Scott Credit Union Returns $500,000 Back to Members This Year

Just in time for the holidays, area residents who have savings accounts or loans with Scott Credit Union are realizing the value of membership with a gift of extra money in their accounts.

Scott Credit Union declared a bonus dividend and loan interest rebate in November, giving over $500,000 back to members. The money was directly deposited recently into Scott Credit Union members’ accounts.

Scott Credit Union has given over $10 million back to members in the past 10 years.

In addition to paying higher-than-market rates on its members’ accounts, Scott Credit Union gave active members an additional 1.00% Annual Percentage Yield bonus dividend on their deposits and a rebate of 1.00% of the interest they paid this year on any loan or credit card to thank them for their loyalty.

Scott Credit Union continues to be a strong financially sound institution with growth in total membership to nearly 140,000 people.

The Scott Credit Union Board of Directors approved the bonus dividend and the loan interest rebate as another way to share the success of the credit union in 2017 with its members.

“Since members own the credit union, this is a great way for us to thank them and share our success,” said Scott Credit Union President & CEO Frank Padak. “This is one of the benefits of being a member with accounts at Scott Credit Union. Since we are a not-for-profit cooperative, we give our earnings back to members through dividends, loan interest rebates, better rates on savings, lower rates on loans, lower fees and the most convenient services possible.”

The credit union has given members a bonus dividend for the past 26 years, Padak noted.

“We have been able to issue a bonus dividend to our members for 26 consecutive years,” he added. “For the past 11 years we also were able to give the loan interest rebate. Our members are the reason we have been successful, and it is nice to show them that active membership in our credit union is a good decision on their part.”

Padak noted that the credit union’s cooperative structure is best for consumers.

“By the very nature of our cooperative structure, we are driven to generate value for our members,” Padak noted. “We are not-for-profit. Our members are our owners and we continuously strive to provide them with the greatest possible value.  I encourage anyone to open an account with Scott Credit Union to experience what it means to be a part of an organization motivated to do what is in the best interest of our member/owners.”  

Padak said Scott Credit Union has positioned the organization to remain financially strong for its members and attractive to new members who are looking for the best value.

“We are one of the premier lending institutions in the country and have exceptional programs for mortgages, auto loans and credit cards,” Padak added. “We also work very hard to be efficient, so we can keep fees low and increase the overall value we offer our members.”

Scott Credit Union is open to anyone who lives or works in a 17-county area, including Madison, St. Clair, Monroe, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson, and Jackson counties. Anyone who lives or works in St. Louis County, Missouri also can open accounts at SCU. Additionally, anyone active or retired military also can have accounts with Scott Credit Union.

Scott Credit Union currently has 15 area locations: Scott Air Force Base, East Belleville, Fairview Heights, Collinsville, O’Fallon, Edwardsville, Waterloo, Highland, Caseyville, West Belleville, Millstadt, Mascoutah, Troy, Wood River and its Home Office in Edwardsville.

For details on opening accounts at Scott Credit Union, visit www.scu.org, call 1-800-888-4728, or stop by any of the credit union’s branches.