The Credit Union Difference Part 2: What’s in a Membership?

As a member of DoverPhila Federal Credit Union, you are uniquely positioned to manage your finances and watch your money grow on the best possible terms. Like the member of an elite club, you are entitled to exclusive privileges and individualized service, courtesy of your credit union. Let’s take a quick look at some of the benefits you can enjoy as a member of DoverPhila. 

Highly personalized service 
Credit unions are well known for the highly personalized and attentive service they provide to members. A 2017 American Customer Satisfaction Index Finance and Insurance Report found that members rate credit unions with better service than banks, scoring an average of 82 out of 100. It’s part of what makes credit unions unique. 

When you step through the door of DoverPhila Federal Credit Union, you know you’ll always be welcomed by familiar faces, warm smiles and friendly greetings. There are no aloof tellers who don’t know you or your financial situation—just our helpful service representatives who treat you like family. No matter your age or stage, our staff is happy to guide you through any monetary challenge and assist you in reaching your financial goals. 

At the credit union, our outstanding member service means we’re personally invested in your financial well-being and only want to see your success. To that end, we’ll grant you a loan quicker than most big banks. We also partner with area organizations to host financial literacy programs for our members and the larger community throughout the year, enabling you to broaden your money knowledge and to learn how to make smarter financial choices. 

Increased value for your money 
As a not-for-profit cooperative, your credit union is proud to provide savings to you in the form of low or no account fees, better loan terms, and higher dividend payments on your savings. 

According to a report by the Credit Union National Association (CUNA) that studied credit unions in New York from March of 2017 through March of 2018, credit unions provided average financial benefits that were equivalent to $85 per member and $178 per household. Another 2018 study performed by Bankrate found that 84 percent of the nation’s 50 largest credit unions offered their members checking accounts with no monthly maintenance fee – something members also receive at DoverPhila.

Your credit union doesn’t have to answer to outside investors. This enables us to be more attuned to your needs without worrying about increasing our own worth. Our not-for-profit status frees us to offer you optimal terms on share certificates, savings accounts, and more. It’s more money in your pocket just for being a member of DoverPhila Federal Credit Union.

A voice in how the credit union operates
As mentioned, your credit union does not need to answer to stockholders. Instead, DoverPhila is member-owned, operating with only your best interests in mind. 

As a full-fledged member of DoverPhila Federal Credit Union, you have a voice in how your credit union runs. You are invited to cast your ballot in our annual elections in which we vote on a volunteer board of directors. The board is then charged with oversight of the credit union and forming all official decisions regarding the way the credit union operates. Our board is comprised of members of the credit union, just like you. This means the decisions they make will always be advantageous to our membership and to the general community instead of trying to pander to outside stockholders. We’re all about doing what’s best for our members. 

A chance to give back to the community
We’re strong believers in giving back to the community. We support many community initiatives and organizations, and we are committed to making decisions that benefit the entire community. When you choose DoverPhila, you’re choosing to give back to the community, too. 

As a member of the credit union, you are entitled to enjoy all of these benefits and so much more. Whatever your particular needs are, we’re here to help you manage your finances every step of the way. Call, click, or stop by DoverPhila Federal Credit Union today to learn how to make your membership work for you in the best way possible.

The Credit Union Difference Part 1: The History of Credit Unions

As a member of DoverPhila Federal Credit Union, you know credit unions are always striving to serve their members and community in much as possible. We value each member’s input as an equal owner in the credit union, and we offer flexible loan terms, low-cost accounts, and higher dividends to help members achieve and maintain financial wellness. 

This article is the first in a series celebrating the history, contributions, and benefits of credit unions. 

Both credit unions and banks provide consumers with financial services and products, but there are many distinctions between the two. The primary credit union difference lies at its core; Banks are created to generate profit for owners while credit unions are created to provide members with a place to manage their finances at the best possible terms. 

The goal of putting members first is deeply rooted in the history of the credit union movement. 

The first credit union was established in 1864 by Friedrich Raiffeisen in southern Germany. Raiffeisen proposed that all community members pool resources so individuals in need of loans could easily access the necessary funds. Raiffeisen’s idea was well-received, and the first credit union model was soon established. 

In 1909, the credit union movement reached American shores. With Edward Filene serving as its pioneer, the movement gained momentum and continued to grow. In 1920, Edward hired attorney Roy F. Bergengren to assist him in generating the movement’s expansion. Roy created a more systemized concept for the credit union we know today. 

In 1934, President Franklin D. Roosevelt signed the Federal Credit Union Act into law.

Federally chartered credit unions in every state were legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices. 

 In 1970, the public’s confidence in the credit union model grew stronger as the National Credit Union Share Insurance Fund was established. With it, credit union deposits became federally insured much like the FDIC insures bank deposits. 

The credit union movement was growing at its most rapid pace, with credit union assets in America tripling between 1970 and 1979. Then, in 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products to members. 

Today, the credit union movement continues to thrive in the path charted by its predecessors and is backed by the “full faith and credit of the United States Government.” These not-for-profit institutions serve their 103 million+ members by always putting their members’ needs first and helping them achieve their personal goals through sound financial practices and targeted advice.   

Here at DoverPhila Federal Credit Union, we’re proud to be a part of the collective institutions dedicated to the credit union mission. At the core of our values is an unwavering commitment to creating mutual benefits for members and the larger community. To that end, we are always here to help our members and enable them to optimize their savings or manage finances as smoothly as possible. Our innovative banking solutions, low fees, and high dividend rates, along with personalized service, helps members achieve and maintain financial wellness no matter the financial goals they have. As a member-owned institution, our only objective is your satisfaction and your success. 

Credit union history is still in the making. Be a part of it by clicking here or stopping by DoverPhila today to learn about our exceptional financial products and to benefit from our highly personalized service. 

More Reasons to Love Being a Member of DoverPhila

Your credit union membership is about the trust and care of community, built around where you live, work, learn, and play. That’s why we’ve made it so that your DoverPhila Federal Credit Union membership saves you money through exclusive member only offers through our trusted partners. Through Love My Credit Union Rewards, credit union members have saved over $2 billion with offers like:

  •  $100 cash reward with each new line you activate with Sprint. Plus, existing customers earn $100 Annual Loyalty Cash Rewards, and 25% off select accessories in Sprint stores.

  • Credit union membership also saves you up to $15 on TurboTax federal products.

  • We want you feeling as safe at home as you do in our credit union. That’s why you can get an exclusive smoke communicator and a $100 gift card with a new ADT home monitoring security system. Just call 844-703-0123 to get this special offer through the Love My Credit Union Rewards Program.

  • Sometimes accidents happen, but credit union members enjoy special True Savings with TruStage Auto and Home Insurance.

  • Your credit union membership benefits go with you when you shop too! With Love to Shop, get member only cash back rewards from over 1500 online retailers.

Learn all about how your credit union membership gets you all these exclusive savings, and more at DoverPhila Federal Credit Union or LoveMyCreditUnion.org. Check them out and start enjoying credit union member benefits you never knew you had before.

Seven Ways to Spring Clean for Extra Cash

When that first delightful spring breeze starts blowing, you know it’s time to get your house in shape.

The warmer weather and the brilliant sunshine pouring through your windows can fill you with boundless energy. You’re going to banish those dust bunnies! Every piece of useless clutter must go! You are on a mission to turn your home into a sparkling palace that is completely free of junk. But there’s more than just a neat house awaiting you at the end of all that hard work. Here’s how you can spring clean your way to riches – well, almost. You won’t become a millionaire from your junk, but you’ll put some spare cash in your pocket just by taking a few extra steps while clearing out the clutter. And that’s always a good thing! 

Trade in your electronics.
Gather all those old gadgets and devices you no longer use and bring them to your local electronics store. They’ll likely offer you a gift card for your treasures. Some larger chains, like Best Buy, run a retail-collection program to help you responsibly dispose of old electronics, giving you the chance to earn a gift card. 

Get cash at the consignment store.
Your outdated clothing might be someone else’s idea of high fashion. Bring your old clothing to a consignment shop to see what they’re willing to buy from you. You can also search for consignment chains, like Plato’s Closet or Clothes Mentor, or look up online consignment shops like ThredUp, Tradesy or Poshmark.

Trade in your video games.
If you’ve got a serious gamer at home, consider trading in your old games at GameStop. You’ll get store credit while getting rid of that huge pile of video games!  

Sell old books.
Look up local bookstores that buy back books and bring your collection of old books to them in exchange for cash. If you’ve got a stack of textbooks lying around, sell them online on BookFinder, Cash4Books or eCampus. 

Sell your expensive electronics.
If you’ve got older smartphones or laptops that are in decent condition, they should be able to fetch you a pretty penny. Try selling your stuff on Gazelle.com. They offer free shipping, and once your item is officially logged by the company, you’ll get paid via check, gift card, or PayPal. It’s an easier, faster option than selling on Craigslist or e-Bay. 

Get cash for unused gift cards.
Do you have a pile of gift cards you’ll never use? There are loads of sites that offer a gift-card exchange. Though you may not make back the full amount, you’ll usually score a decent offer. 

Try your luck at giftcard.com, giftcardgranny.com, or tradya.com and fatten up your wallet with greenbacks instead of useless cards. 

Donate to charity.
Donating unused clothing, toys or electronics to charity might be the most worthwhile way to get rid of clutter. As an added bonus, donating goods to charity will earn you a tax deduction, so long as you keep your receipt. 

Spring cleaning is a chore that has to be tackled with lots of energy, time, and hard work. With a bit of extra planning, you can earn some cash in return for the work. 

Want more cash-saving tips? As a member of DoverPhila, you qualify for exclusive discounts and benefits on products and services that you use every day through Love My Credit Union Rewards. Credit union members have already saved nearly $2 billion with Love My Credit Union Rewards discounts. So if you are looking for more ways to save, then check out www.lovemycreditunion.org.

DoverPhila Members Receive Exclusive Roadside Assistance Service

Did you know that being a member at DoverPhila Federal Credit Union qualifies you for a roadside assistance program? Through Love My Credit Union Rewards, members are eligible to receive CU Road Pal.

CU Road Pal is a roadside assistance program created exclusively for credit union members and provides unparalleled service and unprecedented value. For less than $1.00 per week an individual can get the safety and security of roadside assistance. A family of four can receive the same service for less than $1.35 per week – a significant savings compared to competitors. Also, CU Road Pal offers a wide range of services and other travel-related benefits to keep you on the road.

From little incidents like being locked out of your vehicle to bigger troubles like needing a tow truck, CU Road Pal helps get you and your family back on the road quickly. Its professional customer service team is just a phone call away and they are ready to assist you 24 hours a day, 7 days a week, 365 days a year.

Call a DoverPhila Federal Credit Union member service representative at 330-364-8874 or visit www.LoveMyCreditUnion.org to learn more.