Summit Credit Union, a member-owned financial cooperative, announced its member give-back called Cash Boomerang, of $2.5 million to its members. The giveback is based on the cooperative’s financial success and on members’ use of Summit’s checking, savings and borrowing services, as well as their length of membership.
Through this patronage dividend program, Summit will provide a cash payout to 77,311 members. Now in its 11th year, Cash Boomerang has paid out $24.8 million to qualified members.
“Our success is our members’ success,” said Kim Sponem, Summit Credit Union CEO and President. “The more business our members do with us, the better we do as their financial cooperative and the more our members get back in a Cash Boomerang.”
Sponem shared that the timing of the payout prior to the holiday season is intentional. “Members may opt to do something fun and festive with their Cash Boomerang or it may give them a bit of cushion to relieve some financial stress this time of year.”
Qualifying members can redeem their cash payout via online or mobile banking, and deposit it into any Summit account they choose. Cash Boomerang payouts not claimed are deposited into members’ accounts in early December.
For more information about Cash Boomerang, visit SummitCreditUnion.com/