Being a Dayton Firefighters Federal Credit Union member has a wide variety of benefits. First you receive outstanding personal service and you are an owner of a financial institution who looks out for your best interest. You are a part of an organization that is committed to improving your financial life. We have all sorts of products and services to help you through your financial life, but most importantly we are here to help you succeed and reach your financial goals.
We promise to:
As a Member owner, besides lower rates on loans and higher rates on savings, you have access to these additional benefits:
By contrast, a for-profit corporation such as a bank has been organized for the objective of generating profit and providing dividends for a small, elite group of shareholders.
At DFFCU, all members/owners are shareholders - so all reap benefits. Approximately $80 of every $100 deposited at the credit union is loaned to members, completing the DFFCU cooperative circle while enhancing the lives of our members.
One distinct feature of DFFCU is our elected volunteers. DFFCU's volunteers are voted for by the membership and the vote is based on a one member one vote, structure. This is vastly different from the for-profit sector where stockholders vote according to the number of shares of stock they own. All members of the Board of Directors and appointed Committees serve without pay, giving many hours of their time and expertise for the benefit of the entire membership.
Check out the other differences, as charted below, we think you'll see why a credit union is the right choice for you and that the Dayton Firefighters Federal Credit Union can help you achieve your financial goals.
|Organization||Not-for-profit cooperative||For-profit corporation|
|Primary objective||Meet member/owner needs||Maximize profit|
|Ownership||All members who are, by definition, users of services||Stockholders who may or may not be customers or users|
|Decision-making||Member-controlled, one vote per member (each member/owner has the same power)||Only stockholders vote, one vote per share of stock (more stock means more voting power)|
|Distribution of net income||Dividends issued to members and used for capital development, additional locations, equipment, etc. for members||Dividends issued to stockholders only|
|Community links||Owners/leaders reside or have an interest in the community||Owners/leaders may live anywhere in the world; headquarters could be anywhere in the US|
|Rates/products||Offer better overall rates and lower fees due to the nature of the organization and its dividend distribution||Rates and fees may not be favorable because of for-profit status of banks|
|Generation of capital||Generated only through income stream||Generated through income stream and/or issuance of stock|