The strategy is simple: “Charge less, give more.”

That is the message Tyndall Federal Credit Union Board Chairwoman Frances Martin recently brought to the Credit Union National Association Board Roundtable in Chicago.

Tyndall, a 67-year-old credit union based in Panama City, Florida, 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 $62,000,000. They are giving back $22,000,000 in 2023 alone.

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 at their peer (Source Callahan & Associates).

“Credit Unions were created in 1934 to help everyday people save money and facilitate their lives,” Martin said. “And Tyndall is a low-income designated credit union, 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?’”

Tyndall’s board is highly focused on creating and sustaining meaningful value for its membership. Tyndall has continued to leverage its tax benefit and co-operative structure, while at the same time keeping member fees and operating costs low. These measures help drive the CU’s profit sharing givebacks.

“Credit unions are not-for-profit organizations, but that doesn’t mean we don’t make a profit,” said Jim Warren, chief executive officer at Tyndall. “It’s what we do with that profit that matters.”

The Tyndall Giveback is awarded based on member activities like using direct deposit or electronic services such as online banking. The more goals the member achieves, the larger the giveback.

“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/Giveback.