Greensboro, N.C. (December 13, 2024) – Vizo Financial is giving back over $4.1 million to capital members in the form of a service usage credit and a higher rate on the Perpetual Contributed Capital (PCC) account in December.
“As 2024 draws to a close, I would like to take a moment to thank all our PCC members for their support and dedication to the Corporate over the past year,” said Fred Eisel, Vizo Financial’s president/CEO. “Therefore, we wish to share our financial success with those who have supported us most with these generous givebacks.”
This giveback is comprised of two components. First, Vizo Financial will be paying a bonus rate to all PCC accounts in December. Second, the Corporate is giving an additional credit to our PCC and Non-Perpetual Capital Account (NCA) members based on how many products and services the credit union uses between Vizo Financial and their payments CUSO, MY CU Services, through the Member Incentive Credit (MIC) program.
The MIC program, which first launched in 2023, allows Vizo Financial to distribute a portion of earnings to each capital member based on their usage of key services. The more key services used, the larger the dividend. Distributions are issued annually based on financial performance and with board approval.
This year, capital members that utilized five to seven eligible services will receive a credit of 75 percent of their annual billings, and capital members that used one to four eligible services will receive a 37.5 percent credit of their annual billings from October 2023 through September 2024.
In total, Vizo Financial's MIC program will award over $3.8 million, along with the increased bonus rate on PCC, for an overall distribution of over $4.1 million to PCC and NCA members.
“On behalf of the entire staff and board of Vizo Financial, I want to extend our appreciation to our members for their business, trust and ongoing support of the Corporate,” said Eisel.
About Vizo Financial Corporate Credit Union
Vizo Financial Corporate Credit Union is a cooperative built by credit unions. We’re a state-charted corporate credit union and a provider of back-office solutions in the areas of money management, payments, core processing and education. We’re a forward-thinking organization that places a strong emphasis on innovation, strategy and building connections. But, even more than that, we’re allies for the CUSOs, leagues, chapters and 1,000+ credit unions that we serve. Our mission is to help drive credit union success through proven EXCELLENCE, unmatched EXPERTISE and engaged PARTNERSHIPS. Discover more at www.vfccu.org.