Steinbach Credit Union (SCU) members will feel a little richer today as the credit union announced a $7.5 million cash back bonus. SCU members with deposit or lending accounts will receive a rebate soon just for banking with SCU.
The Steinbach Credit Union Board of Directors announced the bonus at the SCU Annual General Meeting last night in recognition of a successful 2016. The bonus will be divided equally with 50 per cent going to deposit holders and 50 per cent going to loan holders.
“This is our way of celebrating success as a co-operative and showing our appreciation in a tangible way. We give benefits to our members who allowed us to get where we are today,” said Reg Penner, Chairman of the Board of Directors. “We have enjoyed serving our members for over 75 years and are delighted to share this patronage with them. Sharing with our members is one of the many ways SCU is different from other banks.”
Members qualifying for the bonus include consumer, commercial, agricultural, charity and community accounts, with the only exceptions being RESP, AgriInvest and Lawyer Trust accounts. Bonus deposits will be made by direct deposit to qualifying accounts by March 24, 2017.
“SCU is all about the members. We are always focused on going above and beyond for our members,” said Glenn Friesen, CEO of Steinbach Credit Union. “We believe this focus is demonstrated in everything we do – from our friendly service and competitive rates to our staff’s knowledge and expertise.”
SCU hit $5 billion in assets by the end of 2016, its 75th year in operations. It was the first Manitoba credit union to reach this milestone. SCU has paid out nearly $40 million in cash back bonus to its members since 2000.
The membership also elected board member Bruce Penner and re-elected Russ Fast, Robert Dueck and Henry Van de Velde at the AGM.
