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We're Giving $20,000,000 Back to Our Members. #SLFCUMembershipPays

SLFCU Special Dividend 2019

On November 1, 2019, SLFCU will pay a $20,000,000 special dividend to our members. As a result, many SLFCU members in good standing will see extra deposits to their share savings account on their November statement.

The amount each member will receive is based on the dividends earned on all deposit accounts as well as the interest paid on business, consumer, and mortgage loans from January 1 to October 31, 2019. Depending on the products and services you have with SLFCU, you may see up to four deposits – one for each of the following categories: 

  • Deposit account interest (including business accounts and IRAs)
  • Mortgage loan interest
  • Consumer loan interest
  • Business loan interest

Check online banking or your November statement to view your special rebate(s).

From all of us at SLFCU, thank you for your membership. 


Answers to Frequently Asked Questions  

Will the special dividend be paid on business accounts as well as personal accounts?

Yes.

Why pay a special dividend? Why not just increase the percentage paid on deposit accounts on an ongoing basis?

SLFCU already pays a very competitive, above-market average rate on deposit accounts. Increasing the rate paid on deposits on a daily basis could attract significantly more in deposits than we can put to use in the form of loans. Because we’ve had several strong years financially and reserves have been built up, we’re able to take some of those reserves and pay them back to our loyal members.

Are there minimum and maximum amounts?

There is no minimum; there is no maximum.

How will I receive my special dividend payment?

All special dividend payments will be deposited to the members’ primary share savings accounts on November 1, 2019. The special dividend will appear on members’ November statements, which will be available in online banking and via mail in December.

Will members have to pay tax on the special dividend amount they receive?

SLFCU will report the special dividend as interest income, so it could impact the amount of taxes owed by some members. Please speak with your tax advisor as all situations are different. In addition, please consider donating all or part of your special dividend to our New Mexico Connected Academy (NMCUCA) fundraiser. The NMCUCA is a 501(c)(3) non-profit organization committed to funding a full-time teacher at UNM Children's Hospital. Learn more.

How much will each member receive?

Members in good standing will share $20,000,000. The amount received by each member will vary based on the dividends earned on deposit accounts and interest paid on loan accounts from January 1 – October 31, 2019. Members whose share accounts did not receive any dividends during 2019 will not receive a special dividend for those share accounts.

Should members expect to receive a special dividend every year?

No. While special dividends are not declared on a regular basis, they are a distinctive benefit of membership in a credit union versus account ownership at a bank. Determination of any special dividend is based on safety and soundness, growth needs, and members' utilization of products and services.

What does “in good standing” mean?

The special dividend will not be paid to members that have been (as of November 1, 2019) denied services or are in arrears with the Credit Union.

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