Thursday, December 29, 2016

More Than 110,000 Members at Summit CU Will Not Receive a Dividend Payment

At Summit Credit Union (Madison, WI), not all member-owners are equal.

The $2.6 billion credit union announced that more than 46,000 members will share in a a declared $1.9 million dividend. However, this means that over 110,000 members of the credit union will not share in the dividend.

The credit union stated "[i]ndividual member cash payouts were based on the financial success of the credit union as well as how much the member saved and borrowed between October 1, 2015, and September 30, 2016."

In other words, this dividend is part of a loyalty or rewards program. Members who do the most business with the credit union will probably see the largest dividend payment.

If this was true dividend declaration, all member-owners would have received a dividend payment, as they each own a share in the credit union..

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