Dupaco Declares $4.5 Million Bonus Dividend
DUBUQUE, Iowa—More than 63,000 participating Dupaco Community Credit Union members will receive a share of nearly $4.5 million in bonus patronage dividends for 2020.
The special payout to participating members will happen on Oct. 15, which coincides with International Credit Union Day. The dividend is part of the credit union’s nine-month program called Thank Use. The timeframe to earn Thank Use was Jan. 1 through Sept. 30.
The average dividend this year was $71. This is the fifth consecutive year a participation dividend has been paid. Since 2016, Dupaco has paid directly to member/owners more than $16.8 million in Thank Use.
The Thank Use dividend demonstrates the power of Dupaco’s member-owned, cooperative structure, according to Dupaco Chief Marketing Officer David Klavitter.
“Dupaco is more than local. It’s a financial cooperative, owned by people in our community,” Klavitter said. “The more members use their credit union, the more members, the community, and Dupaco benefit.”
The Thank Use campaign rewarded members in relation to each member’s active participation in the credit union. Those recognized services included loans, savings, checking, insurance, investments, debit card, credit card, and use of Dupaco fraud prevention tools.
Each year, a new group goal is identified for members to achieve by working cooperatively together. This year’s group goal was all about starting a savings plan and sticking to it. And, since more than 5,900 members set up an automatic transfer and routed funds to their Dupaco savings account for more than four consecutive months, those members helped achieve the group goal and earned an additional $30 dividend.
This year’s payout numbers also include 4,859 of Dupaco’s youngest members, who learned the importance of making regular deposits to their credit union account and earned more than $121,000 through a special category called Boost.
“As a cooperative, our members work together for the betterment of themselves and the cooperative,” said Klavitter. “Education is rooted in our mission and when we achieve tangible results, we share that success with our member/owners.”
An active share draft checking account was required to unlock the payout. Members can view their dividends by logging into Dupaco’s Shine Online Banking.
Dupaco continuously seeks to enhance value for its 133,000 member-owners, according to Klavitter. The cooperative achieves this in a variety of ways, including product, service and technology enhancements; branch convenience; staff expertise and service; higher savings rates; lower loan rates and fees, and more.
Learn more about the campaign at dupaco.com/ThankUse.
ABOUT DUPACO COMMUNITY CREDIT UNION:
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative. It is dedicated to the financial sustainability of its members, and specializes in customized financial counseling, money advice and education. It offers savings, loans, investments, insurance and wealth management products for individuals and businesses. Dupaco serves residents in 112 counties throughout Iowa, northwest Illinois and southwest Wisconsin. Chartered in 1948, membership totals more than 133,000 with assets exceeding $2.2 billion. Visit Dupaco at www.dupaco.com.
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