As part of the credit union’s Member Bonus Payout program, Arizona Federal Credit Union announced 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.
“As 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,” said Ronald L. Westad, president and CEO of Arizona Federal. “Our year-end bonus payout is just another way to show our appreciation for our member-owners and their participation in the credit union.”
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.
“Although 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,” Westad said. “Plus, it’s a great way to give our members a financial lift as we enter the new year!”
Arizona Federal is a $2.7 billion not-for-profit, Arizona-based financial cooperative providing consumer and small business banking services and expertise to more than 145,000 member/owners. Founded in Arizona in 1936, the credit union empowers members to take hold of their financial future through the delivery of leading-edge self-service tools and mobile apps, competitive rates on loans and deposits, robust home loan solutions, identity protection services, and SBA and commercial loans. Arizona Federal has a history of local community involvement and is the sponsor of the LiveNation Theatre venue and exclusive credit union partner of the Phoenix Rising FC. The credit union has 14 locations in the Phoenix area and is part of the CO-OP network that gives members nationwide account access at 5,000 credit union branches and 30,000 ATMs. Deposits are federally insured by the National Credit Union Administration.
