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California Credit Union Members Getting $18 Million Giveback Gift

SACRAMENTO (AP) — A Sacramento-based credit union  has announced that it plans to give back $18 million to more than 500,000 of its members in California.

The Golden 1 Credit Union - which operates extensively in the Central Valley but also has branches in the Bay Area - says it's had several successful years and the giveback is a token of thanks for its members.

Eligible account holders will receive anywhere from $5 up to $1,000 per consumer loan account or savings account, according to the company website.

The non-profit says distributions will appear 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.

The company has created a frequently asked questions section to help account holders navigate the giveback.

Officials of the California Credit Union League tell the The Sacramento Bee that the program could be the largest giveback ever by a credit union in California, if not the country.

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