DEARBORN — More than 100,000 members of the DFCU Financial will receive a piece of the credit union’s $24 million payday — the largest payout by any financial institution in the state, officials said today.
“At DFCU Financial, returning cash back to our members is our way of saying ‘thank you’ for their loyalty,” says Mark Shobe, president and CEO. “We believe it’s our responsibility to share our success with the members who help us achieve it, whether they are borrowers or savers.”
DFCU Financial’s streamlined structure and management approach have allowed it to pay a collective $181 million to its members since 2006. This year’s reward surpasses last year’s record-breaking $23 million payout.
The organization returns approximately half of its annual earnings to members, who receive 0.50 percent cash back on their portfolios — which may include checking, savings, auto and mortgage loans, and credit cards — annually.
In 2014, members earned an average cash back direct deposit of $250 and the largest reward totaled $18,000. “This record-breaking payday is supporting DFCU Financial’s mantra of ‘take care of our members first,’” Shobe says.