(Woodbury, MN – February 24, 2017) – Ideal Credit Union has returned 10.5% of its 2016 earnings to members through its exclusive VIP Program, the fifth consecutive year for the generous payout to VIPs. 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 rewarded 4,165 VIP Plus members with cash dividends between $50 and $600, which were automatically deposited into members’ savings accounts in January 2017. A total payout of $501,900 was returned to Ideal CU members as a result of the VIP Program. In the past four years, Ideal CU has paid out over $2.6 million to VIP members since the program’s inception in 2012.
“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.”
To qualify, members must have a savings account, an active personal checking account and conduct a minimum of 144 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 2016. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member in 2016 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 50,000 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.