Arizona Federal Rewards Members with $3M Year-End Bonus
By Brian O'Malley -
Monday Jan 03, 2022
As part of the credit unionâ€™s Member Bonus Payout program, Arizona Federal Credit Union announced today the distribution of a $3 million year-end bonus to its members. Since 2012, the credit union has returned more than $45 million in bonus payouts to participating members.
â€œAs a financial cooperative, when members turn to us for their personal or business banking needs, we return value by distributing surplus capital to our participating member-owners when the credit union performs well,â€ said Ronald L. Westad, president and CEO of Arizona Federal. â€œOur year-end bonus payout is just another way to show our appreciation for our member-owners and their participation in the credit union.â€
To be eligible to receive a payout, members had to have a consumer or business checking, savings or money market account with the credit union as of December 31, 2021. Eligible members earned a bonus dividend based on interest earned on their deposit accounts in 2021. Members with a qualifying loan or credit card received a partial refund of interest paid in 2021. Lastly, members who opened a home loan during the year received a one-time mortgage origination bonus.
â€œAlthough credit unions traditionally return value to their member-owners by offering competitive deposit and loan rates as well as reduced banking fees, Arizona Federal is proud to extend even more value through our Member Bonus Payout program,â€ Westad said. â€œPlus, itâ€™s a great way to give our members a financial lift as we enter the new year!â€
To learn more about the Member Bonus Payout and membership at Arizona Federal Credit Union, visit ArizonaFederal.org.