Scott Credit Union Gives Back $700,000 to Its Members
November Bonus Dividend, Loan Interest Rebate Are Benefits of Membership with Local Financial Institution
A decades-long tradition continues: Just in time for the holidays, Scott Credit Union’s active members have once again received the gift of extra money in their accounts.
The credit union’s board of directors approved a bonus dividend and loan interest rebate in November, giving back approximately $700,000 to members. The money was directly deposited recently into Scott Credit Union members’ accounts.
“This is just one of many benefits of being a member of our local financial institution,” said Frank Padak, Scott Credit Union President and CEO. “As a credit union, we believe in sharing our profits with the people in the community we serve. In fact, in the past 13 years, we’ve given back nearly $13 million to our members. We also share our earnings through better rates on savings, lower rates on loans, and lower fees.”
As a thank you for their loyalty this year, active members received a 1.00% Annual Percentage Yield bonus dividend on their deposits and a rebate of 1.00% of the interest they paid in 2020 on any loan or credit card. That’s in addition to the earnings in interest they receive from Scott Credit Union’s already better-than-market rates.
The credit union has given members a bonus dividend for the past 29 years and a loan interest rebate for the past 14 years, Padak noted.
“The fact that we were able to continue this legacy despite the challenges brought by COVID-19 is a true testament to the hard work of our employees and the strength and stability of the credit union,” said Padak.
Scott Credit Union has been part of the local community for more than 77 years and continues to be a strong, financially sound institution, serving more than 144,000 members. The credit union offers competitive rates and premier programs for mortgages, auto loans, credit cards, and more. It is also the exclusive provider of Blues Checking in partnership with the St. Louis Blues.
Scott Credit Union currently has 20 area locations: Scott Air Force Base; East Belleville; Fairview Heights; Collinsville; O’Fallon; Edwardsville; Waterloo; Highland; West Belleville; Mascoutah; Troy; Wood River; Lebanon; Columbia; Ladue, MO; Crestwood, MO; Ferguson, MO; at Ballpark Village in St. Louis; Affton, MO; and its Home Office in Edwardsville.