*Note: Determining the field of membership (FOM) for a credit union is usually a straightforward process, but based on the comments below from many DA readers, Dover Federal’s FOM is not clear cut. If you join Dover Federal, any pertinent information about the FOM you can share would be greatly appreciated.
Since 1948, International Credit Union Day has been celebrated on the third Thursday of October. Dover Federal Credit Union (Dover Federal) has chosen to “Celebrate the Dover Federal Difference” during International Credit Union Week (October 17-22) by offering a 5-year Term Share Certificate (2.50% APY). The minimum opening deposit for this limit-time offering is $500, with a maximum deposit of $25k.
As stated on Dover Federal’s Truth In Savings page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year:
The penalty we may impose will equal 180 days dividends.
Many thanks to DA reader, NYCDoug, for his timely Forum post about this deal.
Headquartered in the capital of Delaware, Dover Federal Credit Union’s field of membership is wide and varied.
Military and Uniformed Services: Military personnel of the U.S. Government with duty locations in Delaware, and civilian employees of the U.S. Government working in Kent or Sussex Counties are eligible to join.
Employment: Employees of Bayhealth and Dover Downs (all locations), and employees or members of more than 400 Dover Federal’s Business Partners qualify for membership.
Family Relationship: Immediate family or household members of eligible individuals also qualify for membership.
Easy Membership: Delaware residents who join the Friends of Bombay Hook (a non-profit working in conjunction with Bombay Hook National Wildlife Refuge) qualify for membership in Dover Federal. The Credit Union will pay the membership fee.
Complete details on membership eligibility can be found on Dover FCU’s "Join Now"page.
Note: I wrote about a 2-day Share Certificate offering in a June 2015 blog post, and the comments of some DA readers pointed out the difficulty of joining Dover Federal and funding the Share Certificate in a short period of time.
Credit Union Overview
Dover Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 12.00% (above average), based on June 30, 2015 data. In the past year, Dover Federal has increased its total deposits by $22.64 million, an excellent annual growth rate of 6.02%. Please refer to our financial overview of Dover Federal Credit Union for more details.
Dover Federal Credit Union was first chartered in 1958 by a group of Air Force and civilian workers at Dover Air Force Base. Today, Dover FCU is Delaware’s largest credit union, with over 46,500 members and assets in excess of $445 million.
How the Share Certificate Compares
When compared to the 190 similar length of term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Delaware residents, Dover Federal Credit Union’s 5-year Term Share Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.50% APY||5-Year Term Share Certificate ($25k max)||Dover Federal Credit Union|
|2.30% APY||60-Month CD (no max)||Mountain America Credit Union|
|2.28% APY||5-Year Share Certificate (no max)||Garden Savings Federal Credit Union|
The above rates are accurate as of 10/13/2015.