A Message From Our Chief Financial & Risk Officer: I am the Chief Financial and Risk Officer here at Dover Federal Credit Union. I oversee the Finance, Compliance and Fraud Teams. In fact, I just had the privilege of celebrating my fifth work anniversary in June. My background has been in the Financial Services Industry for over 30 years with Credit Unions always being my choice for personal finances, including checking, savings, direct deposit and loans. Credit Unions are what I recommend to my family, friends and anyone that will listen. As a member of a Credit Union there are so many benefits, such as lower loan interest rates, lower fees, higher deposit rates and many free services. Narrowing the focus to loan interest rates, a Credit Union member usually gets lower loan interest rates and at times, depending on the type of loan, can also get lower fees. Since loan interest rates have been moving upward in the last couple of years, I thought this would be a great time to talk about their corresponding impact from what is happening in the financial markets. I am going to give a little background on the interest rate environment, how this can impact loan interest rates at Dover Federal Credit Union and finally, how a member can basically understand your loan interest rate. The Interest Rate Environment – From a basic level, the Fed Funds rate is a key driver of loan rate changes, along with US Treasury yields and other economic and financial indicators. Historically, talking just about Fed Funds, since the all-time low in December, 2008 of 0.25% which remained until the December 2015 increase to 0.50%, loan interest rates have been relatively low in most products, including auto loans, credit cards and so on. Then with an additional 0.25% increase in 2016, three more 0.25% increases in 2017 and four 0.25% increases in 2018 bringing the Fed Fund Rate to 2.50% at the end of 2018, loan rates on most products have increased. These rate changes where a struggle for many of us since we were used to low loan interest rates for so many years.  Impact of the Interest Rate Environment at Dover Federal Credit Union – Keeping in mind, the Fed Fund rate changes outlined above, along with other market conditions, such as local competition, Dover Federal Credit Union loan interest rates ticked up following the Fed Funds increases through 2018. Prior to the increases in Fed Fund rates, any loan interest rate movement was based on local competition or special promotions, such as anniversary specials, not Fed Funds rate. As the Fed Funds rate increased, the loan interest rates started to increase at Dover Federal Credit Union. Keep in mind, loan interest rates don’t necessarily move as quickly as the Fed Funds rate or as often, but there can be correlation.             Understanding Member Loan Rates - There are many factors that play into the loan interest rate a member gets besides the external Fed Funds rate, such as, the product type, secured (auto, mortgage) or unsecured (personal or credit card), credit score/tier, and term of the loan (# of years). All of these factors can impact the final interest rate on your loan. If you find that you are not getting the best interest rate available, Dover Federal Credit Union can help. A member can go to any Dover Federal Credit Union branch or call our Member Resource Center to have a Credit Score Analysis (CSA) completed. Once completed, the branch team member will review the CSA with you and help you understand your credit score. Then, if needed, guide you on what you can do to improve your credit score and get the best available loan interest rate in your future. I hope this information has helped you understand some of the basics about loan interest rate changes and how Dover Federal Credit Union is available to guide you on getting the best loan interest rate possible, either today or in your future.  Thank you for being a member of Dover Federal Credit Union! Donna Kiscaden

RECENT SEG ADDITIONS We'd like to welcome our most recent Select Employer Groups (SEGs) to the Dover Federal family: Agave Management Group New Castle Chamber of Commerce reNu Chiropractic LLC 

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8 Signs That It's Time To Refinance Your Mortgage If you dread getting that mortgage bill in the mail, refinancing your home could be a smart way to simplify your finances and save big. Head over to our new blog to see if refinancing is right for you. VISIT BLOG

Mechanical Repair Coverage As your car gets older, the risk of repairs increase. These repairs can be very expensive, and can cause a stumbling block in your finances if you're not prepared. This product is designed to help you enjoy mechanical repair coverage without the long-term contract. Our Mechanical Repair Coverage includes the option for you to make convenient monthly payments, use the licensed repair facility of your choice, has no mileage limitations, and includes many more benefits that protect you!  Call a Member Service Representative at  302-678-8000  or  888-818-3328  and ask about protecting your loans today, or click the button below to get your quote today! LEARN MORE

This year we awarded six students with a $1,000 scholarship. Pictured above is Connor, Lauren, and Susie who represent three of the six recipients.

This past June the Central Delaware Chamber of Commerce presented Dover FCU with the Outstanding Partnership Award at the 2019 CDCC Awards for Excellence Dinner. This award represents recognition of organizations that are dedicated to keeping businesses growing in Kent County by providing hands on support and services to their clients.

On June 24th Dover Federal Credit Union presented a $1,500.00 check to both Autism Delaware and the National Alliance on Mental Illness (NAMI) organizations . These funds were donated by Dover FCU team members during our Jeans Days employee events and then matched by the credit union to comprise the total donation provided.

On June 6th Dover Federal Credit Union team members participated in their Adopt-A-Highway cleanup for the 2019 year. In support of this initiative to cleanup roadways within the community, Dover Federal adopted a two mile stretch on Walker Road in Dover almost a decade ago and has participated yearly to do their part in cleaning up this road.

atTAcK Addiction is a non-profit organization that exists to raise awareness about the disease of addiction while fighting to remove its stigma by educating communities, assisting families touched by the disease, and by supporting those in recovery. atTAcK Addiction was created in response to Tyler Armstrong Keister’s accidental overdose in 2012. In the month of March, Dover Federal Credit Union employees raised money that was matched dollar for dollar by the Credit Union totaling $1,588.95 for this meaningful cause.

On June 20th members of the Dover Federal team joined with other volunteers to help complete the final touches to the Greater Dover Boys and Girls Club brand new playground. A vast amount of mulch was laid to ensure the safety of the children that would be enjoying the play area.

On May 23rd, we were proud to take part in the national Red Nose Day charity event that raises awareness and helps lift children out of poverty in the United States and around the world. Staff members wore red clown noses purchased from the Red Nose Day organization.

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