according to the league. Additionally, credit unions that participated in LEVEAGE's CO-OP debit card program received an additional $110,000 rebate later in 2013.
The total dollar total dollar amount for this year's dues rebate has not been calculated yet, said Mike Bridges, vice president of communications for the Southeastern league.
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The dues rebate was made possible because 2013 was a strong financial year for the league and LEVERAGE, the league's service corporation.
However, the dues rebate is slightly lower this year than in 2013 because it isn't a fixed cost that is built into the budget, explained Bridges.
"It's a way to share our success when we have a better year than expected and it's directly reflected by the success of LEVERAGE," he said.
A dues rebate check will be distributed by the end of April.
Member credit unions are eligible for a dues rebate if they paid their dues in full by March 31. However, credit unions that received a dues waiver or reduction are not eligible for a dues rebate, the league said in a prepared statement.
"The league looks at its relationship with credit unions as a partnership," said Mary Ott Wood, who chairs the Southeastern league and LEVERAGE, and is also the president/CEO of the $82 million Florida West Coast Credit Union in Brandon, Fla.
"To be able to offer a dues rebate two years in a row shows that the cooperative spirit is very much alive with the league and its member credit unions," she added.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
