Downey Federal Credit Union
Updated: May 4, 2021
This article details everything you need to know about Downey Federal Credit Union (DFCU) including:
Brief Summary of Downey Credit Union:
Downey Credit Union was founded in 1957 by 8 Downey Union High School District Employees and it is based in Downey, California. Downey Credit Union is federally insured by the National Credit Union Administration (NCUA) as well as federally chartered with a mission to, “offer a full spectrum of low-cost, secure financial products and services to our valued members, in an environment of personalized and friendly service.”
This credit union receives an A+ rating for financial health with 2.75 Mill in Assets, 10.69 Net Worth Ratio, Over 114.5 Mill in total outstanding loans. With all of these interesting financial statistics, DowneyFCU is considered a well capitalized financial institution.
See How and Why Switching Can Save you Money:
Credit Unions Normally have great low-rate loans for their members due to the not for profit status. In order to make that point, let’s examine consumer loans for the “average american” versus loan products issued by the Credit Union for three credit score types with a variety of loan categories.
Average Savings for Consumer with 720+ FICO Score
Average Savings for Consumer with 680 FICO Score
Average Savings for Consumer with 640 FICO Score
Average Savings for Consumer with 600 FICO Score
Average Savings for Consumer with 580 and below FICO Score
(Used: 2016-2019), Personal Loans up to $250,000
Who is Eligible to Join Downey Credit Union?
Downey Credit Union is what’s known as a community credit union, meaning you are eligible to become a member of DFCU branch location if you live, work, worship or go to school in the following Los Angeles or Orange County cities:
Santa Fe Springs
*Immediate family members of current members of DFCU are also eligible to join.
In order to join - potential applications must:
Show valid form of ID
Anyone under 21 needs to show their social security card
Downey Federal Credit Union claims to accept the following forms of identification:
Individual Taxpayer Identification Number
Consular Identification Card
In Depth Look at Downey Credit Union:
DFCU serves 17,964 members currently, making it larger than 64% of other credit unions in the United States. It is the 111th largest Credit union by Size in California and 972nd largest credit union in the U.S. DFCU is interesting because they have $0 in real estate, but receive 45% APY and 40% APY in Summer Survival Savings Accounts and IRA Shares, respectively.
DFCU offers a variety of services even extending to low-rate first mortgages, and HELOCs, as well as Payday Assistance Loans (PAL)
When taking a look at DFCU fees, it is important to keep in mind that some credit unions often charge more fees than banks. Downey fees include various fees, such as overdraft fees, ATM fees, debit and credit card fees, inactivity or dormant account fees, and more. The average fee per member at the Downey Credit Union is $66. This amount is 64% higher than the average when compared to most credit unions.
Insurance for Members
Downey protects its members through minimum insurance on deposits. More specifically, Downey Federal Credit Union is federally insured through NCUSIF (The National Credit Union Share Insurance Fund). Created by Congress in 1970, this fund insures members’ deposits in federal credit unions and insures a minimum amount of $250,000 on deposits made by credit union members.
Downey Credit Union runs all services using the following technology:
Google Analytics, Microsoft PowerPoint, Office 365, Adobe Photoshop
DFCU has also used this technology to create a mobile app to make online banking easy and accessible. Click here for instructions on how to download and use DFCU online banking services.
DFCU has been known for providing members with a rewarding experience as they give back to local charities. For example, Downey Credit Union’s website claims that:
“In 2019, we gifted approximately $22,000 back to the communities we serve in the form of special school programs, student loans scholarships, and Student Enrichment Grants; support for local non-profit organizations such as Stay Gallery, TLC, The Arc, G.O.O.D, and SEAACA; and also, the backing of local entities, like the YMCA, local Police and Fire Departments, the Downey Chamber of Commerce and more. Lastly, $5 of our $7 one-time membership fee continues to be donated to one of three local charities, which resulted in donations in the amount of $8,043.00 in 2018.”
You can contact DFCU online at their website www.downeyfcu.org or by phone at 562.862.8141 to access mobile banking services as well as 24/7 telephone banking services. For an in-person visit and ATM services, Downey Credit Union currently only has 1 branch located at:
8237 3rd St
Downey, California 90241
The History of Downy Credit Union
1957: DFCU founded by 8 district employees working at Downey Union High School
1974: Merger with Downey Community Hospital Federal Credit Union
2000: Downey Credit Union is established as a federal charter
Over the years, Downey Credit union has underwent various name changes from its original name, Downey School Employees Federal Credit Union, to Downey Schools FCU, to the current title of Downey Federal Credit Union (DFCU)
Are you interested in saving money by choosing the right credit union and field of membership? You can also save big on refinancing your car loan.
WithClutch.com is a fully digital platform that lets new car owners like you lower their car payments from the comfort of their own home. No need to set a foot in a bank or credit union during the pandemic. You can lower your rate or get cash in as little as 20 seconds.
Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.