Dow Chemical Employees’ Credit Union (dcecu.org) has announced its Member Giveback for 2021, with $13.6 million expected to be given back to eligible members by mid-January via rebates and rewards deposited to their savings accounts.
This is the 41st consecutive year that DCECU has returned a share of its earnings to members, with a grand total of $262 million given back during those four-plus decades. The Member Giveback began in 1955 and has been offered in all but one year since.
For 2021, DCECU will give back 40% of the interest that members in good standing paid on their eligible loans over the course of the year and will give them a cash reward equal to 40% of the interest/dividends they earned on their eligible deposits. Members in good standing also will receive a 0.125% rebate on their total DCECU Visa® Debit Card purchase transactions for the year, regardless of whether the transactions were signature-based or PIN-based.
“In 2020, we provided the nation’s largest giveback to members as a percentage of total assets, and 2021’s payment currently is ahead of other credit unions that have announced givebacks,” said DCECU Chief Executive Officer Michael Goad. “We’re also the largest financial institution based in Michigan’s Great Lakes Bay Region – which is only possible because of the loyalty of our members, and the Member Giveback is one of the biggest ways in which we thank them for that loyalty.”
DCECU Board of Directors Chairman Mark Bachman agreed.
“The Member Giveback happens with such consistency because DCECU has 74,000-plus members who loyally utilize our products and services year in and year out,” he said. “To say the least, the participation we see from our members in terms of their saving and borrowing activity with us is the driving force behind the credit union’s success.”
The official total dollar amount of the 2021 Member Giveback will be announced in late January, after all rebates and rewards have been deposited to members’ accounts. Most deposits will be made on Jan. 1, 2022, but all should be completed no later than Jan. 15, 2022.