DEARBORN, Mich. — The move by U.S. credit unions to loudly tout year-end dividend payouts spread Monday to the Internet with Michigan's largest, DFCU Financial, reporting more than 500 comments from members, most of them highly favorable, on a "feedback" section on its Web site.
"I think on Friday we received 100 comments from our members in the first hour," said a credit union spokeswoman.
On Jan. 10, the $1.8 billion CU distributed what is believed to be one of the largest payouts, $17 million, to its 125,000 members while also issuing press comments highlighting differences between CUs and "stock-oriented" banks.
The Michigan Credit Union League went even further to underscore the role of Dearborn FCU and other CUs in the state to stay put and serve a severely depressed economy while "Comerica leaves the state," a jab at Comerica Bank of Detroit moving its headquarters to Dallas.
Web comments on DFCU's "Give Us Your Feedback on Special Dividend" pullout included praise for CU management "that you give back to us for our patronage" with another writing that the funds come at a time "we are struggling after a difficult holiday season."
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