Dover Federal Credit Union is headquartered in Dover and is the 2nd largest credit union in the state of Delaware. It is also the 590th largest credit union in the nation. It was established in 1958 and as of March of 2020, it had grown to 131 employees and 42,100 members at 8 locations. Dover Federal Credit Union has a B+ health rating.
Field of Membership Restrictions
Membership in Dover Federal Credit Union is open to anyone by joining the Friends of Bombay Hook. Membership is also open to military personnel of the U.S. government with duty location in Delaware, employees of Dover Air Force Base, Bayhealth, Dover Downs and over 400 Business Partners.
See current membership details
New Customer
Was a breeze to open. Only drawback was you have to join Bombay for a one time donation of $15 since out of state. Worth it for the 3.25% return on you money. Just run 12 debits a month pin or non-pin with no dollar limit and elect E statements. Did application online the night before and next day I was set. They give 1st month interest free since you wait 7-14 days for your debit card. Will keep you posted of any problems.
Great Customer service and great prices.
I really like this credit union. They have great customer service, I am always able to reach someone on the phone instead of having to go through 15 minutes of automated messages just to reach customer service. Their checking has no monthly fees. They only require 5 dollars to open a savings. There are a few things that bother me though. You can't deposit cash on the weekends after noon. Also, their direct deposits sometimes don't come through on fridays and not at all on the weekends. Their website is easy to use but doesn't have a whole lot of features like some other credit unions. They have a somewhat lower overdraft fee than most credit unions. They have low atms fees and most atms are free. Overall I think this is a great option, just a few minor issues.
Good Customer Service
This credit union has great employees that are always willing to help you, even if you have multiple questions regarding your accounts, and do a good job of keeping the line moving quickly. There is never a long wait when contacting them by telephone. The minimums for saving and checking are very low and just one reason a credit union is better than a traditional bank. They don't hesitate to contact you to ensure that any out of the ordinary activity is yours. They have proactively contacted me multiple times regarding unusual transactions and have stopped a transaction that wasn't mine, which I was very thankful for. Adding a checking account after having a savings account with them was pleasant, simple and done within 10 minutes.
Terrible Expereince
Tried to open a checking acct online and after applying the process said a cust service rep would contact me in 24-48 hrs. 3 days later still no contact, tried to call and kept getting a BUSY SIGNAL, finally got through and was placed on hold as the 37th customer in the que! I sent them a message to cancel my app as I already had enough of this joke of a credit union before I ever actually opened an account.
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 12443 |
| Year Chartered | 1958 |
| Employees | 131 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.09% |
| Return on Equity - YTD | 1.06% |
| Annual Interest Income | $4.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $512.5MM$462.6MM |
| Loans | Q1 2020vs Q1 2019 | $345.1MM$289.1MM |
| Deposits | Q1 2020vs Q1 2019 | $467.7MM$430.7MM |
| Equity Capital | Q1 2020vs Q1 2019 | $41.3MM$38.2MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $3.7MM$4.7MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $2.7MM$2.9MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $53.00K$0 |