Woodbury, MN Postal Credit Union (PCU) has returned 16% of its entire 2013 earnings to members through their VIP Program, marking the second year in the row for the generous payout to VIPs. PCU is the only credit union in Minnesota to be running this type of program, which is believed to be the first-ever of its type in the state.
The VIP Program rewarded over 14,000 PCU members with cash dividends of between $5 and $605 in automatic deposits in their accounts. The transactions hit members accounts in a one-time deposit in January 2014. Over $524,000 was returned to PCU members as a result of the program.� New this year, some 3,765 members received VIP Plus status, which entitles them to a variety of perks and cost-savings benefits throughout the year.
"Our team works hard to operate an efficient, well-managed organization, which is the reason we can offer this unique membership benefit," said Brian Sherrick, PCU President/CEO. "The cash payout to members is our way to thank them for choosing PCU as their primary financial institution. We are committed to continuing this program in 2014 and working with all members to attain VIP status."
The payout to members was calculated based upon several factors. Those members who had 144 or more withdrawals from their checking accounts in 2013 received a payout. Some members with a checking account at PCU received a Deposit Bonus Dividend based on their average deposit balances throughout the year. Other members were the beneficiaries of a Loan Rebate Dividend, calculated on the amount of interest the member paid in 2013. Many members were eligible for more than one reward based on qualifying through more than one of the programs available.
Founded in 1926, PCU is a member owned financial institution that specializes in providing excellent member service, great rates and convenience. PCU offers a complete range of services, including 24/7 loan approval, mortgages, online banking, online deposits, mobile banking and bill pay, free checking, business services, investment services and more. PCU is proud to serve Anoka, Chisago, Dakota, Hennepin, Ramsey and Washington counties, with office locations in Eagan, Hugo, North St. Paul, West St. Paul and Woodbury. For more information, call 651-770-7000, 800-247-0857 or visit
www.postalcu.org.
