California credit union to give back $18 million to members statewide

A California credit union says it will give back $18 million to more than 500,000 of its members statewide.

Sacramento-based Golden 1 Credit Union says it’s had several successful years and the giveback is a token of thanks for its members.

The Sacramento Bee reported Monday that eligible members will receive anywhere from $5 up to $1,000 per consumer loan account or savings account.

The non-profit credit union says distributions will be deposited directly into members’ accounts on Wednesday. The distributions are calculated as 10 percent of the loan interest paid and 10 percent of interest earned on savings accounts, between January 1 and September 30 this year.

Officials of the California Credit Union League say it could be the largest giveback ever by a credit union in California, if not the country.