“It is an honor to give this money back to our loyal members. It shows that ECU is focused on helping our members save money and contributing to the communities we serve. The more business you do with ECU, the more you’ll receive in your Extraordinary Dividend,” said Olan O. Jones, ECU CEO and president.
ECU’s board of directors views the Extraordinary Dividend as an opportunity to return money to the members and say “thank you” to its members for their use of ECU’s products and services.
Because ECU is a member-owned financial cooperative, members save money every day on exceptional products and services, and the Extraordinary Dividend “is like icing on the cake,” according to one member.
Members at ECU enjoy the bonus, and new members often say the year-end bonus was a deciding factor in moving their accounts, according to ECU.
“Often, new members come in and ask about the deposit. They think it is an error on their account. When we explain to them what it is, they’re shocked. It also helps that it’s deposited during a time of year when many need a little extra,” said Jenny Myers, an ECU member service representative.
Individual payout amounts vary based on the amount of business done with ECU. The Extraordinary Dividend is based on the interest earned on deposits, as well as interest paid on loans, throughout the year. The dividend payout will appear in members’ accounts in January 2019.
Members who use ECU as their primary source for all of their financial needs receive the greatest benefits from the Extraordinary Dividend, ECU said.
In addition to helping individual members, the overall disbursement provides a noteworthy boost to the local economy.
“When you consider that the majority of the $118 million we’ve returned to members has remained right here in Northeast Tennessee and Southwest Virginia, that’s substantial, and a good reason to join if you’re not a member,” said Jones. “Our goal is to make members happy, whether through our products and services, an Extraordinary Dividend, or helping an organization like Second Harvest Food Bank or the Miracle Field for children and adults with special needs, we’re here to help. To be extraordinary, you must strive to make a difference.”
ECU is a well-known community supporter, and over the past 18 years has given approximately 200 nonprofit organizations more than $7 million.
“We want to do everything we can to help improve the quality of life in the communities where our members live, from year-end bonuses to community service, our goal is to serve,” said Jones.
About Eastman Credit Union
ECU is one of the largest credit unions in the country, with $4.49 billion in assets. ECU is a not-for-profit financial service cooperative serving approximately 220,000 members at 25 locations. Credit Union members have access to more than 55,000 free ATMs nationwide and a wide range of financial services, including free checking and free online banking.
For additional information about ECU, visit www.ecu.org or call 800/999-2328.