The $532 million Community Choice Credit Union returned more than $1.5 million to members who use more than six of the credit unions products or services.
"At Community Choice Credit Union, we believe that a financial institution should do everything it can to add to, rather than take from, our members' savings," said President and CEO of Community Choice Credit Union Robert Bava. "The Get Big Rewards program is our way of doing just that. It shows members that they aren't just customers here—they have ownership and benefit from our shared success."
The four-tier GetBigReward$ program offers no reward credits for the lowest levels, copper and silver, but two levels of rewards for the gold and emerald members. Gold level members use six or seven Community Choice products or services and receive credits of $3.00 per month for a total of $36.00 per year. Emerald-level members use more than eight credit union products or services and receive credits of $9.00 per month or $108 per year.
The 56,000-member credit union added that members use the credits to offset or eliminate overdraft and other fees. At the conclusion of the year, Community Choice deposits any unused credits into members' savings accounts. Additionally, emerald level members receive a loan interest rebate as high as 10% of the total interest paid on loans.
Community Choice charges $30 for each incident of not sufficient funds, $30 for each overdraft and $30.00 each time a check comes back for insufficient funds. In addition, the credit union charges $15 each time a member deposits a check that then bounces and $25.00 each time a member needs to stop payment on a check or ACH transaction.
Community Choice closed 2014 with noninterest income of over $9 million and a ratio of fee and other operations income to average assets of 1.76% compared to the peer average of 1.39%, according to the NCUA.
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