(Woodbury, MN – January 21, 2016) – Ideal Credit Union has returned 11% of its 2015 earnings to members through its exclusive VIP Program, the fourth consecutive year for the generous payout to VIPs. Ideal is the only credit union in Minnesota offering this type of rewards program, believed to be the first of its kind in the state.
The VIP Program rewarded 14,917 Ideal CU members with cash dividends between $5 and $605. The dividends were automatically deposited into members’ savings accounts in January 2016. A total payout of $528,935 was returned to Ideal CU members as a result of the VIP Program. In addition, 3,759 members achieved VIP Plus status, which entitles them to a variety of perks and cost-savings benefits throughout the year. In the past four years, Ideal CU has paid out over $2 million to VIP members since the program’s inception in 2012.
“The VIP program is designed to encourage members to bring all of their accounts to Ideal Credit Union, and when they do, Ideal rewards their loyalty by paying an annual VIP dividend,” said Brian Sherrick, Ideal CU President/CEO. “Throughout the year, our staff works with members to help them identify opportunities to grow their relationship with us and ultimately increase their payout.”
The payout to members was calculated based upon several factors. Those members who had a personal Ideal checking account and conducted a set number of transactions in 2015 received a $5 payout. Some members also received a Deposit Bonus Dividend based on their average deposit balances throughout the year, while others earned a Loan Rebate Dividend, calculated on the amount of interest paid in 2015. Many members were eligible for more than one reward based on qualifying relationships. The highest amount paid to a member in 2015 was $605.
Last fall, Ideal’s VIP Program was selected the winner of the OnApproach Big Data & Analytics first ever Credit Union Industry Analytics Best Practices Competition.