Steinbach Credit Union is giving back $7,500,435.73 in cash to members, making it the largest cash-back bonus they have ever awarded.
The Steinbach Credit Union Board of Directors announced the bonus at the SCU Annual General Meeting last night in recognition of an outstanding year in 2014. The bonus applies to members with:
- Consumer regular savings accounts
- Commercial & Agricultural regular savings accounts
- Charity & Community regular savings accounts
- Variable TFSA accounts
- Variable RRSP, RIF, LIF, and LIRA accounts
The Bonus equates to an additional 15.4% on interest already earned on these qualifying products for calendar year 2014, and will be applied to over 91,000 accounts.
“We’ve just enjoyed a tremendous year of vibrant growth, so we’re sharing that success with our members. I am extremely proud to announce this SCU Bonus for 2014,” said Reg Penner, Chairman of the Board. “Giving back to our members is not only what SCU is all about, it is testament to our success and the loyalty and level of trust our members have with us.”
Penner added that combined with SCU’s history of unparalleled service, excellent products and competitive rates, this bonus is yet another reason why member satisfaction continues to remain one of the highest of any financial institution.
CEO Glenn Friesen announced that SCU has surpassed $4.4 Billion in total assets. “We’re small enough to give the one-on-one service members crave and large enough to take on what the market can muster. It’s our formula for success,” said Friesen.
Friesen added, “We have a very efficient business model and we deliver on those efficiencies by offering extremely competitive rates every day. You won’t find minimum balance requirements at SCU, and we pay interest from dollar one. We’re focused on each and every member and we’re as friendly as we’ve been since day one.”
Also at the AGM, the membership re-elected board members Alan Barkman and Doris Martens. Maria Reimer was newly elected and replaces Ted Falk. In thanking Falk for his 24 years of service – 16 as Board Chair – Penner stated, “Ted’s guidance has been true and unerring. His focus has always been on what is best for our members and for our community”.
