Just in time for the holidays, area residents who have savings accounts or loans with Scott Credit Union are putting extra money in their pockets.
Scott Credit Union declared a bonus dividend and loan interest rebate in November, giving over $1.3 million back to members. The money was directly deposited recently into Scott Credit Union members’ accounts.
In addition to paying higher-than-market rates on its members’ accounts, Scott Credit Union has given active members an additional 3 percent annual percentage yield bonus dividend on their deposits and a rebate of 3 percent 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 sound financial institution with growth in total membership to over 131,000 people, as well as increases in deposits and loan volume.
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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 2015 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 and 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. Our structure is really the best for the consumer. When we do well, everyone benefits.”
Over the past seven years, Scott Credit Union has given bonus dividends and loan interest rebates back to members totaling over $7.7 million, Padak noted.
“We have been able to issue a bonus dividend to our members for 24 consecutive years,” he added. “For the past nine 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.
“Our cooperative structure is different than banks allowing us to give consumers a better value,” Padak said. “We are not-for-profit. All of our members own the credit union and they benefit when we are successful.”
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.”
About Scott Credit Union
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.