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Dow Chemical Employees CU Gives Back $20.5 Million to Members Through Rebates and Rewards

MIDLAND, MI - JANUARY 14, 2020 – Dow Chemical Employees’ Credit Union (dcecu.org) has announced its Member Giveback for 2019, with more than $20.5 million being given back to eligible members on Jan. 1 in the form of rebates and rewards. It is the largest-ever giveback for DCECU, which has returned a share of its earnings to members every year since 1980 and in all but one year since 1955.

The 2019 DCECU Member Giveback represents an increase of more than $1.1 million versus 2018’s then-record-high total of $19.4 million.

For 2019, DCECU gave back 50 percent of the interest that members in good standing had paid on their eligible loans over the course of the year and gave them a cash reward equal to 50 percent of the interest/dividends they’d earned on their eligible deposits. Members in good standing also received rebates on Visa® Debit Card transactions – 0.125% of all signature-based transactions and $0.01 per PIN-based transaction.

“Our members are committed to engaging in our financial cooperative, and we are committed to prudent management of their deposited funds,” said DCECU President/CEO Dennis Hanson. “This mutual commitment allows us to be one of only a handful of financial institutions nationwide to share so much of our earnings with members and still be able to maintain a very healthy amount of reserves.”

About the DCECU Member Giveback

DCECU strives to maintain a healthy capital (net worth) level. Anything over that target is considered excess income and generally is given back to eligible members in the form of a Member Giveback. Numerous factors, including – but not limited to – interest rate levels, yield curve, balance sheet mix and risk, capital (net worth), the current and future economic environment, and regulatory changes, are considered in determining the giveback amount. Although this credit union benefit is not guaranteed, the Member Giveback typically is given out annually on January 1. Learn more at dcecu.org/giveback.

About Dow Chemical Employees’ Credit Union

Dow Chemical Employees’ Credit Union is a cooperative, not-for-profit financial institution that is owned by its members and dedicated to providing them with smart, affordable banking solutions. Located in Midland, Michigan, DCECU has $1.76 billion in assets and nearly 69,000 members and has been recognized multiple times by the Credit Union National Association (CUNA) for top performance in saving members money. Membership is open to employees and retirees of more than 70 Select Employer Group companies, as well as to their family members. For more information, visit dcecu.org or call 989.835.7794 or 800.835.7794.

Follow DCECU on Facebook at facebook.com/dcecu and on Instagram at instagram.com/dcecu_mi.

 


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