What is a Credit Union?
Since Credit Unions are not-for-profit organizations, income earned above the cost of operations may be returned to the members in the form of dividends, low interest rates on money borrowed, or invested in additional products or services. Credit unions are made up of people with a common bond - something that draws them together, such as a place of employment, an organization, a church, etc. When someone joins a credit union, they open a share account (savings). It is called a share account because the individual becomes part owner of the credit union.
The credit union idea is a simple one: People should be able to pool their money and make loans to each other. It's an idea that evolved from cooperative activities in 19th century Europe. Since that time, the idea's guiding principles have remained the same: Only people who are credit union members should borrow there, loans are made for prudent and productive purposes, a person's desire to repay (character) is considered more important than the ability to repay. Members are, after all, borrowing their own money and that of their friends. These principles still govern most of the world's credit unions.
Member service is the foundation of the credit union movement. Whether a credit union is providing a loan to help a member cover unexpected medical bills, giving financial counseling to a member whose company closed its doors, or simply offering a better deal on a used car loan, the credit union is making a difference for its members and the community as a whole.
In the 2003 American Banker/Gallup Consumer Survey, credit unions led the financial institution’s ratings for staff friendliness and courtesy, speed of loan decisions, deposit rates, and improvements from year-to-year in service quality.
Del-One Federal Credit Union has been in business for over 50 years! Below is a collection of the credit union’s historical events:
Renovated New Castle branch at 80 Christiana Road
Merged with Seaford Federal Credit Union, adding branches in Seaford and Dagsboro
Moved Wilmington branch to 901 N. Market St., Suite 100
Changed name to Del-One Federal Credit Union
|2009||-||Smyrna branch opened|
|2008||-||Merged with Department of Labor Federal Credit Union|
|2008||-||Closed the Blue Hen Branch|
|2008||-||Formed the Better Life Association, Inc. d/b/a Del-One Foundation.|
|2008||-||Started building Smyrna branch|
|2008||-||Renovations completed on Downtown Dover branch|
|2007||-||Community Charter granted, all those who live, work, worship, or attend school in West Dover are eligible to join|
|2007||-||Renovations begin on Downtown Dover branch Opened new headquarters in West Dover|
|2006||-||Moved Milford branch to a new building on Credit Union Way.|
|2006||-||Changed name to Delaware Federal Credit Union d/b/a Del-One.|
|2006||-||Changed name to Del-One Move Milford Branch to a new building on Credit Union Way|
|2005||-||City of Newark charter granted - all those who live, work, worship, or attend school in the City of Newark are eligible to join.|
|2005||-||Moved the Georgetown Branch to Georgetown Plaza|
|2002||-||Moved the Wilmington Branch to 824 North Market Street|
|2000||-||Community Charter granted, all those who live, work, worship, or attend school in the City of Wilmington and the Town of Georgetown are eligible to join|
|1999||-||Merged with Delaware Transit Employees Federal Credit Union|
|1998||-||Opened the Milford Branch, which serves all those who live, work, or worship in the City of Milford|
|1996||-||Merged with American Mirrex Federal Credit Union|
|1995||-||Changed name to Delaware Federal Credit Union Opened the New Castle and Blue Hen branches. Approximately 13,700 members|
|1991||-||Merged with Delaware Central FCU|
|1986||-||Opened a branch in Wilmington|
|1980||-||Opened a branch in Georgetown|
|1976||-||Had approximately 1,000 members|
|1967||-||Changed name to Delaware State Employees Federal Credit Union|
|1960||-||Established as the Delaware Highway Federal Credit Union with approximately 50 members|