Ideal Credit Union Has Paid Over $3.1 Million to Back to Its Members
Wednesday, January 10, 2018
Ideal Credit Union - WOODBURY, Minn. (January 9, 2018) - Ideal Credit Union has returned 10% of its 2017 earnings to members through its exclusive VIP Program, rewarding 4,406 VIP+ members with cash dividends between $50 and $600, which were automatically deposited into members’ savings accounts in January 2018. A total payout of $532,150 was returned to Ideal CU members as a result of the VIP Program. Ideal CU has paid out over $3.1 million to VIP members since the program’s inception. Ideal is the only credit union in Minnesota offering this type of rewards program, believed to be the first of its kind in the state.
“The VIP program is designed to encourage members to bring all of their accounts to Ideal and when they do, we reward their loyalty by paying an annual VIP dividend,” said Brian Sherrick, Ideal CU President/CEO. “Our staff works with members throughout the year to help them identify opportunities to grow their relationship with us and ultimately increase their payout.
Because of our amazing Ideal team, we have increased our VIP+ members by 17% since 2012!”
To qualify, members must have a savings account, an active personal checking account and conduct a minimum of 144 checking transactions throughout the year via debit and credit card, checks, ATM and ACH transactions. Some members received a Deposit Bonus Dividend based on their average deposit balances throughout the year, while others earned a Loan Rebate Dividend, calculated on the amount of interest paid in 2017. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member was $600.
Founded in 1926, Ideal Credit Union is a member owned financial institution that specializes in providing excellent member service, great rates and convenience to over 52,000 members. Ideal CU offers a complete range of services, including a full suite of electronic banking products, savings, checking, loans, mortgage products and title services, exclusive VIP member payback, business services, investment services and more. Offices are located in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater and Woodbury. Visit idealcu.com for details and directions.
Photo: The Butler family joined Ideal Credit Union 36 years ago in 1982. Their total VIP+ payout since 2013 is now over $2,450.