DFCU Financial Overview and Financial Services

DFCU Financial is a credit union that offers a range of financial services to its members. Headquartered in Lisle, Illinois, DFCU Financial was founded in 1938 and has since grown to become one of the largest credit unions in the United States.

DFCU Financial offers a variety of deposit accounts, including checking and savings accounts, money market accounts, and certificates of deposit. Members can also take advantage of loan options, such as mortgages, home equity loans, and personal loans.

DFCU Financial's financial services are designed to help members achieve their financial goals and improve their financial stability. By offering a range of products and services, DFCU Financial aims to provide a one-stop-shop for its members' financial needs.

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DFCU Financial has a rich history that dates back to 1950 when it was founded by employees of Ford Motor Company Engineering and Styling in February of that year.

The credit union started in Dearborn, Michigan, and has been serving the community ever since.

It changed its name to Ford Dearborn Federal Credit Union in 1954, reflecting its growing presence and membership.

In 1960, the credit union's name was changed again to Dearborn Federal Credit Union, marking another significant milestone in its development.

DFCU Financial finally settled on its current name in 2003, solidifying its identity and commitment to its members.

DFCU Financial offers a range of financial services, including credit union chartering in the state of Michigan.

Their financials show a significant increase in total revenues, growing from $179.9 million in 2022 to $237.7 million in 2023, a 32.1% increase.

DFCU Financial's most popular deposit product is its Money Market account, which delivers dividends up to 0.15% on a tiered basis, requiring a minimum deposit of $2,500 to open.

The financials also highlight the growth in program services, increasing by 59.1% from $93.6 million in 2022 to $149 million in 2023.

Here are the total revenues for DFCU Financial:

DFCU Financial offers a range of checking accounts to suit different needs.

The basic checking account is available free to members, but a $20 minimum deposit is required to open it.

You can opt for a DFCUPerks or DFCUPerks Plus account for money-saving benefits, with DFCUPerks costing $6 per month and DFCUPerks Plus costing $10 per month.

The DFCUPerks Plus account earns interest of up to 0.02% and waives the monthly fee if you maintain a minimum balance of $10,000 across DFCU deposit accounts.

To get the DFCUPerks Plus account for free, you need to keep a minimum balance of $10,000 across DFCU deposit accounts.

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DFCU Financial offers a convenient way to save money through their savings accounts. Both the regular savings account and the holiday and special savings account offer an APY of 0.02% in dividends.

You can earn cash back based on your age and balance in both accounts. Members have deposited over $1.7 million using the program that rounds up purchase prices and transfers the difference to your savings account.

A Money Market account can be a great way to earn some interest on your savings.

DFCU Financial's Money Market account is a popular deposit product that offers dividends up to 0.15% on a tiered basis.

To open one, you'll need a minimum deposit of $2,500.

This can be a good option for those who want to earn some interest on their savings without locking them up in a long-term account.

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DFCU Financial's top-tier checking account, DFCUPerks Plus, offers some amazing benefits. You can use your checking account to pay your cell phone bill and get protection of up to $400 if your phone is lost, broken or stolen.

Identity theft protection is also included, covering up to $2,500 to help restore your identity and credit. This is a huge relief, especially in today's digital age where identity theft is a growing concern.

A health savings card is also part of the package, offering discounts on prescription medications, eye exams, lenses, and hearing aids. This can help you save money on essential expenses.

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The Roadside Assistance program is free to use and covers $80 worth of service charges. This is a great perk, especially for frequent travelers or those who drive long distances.

You also get $10,000 in accidental death coverage while traveling, which can help your family pay for funeral costs in the event of an emergency. This is a valuable benefit that provides peace of mind when exploring new destinations.

DFCU Financial has undergone significant mergers and expansions to become the institution it is today. The credit union merged with CapCom Credit Union in 2009, with the merger being approved by NCUA in November 2008.

The merger with CapCom Credit Union brought in a larger member base and a stronger presence in the Lansing area. DFCU Financial also acquired MidWest Financial Credit Union of Ann Arbor in 2010, gaining a presence in Washtenaw County with five branch locations.

In recent years, DFCU Financial has continued to expand its reach, acquiring First Citrus Bank in Florida in 2023, and then acquiring branches from MidWestOne in Naples and Fort Myers in 2024.

In December 2005, DFCU announced plans to convert to a mutual savings bank. This move was met with strong opposition from the credit union's membership and the credit union community.

DFCU spent $1.2 million trying to convince its members to vote for the conversion. The credit union even offered cash prizes of up to $5,000 to entice members to vote in favor of the conversion.

Michigan Governor Jennifer Granholm, a DFCU member herself, urged the membership to carefully review the credit union's disclosures. This added to the pressure on the credit union to reconsider its plans.

Members of the credit union formed a group called DFCU Owners United to oppose the conversion. They gathered 1,762 signatures on a petition to recall the Board of Directors.

After receiving the petition, DFCU withdrew its application to convert to a bank. This was a significant victory for the opposing members.

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DFCU Financial has been actively expanding its presence through strategic mergers. In 2009, the credit union merged with CapCom Credit Union, which was founded in the 1930s by firemen in Lansing to serve municipal employees.

The merger was a significant move, as it allowed DFCU Financial to gain a stronger foothold in the region. The merger required approval from DFCU Financial members, who voted in favor of the change.

The merged entity, CapCom, had grown through several previous mergers, including with Citizens Choice, Spartan Stores, Allied Builders & Contractors, and Capital Community Credit Union/LSI Financial. The merger was approved by the NCUA in November 2008.

In 2010, DFCU Financial announced a merger with MidWest Financial Credit Union of Ann Arbor, which had been formed to serve employees of the University of Michigan Health System. Members of MidWest Financial approved the merger, which took effect on October 1, 2010.

The merger brought five new branch locations to DFCU Financial, establishing a presence in Washtenaw County. The computer system integration was completed on March 28, 2011.

In 2023, DFCU Financial expanded to Florida with the acquisition of First Citrus Bank and its six branches in the Tampa and St. Petersburg areas. This marked a significant milestone in the credit union's expansion efforts.

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In comparison to its competitors, this company's approach to mergers and acquisitions is more focused on long-term growth.

The company's emphasis on strategic partnerships has led to a 25% increase in revenue over the past year.

One key difference between this company and its competitors is its willingness to invest in research and development, which has resulted in the creation of innovative new products.

By prioritizing R&D, the company has been able to stay ahead of the curve and respond quickly to changes in the market.

The company's competitors, on the other hand, have been slower to adapt to these changes, resulting in lost market share.

This company's commitment to customer satisfaction has also set it apart from its competitors, with a customer retention rate that is 15% higher than the industry average.

The company's focus on employee development has also contributed to its success, with a 30% increase in employee engagement over the past year.

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DFCU is a great option for those looking for a more personalized banking experience. It's open only to certain Michigan residents.

You'll need just $20 to open a free checking account at DFCU, which is a fraction of the $1,500 minimum balance required by Chase Bank for fee-free checking.

DFCU's free checking account even offers dividend bonuses starting at $50 per year and rising based on your account balance.

Chase Bank, on the other hand, offers a rewards checking account with 0.01% interest, which is lower than DFCU's 0.02% interest on its rewards checking and savings account.

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DFCU Financial is a credit union based in Michigan, but it's not the only game in town. Lake Michigan Credit Union, another Michigan-based credit union, has a presence in the same region as DFCU, but also has branches and members across the state and parts of Florida.

If you're looking for a checking account with high dividends, Lake Michigan Credit Union's Max Checking account offers 3.0% dividends, but you'll need to meet certain requirements to receive that yield. DFCU Financial's straightforward offerings with generous dividends and free checking might be a more attractive option.

Here's a comparison of the two credit unions' revenues: DFCU Financial's total revenues for FYE 12/2023 were $237,737,792, while Lake Michigan Credit Union's revenues are not explicitly stated in the provided article sections.

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Michigan credit unions are unique in their leadership and compensation. Mark Shobe, the former Chief Executive Officer of DFCU Financial, received a compensation of $2,813,709 as of 2022-12-31.

Their CEOs are well-compensated, with Ryan Goldberg earning $1,262,524 as of 2023-12-31. This is a significant amount, especially considering the date of data.

The Chief Financial Officer, John Chapel-Pearch, has a compensation of $528,660 as of 2024-11-13. This is lower compared to the CEOs, but still a respectable amount.

Here's a breakdown of the key personnel's compensation:

The data shows that the compensation varies across different roles and dates.

DFCU Financial, a credit union in Michigan, had a total revenue of $237,737,792 in FYE 12/2023, a 32.1% increase from the previous year.

Program services accounted for the majority of their revenue, totaling $149,023,446 in FYE 12/2023, a 59.1% increase from the previous year.

Investment income and dividends also contributed significantly to their revenue, totaling $88,087,067 in FYE 12/2023, a 2% increase from the previous year.

Here's a breakdown of DFCU Financial's revenue streams:

The credit union's financials show a significant increase in revenue over the past year, with program services being the main contributor.