Digital Federal Credit Union
Encyclopedia
Digital Federal Credit Union (DCU) is a credit union
based in Marlborough, Massachusetts
. It has over 340,000 members and is among the top 25 credit unions in the U.S.A. and the largest credit union
head quartered in New England
as measured by assets. DCU has in excess of $4 Billion USD
in assets. DCU is regulated under the authority of the National Credit Union Administration
(NCUA) of the US federal government.
DCU has 14 full-service branches in Massachusetts
and 4 full-service branches in New Hampshire
, although it has members in all 50 U.S. states.
. Its field of membership is now open to essentially everyone, with over 800 different sponsors, several communities in Massachusetts and Georgia, and several organizations.
s, checking accounts, IRA accounts, and certificates of deposit. In addition, DCU also offers members consumer, business and auto loan
s, credit card
s, mortgages, home equity lines of credit, investment services, brokerage services and insurance services.
DCU provides online account access and bill paying through their PC Branch service. However, they do not support download of transaction information into Quicken
through Quicken's "One Step Update" mechanism. Instead, DCU requires that customers manually connect to their site to download transactions. The One Step Update mechanism previously worked, but no longer does due to a change in the PC Branch authentication mechanism: it switched from a one-factor
authentication mechanism, a password, to a one-factor mechanism with a password and several challenge questions; although this provides little additional security it does break Quicken's One Step Update login.
DCU's more traditional employee benefits include paid annual and sick leave, medical and dental benefits, short-term and long-term disability coverage, life insurance, and tenure awards. DCU matches employee 401(k) contributions, dollar for dollar, up to 6% of the employee's salary. DCU will advance money for tuition reimbursement before courses begin to encourage greater participation. DCU provides career development counseling and extensive ongoing training programs for employees at all levels.
To further complement the charitable efforts of the organization, DCU incorporated DCU for Kids in November 2005, a non-profit charitable foundation for distribution to deserving causes and charities benefiting children and families. Organizations that have benefitted from DCU include:
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
based in Marlborough, Massachusetts
Marlborough, Massachusetts
Marlborough is a city in Middlesex County, Massachusetts, United States. The population was 38,499 at the 2010 census. Marlborough became a prosperous industrial town in the 19th century and made the transition to high technology industry in the late 20th century after the construction of the...
. It has over 340,000 members and is among the top 25 credit unions in the U.S.A. and the largest credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
head quartered in New England
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
as measured by assets. DCU has in excess of $4 Billion USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
in assets. DCU is regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA) of the US federal government.
DCU has 14 full-service branches in Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
and 4 full-service branches in New Hampshire
New Hampshire
New Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...
, although it has members in all 50 U.S. states.
History
DCU was chartered in 1979 for employees of Digital Equipment CorporationDigital Equipment Corporation
Digital Equipment Corporation was a major American company in the computer industry and a leading vendor of computer systems, software and peripherals from the 1960s to the 1990s...
. Its field of membership is now open to essentially everyone, with over 800 different sponsors, several communities in Massachusetts and Georgia, and several organizations.
Services
DCU offers the a variety of financial services offered by most financial institutions, including savings accountSavings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
s, checking accounts, IRA accounts, and certificates of deposit. In addition, DCU also offers members consumer, business and auto loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s, credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
s, mortgages, home equity lines of credit, investment services, brokerage services and insurance services.
DCU provides online account access and bill paying through their PC Branch service. However, they do not support download of transaction information into Quicken
Quicken
Quicken is a personal finance management tool developed by Intuit, Inc.Quicken runs on Windows and Macintosh systems. Previous versions ran on DOS. An online version is also available. The last version of Quicken for Macintosh computers was Quicken Essentials for Mac released in February 2010...
through Quicken's "One Step Update" mechanism. Instead, DCU requires that customers manually connect to their site to download transactions. The One Step Update mechanism previously worked, but no longer does due to a change in the PC Branch authentication mechanism: it switched from a one-factor
Multi-factor authentication
Multi-factor authentication, sometimes called strong authentication, is an extension of two-factor authentication. This is the Defense in depth approach of "Security In Layers" applied to authentication. While two-factor authentication only involves exactly two factors, multi-factor...
authentication mechanism, a password, to a one-factor mechanism with a password and several challenge questions; although this provides little additional security it does break Quicken's One Step Update login.
Vision Statement
DCU has adopted a vision statement that “all members achieve their financial goals". This is accomplished by three principles that guide the decisions and behavior of employees and management at DCU which allows the credit union to achieve that vision. These principles known as "The DCU Way" are:- People Come First
- Do the Right Thing
- Make a Difference
Consumer education program
DCU adopted StreetWise, a financial consumer education program in May 2001, to give their members unbiased consumer knowledge on a variety of topics including credit, privacy protection, fraud prevention, home and car buying tips. StreetWise also teaches how financial products and services work. In 2002, DCU furthered its financial education outreach programs by actively promoting financial literacy among teens by teaching basic skills at area high schools.Workplace Rating and Employee Benefits
In 2004, 2005, 2006, and 2007, DCU was named a best medium-sized company to work for in the country by the Great Place to Work Institute, Inc., a workplace research and consulting firm in San Francisco. Each year the Institute works with Fortune Magazine and other publications throughout the world to select "Best Companies to Work For" lists that appear in 25 different countries, including the "100 Best Companies to Work for" in America. The award is based largely on a random survey of staff conducted by the organization.DCU's more traditional employee benefits include paid annual and sick leave, medical and dental benefits, short-term and long-term disability coverage, life insurance, and tenure awards. DCU matches employee 401(k) contributions, dollar for dollar, up to 6% of the employee's salary. DCU will advance money for tuition reimbursement before courses begin to encourage greater participation. DCU provides career development counseling and extensive ongoing training programs for employees at all levels.
Community involvement and social responsibility
As a socially responsible organization, DCU is committed to partnering with other organizations that make a difference in the communities they serve. Their primary charitable initiative is directed towards supporting programs that provide a health, welfare, or social service for children; or provide educational programs or services that primarily benefit children. Through December 2010, DCU has made charitable donations that total over $2,000,000. To be eligible for funding from DCU, organizations must meet the following criteria:- Be a registered 501(c)3 organization
- Serve a community in which DCU has a physical location or a large concentration of members
- Provide a health, welfare, or social service for children; or provide educational programs or services that primarily benefit children
To further complement the charitable efforts of the organization, DCU incorporated DCU for Kids in November 2005, a non-profit charitable foundation for distribution to deserving causes and charities benefiting children and families. Organizations that have benefitted from DCU include:
- American Association of People with Disabilities
- Adopt-A-Classroom
- Boys & Girls Clubs of America
- The Boomer Esiason Foundation
- American Red CrossAmerican Red CrossThe American Red Cross , also known as the American National Red Cross, is a volunteer-led, humanitarian organization that provides emergency assistance, disaster relief and education inside the United States. It is the designated U.S...
- Children's Hospital BostonChildren's Hospital BostonChildren's Hospital Boston is a 396-licensed bed children's hospital in the Longwood Medical and Academic Area of Boston, Massachusetts.At 300 Longwood Avenue, Children's is adjacent both to its teaching affiliate, Harvard Medical School, and to Dana-Farber Cancer Institute...
- The Jimmy Fund – Dana-Farber Cancer InstituteDana-Farber Cancer InstituteDana–Farber Cancer Institute is part of a Comprehensive Cancer Center designated by the National Cancer Institute. It is a major affiliate of Harvard Medical School and is located in the Longwood Medical Area in Boston, Massachusetts.-Overview:...