PANAMA CITY, Fla.--(BUSINESS WIRE)--The strategy is simple: “Charge less, Give more.”
Tyndall Federal Credit Union, a 67-year-old credit union based in Panama City, has shared more profits with its members over the last 5 years than any other credit union in the country, a total of more than $62 million. They have given back more than $22 million in 2023 alone.
The latest Profit-Share Giveback Deposits were made in members’ accounts today, more than 20 million.
During this time of economic uncertainty, Tyndall has eliminated many of its most common member fees and now charges $28 per member per year vs. $78 per peer group. Source: Callahan & Associates
“Credit Unions were created to help everyday people save money and facilitate their lives,” said Frances Martin, the chair of Tyndall’s board of directors. “Which means our first thought should always be, ‘How can we help our members keep money in their pocket and build the life they want?’”
The Tyndall Giveback was awarded based on 6 member activities from using electronic services such as online banking, bill pay, direct deposit, card usage, and having a loan or checking account. The more goals the member achieved, the larger the Giveback they received.
Each member had the potential to receive up to $700 this year. Tyndall deposited over 270,000 Giveback deposits to more than 82,000 member accounts ranging from $70 to $780 with an average member profit-share Giveback of $250.
“It feels good,” said Hope Patterson, a Tyndall member since childhood. “The Giveback comes when we need it, at the end of the year, Christmas. They say it pays to be with Tyndall and that's the case.”
Frances Martin, Tyndall’s Chairwoman, says giving is Tyndall’s mission.
“I think about that single mom. I think about the young family. I think about those retirees,” Martin said. “And it’s obvious. They have trusted us with their money. Honoring them with this Giveback is the least we can do.”
Learn more about the Tyndall Giveback at Tyndall.org/Grateful.
About Tyndall Federal Credit Union
Tyndall Federal Credit Union was founded in 1956 to help its members reach their financial goals. Its first office was on Tyndall Air Force Base in Panama City, Florida, but today Tyndall serves more than 112,000 members from all walks of life.
