The TTCU Federal Credit Union announced that $3.7 million in member reward dividends were paid out to TTCU members in 2021, an increase of 5% over the previous year.
“The single most important factor driving the increase in member rewards payouts has been strong deposit growth that has continued into 2021,” said TTCU Executive Vice President and Chief Financial Officer Shelby Beil. .
TTCU member deposits continued to grow in 2021, reaching the $2 billion mark, a milestone for the credit union. Another factor in the increase in deposits was members’ use of the new rounded savings account, LevelUp.
Over 4,300 members have taken advantage of this high-interest savings account, which has resulted in increased savings account balances. The growth in verifications and use of online services has also contributed to the growth in member rewards.
“TTCU had a banner year in 2021, helping to build the financial strength of the credit union,” Beil said.
As a credit union, TTCU is owned by its members and pays dividends to eligible members quarterly. To be eligible for the dividend, members must have an active checking account, among other requirements. For more information on member rewards and eligibility requirements, visit ttcu.com.