Qualstar Credit Union paying out $2.5 million in loyalty bonuses to members

Qualstar Credit Union, which has a branch in Redmond at 2115 152nd Ave. N.E., is thanking members for their continued loyalty by giving them back $2.5 Million in bonus dividends this month.

Individual bonus dividends range from $5 to several thousand dollars, with the average member receiving a bonus dividend of $72.

"We have extremely loyal members," Qualstar CEO Mark Nelson in a press release. "And last year their loyalty helped us have our most profitable year ever. We felt that with the exceptional earnings we saw as a result of that loyalty, the best way to thank them is to give back to those members who helped make that happen. While we know we won't be in a position to do this every year, the board of directors and management team felt our members should share in the success of their credit union."

In addition to earning dividends based on their deposit balances, members are also being paid out based on their loan balances, the types of loans they have, as well as other services that help reduce expenses to the credit union including home banking and e-statements.

"This isn't about who has the most money on deposit, it's about thanking all of our members for their  contribution to our success," said member relations Vice President Tracey Elfstrom. "Whether they have a large money market balance, a mortgage loan, or a Visa credit card, it all matters, it's all important – and they all deserve to benefit as a result."

A letter announcing the loyalty bonus was mailed out to members Jan. 14. The bonuses will be deposited to member accounts on Monday, Jan. 28.

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