FORUM Credit Union ($1.4B, Indianapolis, IN) does not pay out an annual patronage dividend. Instead, it looks to its products and services to reward members throughout the year for their participation in the credit union.
Andy Mattingly, COO, FORUM Credit Union
For example, the Weekly 5 Savings Account at the credit union gives account holders a shot at winning $5,000. In the 52 Week Money Challenge, the credit union matches up to $1,378 of a member’s yearlong savings. And the Sprout savings account for children includes an annual contribution of up to $100 from FORUM.
Here, Andy Mattingly, the credit union’s chief operating officer, discusses FORUM’s give back efforts.
How does the credit union determine how it returns value to members?
CU QUICK FACTS
FORUM Credit Union
HQ: Indianapolis, IN
Data as of 06.30.18
12-MO SHARE GROWTH: 3.3%
12-MO LOAN GROWTH: 11.5%
Andy Mattingly: Our giveback is based on product usage; therefore, there is not an annual trigger. We are trying to reward members along the cooperative principle that they get rewarded for more involvement with the credit union.
How do you calculate how much to return and to whom?
AM: This is completely based on the usage of particular products, mainly checking and credit cards.