Credit Union News

CREDIT UNION GIVES MORE THAN $4 MILLION TO SOUTH CENTRAL TEXANS THROUGH DEBIT CARD PROGRAM

LIVE OAK, Texas – During these troubled economic times, Randolph-Brooks Federal Credit Union (RBFCU) is doing its part to stimulate the local economy, giving away more than $4 million to members beginning February 8.

As part of its cash back checking program, RBFCU will distribute $4.2 million to members who used their debit cards to make a purchase during 2009. Each purchase earned the members ten cents and checks are being mailed this week, mostly to members in the south central Texas area.

"While other financial institutions are struggling or adding fees, RBFCU is giving money back to its members," said Chris O'Connor, senior vice president for RBFCU. "Members eagerly look forward to this tangible reward for using our credit union and then use their reward dollars to stimulate local economy."

With this card, members have no minimum balance obligations and pay no interest or fees; and, for each debit card transaction, they receive 10 cents cash back. The rewards are given directly to the member in cash, rather than being redeemable in points or miles.

Almost 150,000 RBFCU members will receive a cash back payment for their 2009 purchases; Rigo Nava, a resident of the greater Austin area will receive more than $140 as his cash back reward. "It's the easiest money I ever earned," said Nava. "I use my Freedom Check Card for everything: shopping, buying concert tickets, going to the movies. I'm already up to $14 for 2010 and it;s only the beginning of February."

RBFCU gave more than $60 million back to members this year in the form of dividends, debit card rewards and MasterCard rewards.

About Randolph-Brooks Federal Credit Union

Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial institution whose mission is to improve members' economic well-being and quality of life. With assets exceeding $3.3 billion, Randolph-Brooks serves more than 300,000 members from 34 branch locations throughout South Central Texas.