Loyalty Dividend
Every day FLFCU provides value to our members in the form of better loan and 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.
The amount of the 2024 Loyalty Dividend* was $1,125,000, and some members received as much as $500! For the seventh consecutive year, this special dividend has been given to eligible members as a reward for keeping their deposit and loan relationships with FLFCU. Since 2018, we’ve given back nearly $6,000,000 in total.
The dividend is calculated based on the members’ aggregate deposits and loan interest paid during the qualifying period. So, the more business members conduct with FLFCU, the more they can earn. And, it’s easy! Qualifying members receive an automated payment credited to their Regular Share Account or Money Market Account, usually in December.
Our members’ decision to do business with FLFCU allows us to continually improve products and services for all members and facilitate 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 impact they had on the 2024 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 | Interest Paid | Impact to Loyalty Dividend | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mortgage | $165,000 | 3.875% | $6,393.75 | $486.88 | |||||||||||||||||||||
| Home Equity Loan | $55,000 | 7.50% | $4,125.00 | $314.12 | |||||||||||||||||||||
| Auto | $45,000 | 5.75% | $2,587.50 | $197.04 | |||||||||||||||||||||
| Credit Card | $15,000 | 11.40% | $1,710.00 | $130.22 | |||||||||||||||||||||
| Personal LOC | $5,000 | 12.00% | $600.00 | $45.69 |
| Shares | Monthly Aggregate Share Balance | Impact to Loyalty Dividend |
|---|---|---|
| Regular CD | $40,000 | $52.32 |
| IRA CD | $20,000 | $26.16 |
| IRA Shares | $15,000 | $19.62 |
| Money Market | $55,000 | $71.94 |
| Checking | $10,000 | $13.08 |
| Regular Shares | $5,500 | $7.19 |
*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. In 2024, the minimum Loyalty Dividend anyone one qualifying member received was $5.00 and the maximum was $500.00. The qualifying period was January 1, 2024, through December 17, 2024. Eligibility and other requirements apply, go to https://myfortlibertyfcu.org/forms-disclosures and select Loyalty Dividend Disclosure for full disclosure.