DFCU Financial is headquartered in Dearborn and is the 3rd largest credit union in the state of Michigan. It is also the 45th largest credit union in the nation. It was established in 1936 and as of March of 2021, it had grown to 395 employees and 231,668 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.
DFCU BEWARE!!!
BEWARE--THEY ARE NOT A GOOD Company (I wish I could give them less than 1 star). I have banked with this Company since they took over from U of M Credit Union over 10 plus years. Last month they put a $1400 deposit that I made in someone else's account. 18 days later I found the error and called to see why my bank was low - it took me over 2 hours to get through, then I was shuffled to 2 other people who could not help. They informed me they would call me back after they investigated the situation they did not. When they discovered their after after I found it they deposited it back to my account over 19 days later. They would not compensate me in anyway for my time. I also asked for a formal letter of apology and they refused to give me one, saying that they already apologized on the phone. DO NOT Trust your hard earned money to this bank. These people are incompetent their excuse was they have allot of new tellers?? No one deserves this treatment. I will be withdrawing ALL of my money from this horrible institution. Yeah mistakes happen but this is the third mistake they have made the other had to do with not depositing the right amount of money in my accounts, etc... If you make a mistake take accountability for it provide remuneration - if I borrow or took money from they you can better believe they would put interest on it. SHAME on you DFCU!!!!
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 61844 |
| Year Chartered | 1936 |
| Employees | 395 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.58% |
| Return on Equity - YTD | 12.01% |
| Annual Interest Income | $29.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $6.13B$5.15B |
| Loans | Q1 2021vs Q1 2020 | $882.8MM$990.5MM |
| Deposits | Q1 2021vs Q1 2020 | $5.30B$4.33B |
| Equity Capital | Q1 2021vs Q1 2020 | $787.2MM$776.3MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $11.1MM$7.9MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $1.2MM$2.7MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $73.00K$633.00K |
