DFCU Financial is headquartered in Dearborn and is the 3rd largest credit union in the state of Michigan. It is also the 46th largest credit union in the nation. It was established in 1936 and as of December of 2021, it had grown to 395 employees and 232,424 members at 27 locations. DFCU Financial has an A+ health rating.
Field of Membership Restrictions
Membership in DFCU Financial is open to those who live, work, worship, or attend school in Michigan's Lower Peninsula. Joining The Henry Ford Museum ($60 annual fee) also qualifies for Credit Union membership, but if that option is used, joining DFCU Financial must be done in-branch.
See current membership details
Great experience
I was a member of the credit union for 20 years. I lived in the area and where I worked they had a branch onsite so it could not have been easier to do my banking when needed at a branch office. I liked the feeling that it was not a faceless corporation in attitude, even though you know overall, they are businesses and need to make a profit to stay afloat. I found their fees and minimum balance requirements to be more reasonable than a bank. I liked that they were member owned, it felt like they looked out more for the members instead of just the bottom line. I never had a serious issue in my 20 years with them. My only problem at times would be the fact that since they were smaller than a large bank, finding a fee free ATM could be a challenge but I did find some close to my house. It just meant you needed to plan ahead a little bit more if you wanted to go out and have cash with you to avoid the transaction fees. I would still be a customer of theirs if I lived in the area. I had to move out of the area, so it just wasn't a good option for me anymore since I could not get to an ATM or branch office easily. I would recommend using this credit union as I am sure that since the time I have been a customer, they have only improved on their services.
Don't choose banks, choose a credit union
I've been with this credit union for at least 5 years now. I love the amount of services this credit union provides. Also, since this is not a bank owned by shareholders, we, as members, get a dividend at the end of the year: $50 minimum and more if you have more interactions with them (i.e. mortgages, loans, etc). The customer service reps have always been helpful and the tellers are quick and accurate with the transactions. ATMs are 24/7, making it very convenient for me to get cash after the lobby/office closes. Loan rates and fees are much better than banks, I don't know why anyone would choose a privately owned bank over a credit union.
A former member's opinion
When I lived in Michigan, I was a member of the Dearborn Federal Credit Union, and I was satisfied with my banking needs. They were a decent group and would employ profits sharing annually to all of their members. I was disappointed with their online site, and the difficulty in getting to their customer service. Their limited number of branches and ATMs made withdrawing cash without fees, or having to purchase something I didn't need to get cashback, difficult. I am no longer a member.
Other Places Are Better!!!
I would not recommend DFCU. They charge you $32.00 NSF fee's for stuff that has not even hit your account that you can see on your end. Then when you call the customer service line they get snotty with you. The lady told my husband "Sir I can tell you just don't want to pay the NSF fee's" No, not when we did nothing wrong and nothing in our online account shows that we deserved these fee's. They are crooks.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 61844 |
| Year Chartered | 1936 |
| Employees | 395 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.01% |
| Return on Equity - YTD | 8.7% |
| Annual Interest Income | $106.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $6.46B$5.82B |
| Loans | Q4 2021vs Q4 2020 | $907.0MM$906.5MM |
| Deposits | Q4 2021vs Q4 2020 | $5.64B$4.93B |
| Equity Capital | Q4 2021vs Q4 2020 | $741.9MM$808.5MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $5.5MM$11.3MM |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $1.2MM$2.0MM |
| Real Estate Owned | Q4 2021vs Q4 2020 | $53.00K$73.00K |
