Wed, Jan 18, 2017
First Financial of Maryland Federal Credit Union kicked off 2017 by giving their members over $2 million in Loyalty Rewards. This is the largest member giveback in the credit union’s history. Loyalty Rewards are based on the member’s relationship with the credit union, and includes rewards for savers, borrowers and 5-Star Members. “The Loyalty Rewards program goes above and beyond the bonus dividend that we have paid to our members for the last 20 years. It gives us the opportunity to showcase the real value of First Financial FCU membership, and to thank our members for their loyalty,” stated Eric Church, FFFCU President/CEO.
In total, members received just under $2.3 million, with accountholders utilizing the credit union as their primary financial institution receiving the largest portion of the rewards. The dollars were given back to the members with a year-end cash deposit into their primary savings account with the credit union. Over 11,000 of the credit union’s 63,000 members received more than $100. The payout breakdown was structured as follows:
- Paid a bonus dividend of 15% on all dividends earned in 2016 on ALL share accounts
- Refunded 10% of loan interest paid in 2016 (non-real estate loans only)
- Doubled the rebates paid on 2016 Visa credit card purchases
- Gave 5-Star Members an additional $100 reward
The Credit Union hopes to continue the Loyalty Rewards program in the future, demonstrating that the success and prosperity of the credit union translates directly to the prosperity of its members. Eric Church stated, “We are confident that 2017 will be a great year for First Financial FCU, and what better way to start it than giving back to the members who have made us successful; our Loyalty Rewards program does just that.”