GREENSBORO, N.C.–Vizo Financial said it is giving back more than $4.8 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.
“The past year has been a very successful one thanks in large part to our capital members, something we are very grateful for,” President/CEO Fred Eisel said in a statement. “As a token of our gratitude, we’re thrilled to be able to share our financial success with those who have supported us most in the form of these generous givebacks.”
Two Components
According to Vizo Financial, the giveback is comprised of two components.
- Vizo Financial will be paying a bonus rate to all PCC accounts in December.
- The corporate is giving an additional dividend to PCC and Non-Perpetual Capital Account (NCA) members based on how many products and services the credit union uses between Vizo Financial and its payments CUSO, MY CU Services, through the Member Incentive Credit (MIC) program.
About the Program
According to Vizo Financial, the MIC program, which first launched in 2023, allows Vizo Financial to distribute a portion of earnings to each 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,” Vizo Financial said.
The corporate added that this year, capital members that utilized five to seven eligible services will receive a credit of 75% of their annual billings, and capital members that used one to four eligible services will receive a 37.5% credit of their annual billings from October 2024 through September 2025.
The Total Payout
In total, Vizo Financial said its MIC program will award over $3.8 million, along with the increased bonus rate on PCC, for an overall distribution of over $4.8 million to PCC and NCA members.
