DEARBORN, Mich., July 12, 2022 (Newswire.com) - For the fifth year running, Forbes has ranked DFCU Financial as one of Michigan's best credit unions. DFCU is the only CU in Michigan to have won this award all five years since its inception.
Today, there are more than 5,400 credit unions in the U.S. with total annual revenue of $91 billion, according to IBISWorld. Keeping customers for life remains the name of the game for the best credit unions.
To determine these top credit unions in each state, Forbes went directly to members, partnering with market research firm Statista to conduct in-depth interviews of more than 26,000 U.S. citizens from all 50 states on their banking relationships. Based on a 1-100 scale, scores ranged from 74.2 to 93.6, and just 3.4% of credit unions across the country made the cut for the best-in-state rankings. Respondents answered a detailed battery of questions focused on six separate facets of the relationship: Trust, terms & conditions (including reasonable and transparent fees), branch services, digital services, customer service, and financial advice.
"DFCU Financial strives to offer best-in-class service through long-established trust, product knowledge and dedication to our members," said President & CEO Ryan Goldberg, "We're very proud to see our hard work validated with this award. More people are choosing credit unions in general and DFCU specifically for our strong community focus, financial education, and personalized service."
DFCU Financial has built a reputation and brand based on member service and financial expertise and has ranked in the top 10 most efficiently run credit unions in the country for several years running. Since 2001, the $6.5 billion credit union has grown more than 348% in assets and 506% in net income (prior to the cash back dividend to its members).
As a member organization, DFCU shares its success in the form of a Cash Back payout and has reinvested over $330 million in its membership since the program began in 2006. In 2021 alone, the payout to members was more than $36 million—a reward unparalleled in the country.
In the past, credit unions have traditionally been available only to specific groups. DFCU has an open membership, which means anyone living, working, attending school, or worshipping in Michigan's Lower Peninsula is able to join.
A strong community partner, DFCU Financial continually reinvests in its membership with new branches and financial literacy education for all ages. DFCU Financial currently operates 27 full-service branches in Detroit, Ann Arbor, Brighton, Grand Rapids and Lansing. For more information, call 888.336.2700 or visit dfcufinancial.com.
Source: DFCU Financial