DEARBORN, Mich., August 2019—In a recent survey by Forbes to identify the best-in-state financial institutions, DFCU Financial ranked number one in the state of Michigan. Companies were awarded best-in-state designation based on the number of responses in each state. You can see the entire article, as well as the methodology, here
Consumers were asked 20 questions about their past and current financial relationships. Companies were rated on overall recommendations, satisfaction, trust, terms and conditions, branch services, digital services and financial advice. Overall, 184 credit unions and 146 banks qualified, or 3.1% of the total number of U.S. financial institutions.
Americans generally gave their banking institutions good reviews on satisfaction with scores of 4.2 on average on a scale of one to five. However, credit unions surpassed banks with an average of 4.5. Currently, there are more than 5,000 credit unions with 117 million members across the U.S.
According to Forbes, rock-bottom interest rates on checking and savings accounts over the last 10 years have forced financial institutions to step up services and amenities to attract and retain customers.
“Because DFCU Financial always strives to offer best-in-class service through established trust, product knowledge and dedication to our members, we’re very proud to see our work validated,” said President & CEO Mark Shobe. “More and 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 customer 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 $4.6 billion credit union has grown more than 280 percent in assets and 475 percent in net income.
As a member organization, DFCU shares its success in the form of a Cash Back payout and has reinvested nearly $300 million in its membership since the program began in 2006.
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.
DFCU Financial issues to its clients the largest cash reward of any credit union, with more than $262 million issued since 2006. 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 30 full-service branches in Detroit, Ann Arbor, Brighton, Grand Rapids and Lansing. For more information, call 888.336.2700 or visit dfcufinancial.com.