Loyalty Dividend
Every day FLFCU provides value to our members in the form of better loan & deposit rates and fees lower than our competition. Our Loyalty Dividend also sets us apart from many for-profit financial institutions. As a financial cooperative, we are able to return a portion of our Credit Union’s earnings to our members.
Over the last five years, FLFCU distributed $4,755,000 to our members in the form of a Loyalty Dividend. The amount of the 2023 Loyalty Dividend* was $1,000,000 and some members received as much as $500! This special dividend is given to eligible members as a reward for keeping their deposit and loan relationships with FLFCU. It is calculated by using the members’ aggregate deposits and loan interest paid during the qualifying period. So, the more business a member conducts with FLFCU, the more they can earn. And, it’s easy! Qualifying members receive an automated payment in the form of a credit to their Regular Share Account, usually in December.
Our members’ decision to do business with FLFCU allows us to continually improve products and services for all members and facilitates our growth. While future payouts are not guaranteed, it is our intention to continue this special annual tradition for many years to come.
The chart below shows products that can be placed at the credit union and the estimated impact they had on the 2023 Loyalty Dividend calculation. So, consider moving deposits and loans you have at other financial institutions to FLFCU today, to increase your potential Loyalty Dividend tomorrow.
| Loans | Average Loan Balance | Interest Rate | Estimated Interest Paid | Impact to Loyalty Dividend | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mortgage | $165,000 | 3.875% | $6,393.75 | $436.05 | ||||||||||||||||||
| Home Equity Loan | $55,000 | 7.50% | $4,125.00 | $281.33 | ||||||||||||||||||
| Auto | $45,000 | 5.00% | $2,250.00 | $153.45 | ||||||||||||||||||
| Credit Card | $15,000 | 11.40% | $1,710.00 | $116.62 | ||||||||||||||||||
| Personal LOC | $5,000 | 12.00% | $600.00 | $40.92 |
| Shares | Monthly Aggregate Share Balance | Impact to Loyalty Dividend |
|---|---|---|
| Regular CD's | $40,000 | $48.36 |
| IRA CD's | $20,000 | $24.18 |
| IRA Shares | $15,000 | $18.14 |
| Checking | $10,000 | $12.09 |
| Regular Shares | $5,500 | $6.65 |
*The Loyalty Dividend is a special dividend and has two components: one to reward our depositors in the form of a special interest credit, and the other to rebate to our borrowers a portion of loan interest during the qualifying period. The minimum Loyalty Dividend anyone one qualifying member received was $1.75 and the maximum was $500.00. The qualifying period was January 1, 2023, through December 20, 2023. Eligibility and other requirements apply, go to https://myfortlibertyfcu.org/forms-disclosures and select Loyalty Dividend Disclosure for full disclosure.