TULLAHOMA, Tenn. — Members of Ascend Federal Credit Union might be tempted to have some bumper stickers printed: I Love My Credit Union $3 Million Ways.
In their December statements, members saw dividend and loan interest refunds totaling $3 million, up from $2 million the previous year. In terms of dividends, the bonus equaled 6% of a member's total year-to-date dividends. For members paying off loans, it amounted to 6% of the year-to-date interest paid.
In a time of pinched margins, how did the credit union accomplish this?
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