DFCU Financial is headquartered in Dearborn and is the 3rd largest credit union in the state of Michigan. It is also the 54th largest credit union in the nation. It was established in 1936 and as of December of 2022, it had grown to 398 employees and 232,449 members at 34 locations. DFCU Financial's CD rates are 4X the national average, and it has a B+ 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 or in a six-county region around Tampa Bay, Florida.
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.
Cowardly Reps Who Can't Admit Error!
3/23/23
I spoke with Mary in Credit Adjustment about a problem with my mortgage payment. She gave me several pieces of incorrect information about my account and DFCU policies in general. I called back and spoke to someone and got completely different (but accurate) information. When I called again to try to tell Mary what she had gotten wrong, she wouldn't take my call and told someone to transfer me to her voicemail. This tells me SHE KNEW SHE WAS WRONG!
Sierra was really nice and patient and placed me on hold several times to get me the correct information. But Mary? She's apparently a know-nothing hack who doesn't know what she's talking about. Not to mention a coward who didn't want to be called out on the erroneous "information" that she provided.
Not Fair To Loyal Customers
I have been with this credit union for 30 plus years. They have a reputation for not giving African American loans, Personal loans home loans etc. I have direct deposit. I have been on my job for 30 plus years. I requested a $3000 personal loan, and they turned me down. I will be changing my banking information to another credit union. Due to lack of respect from this one. please do not bank at this credit union something just doesn't smell right.
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 61844 |
| Year Chartered | 1936 |
| Employees | 398 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.81% |
| Return on Equity - YTD | 21.03% |
| Annual Interest Income | $119.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $6.00B$6.46B |
| Loans | Q4 2022vs Q4 2021 | $1.05B$907.0MM |
| Deposits | Q4 2022vs Q4 2021 | $5.68B$5.64B |
| Equity Capital | Q4 2022vs Q4 2021 | $233.1MM$741.9MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $5.6MM$5.5MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $1.3MM$1.2MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$53.00K |
