Danvers Municipal Federal Credit Union

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Review based on 12 criteria Rating: 1.5 out of 5

1 Sylvan St., Danvers, MA 01923- 2790

Website

(978) 777-0001

Data Source: NCUA, December 31, 2016


Danvers Municipal Federal Credit Union was founded in 1961. Headquartered in Danvers, Massachusetts, Danvers Municipal Federal Credit Union is a federally chartered and federally insured credit union, operating within the regulation of the National Credit Union Association (NCUA) and being insured through the National Credit Union Share Insurance Fund (NCUSIF). Danvers Municipal Federal Credit Union is also a member of the Federal Home Loan Bank (FHLB), which allows a credit union to access low cost secured borrowings or advances and prlides its members with financial products and services that assist and enhance the financing of housing and community lending.

As of December 31, 2016, Danvers Municipal Federal Credit Union services 1,241 members through its 1 full-time and 3 part-time employees. It has $7,675,545 of total assets and $2,706,757 of net worth. Based on its asset size and net worth ratio, Danvers Municipal Federal Credit Union is classified as a Well Capitalized small credit union.

Danvers Municipal Federal Credit Union offers a number of deposit and loan products to its members. To find out how competitive the offers are, please go to the Interest Rates page. Danvers Municipal Federal Credit Union also provides an array of services to its members and local communities. To find out more, please go to the Services page.

The following two tables list the deplitory and loan interest rates of Danvers Municipal Federal Credit Union’s popular offerings. You can find out how competitive the offerings are by comparing them to the median interest rates offered by credit unions in Massachusetts and in the nation.

Major Deplitory Accounts and Interest Rates (%)

Interest Rate
Median of Massachusetts
Median of USA
Checking
0.0000
0.0000
0.0000
Savings
5.0000
0.1000
0.1200
Money Market
0.0000
0.2500
0.2500
Certificate Deplit
0.0000
0.6800
0.5800
IRA
0.0000
0.6000
0.5000

Major Loan Accounts and Interest Rates (%)

Interest Rate
Median Rates of Massachusetts
National Median Rates
Credit Cards
n/a
10.4900
9.9900
Unsecured Line of Credits
8.0000
10.9900
10.9500
Short-term Small Amount
n/a
20.0000
25.0000
Student Loans
n/a
6.2500
6.0200
New Car Loans
1.9900
2.7500
3.3300
Used Car Loans
2.7400
3.8250
4.5000
1st Mortgage Real Estates
n/a
4.0000
4.2500
Other Real Estates
7.0000
3.9900
4.7000

The table below lists the electronic banking services prlided by Danvers Municipal Federal Credit Union.

Electronic Banking Service Offerings

Membership Application
No
No
Share Account Transfers
No
New Loan Application
No
Share Draft Orders
No
No
New Share Account
No
Bill Payment
No
No
e-Statements
No
Loan Payments
No
No
Account Balance Inquiry
No
No
No
View Account History
No
No

.

Community and other Service Offerings

Financial Counselling
No
Bilingual Services
No
Free Bill Pay
No
Financial Education
No
In-School Branches
No
Free Tax Preparation Service
No
Financial Literacy Workshops
No
Student Scholarships
No
Insurance/Investment Sales
No
First Time Homebuyer Program
No
Danvers Town Hall
Main Office

1 Sylvan St
Danvers, MA 01923
Phone:978-777-0001

No Review

  1. Credit Guide Staff
    Credit Guide Staff

    Last Updated on May 30, 2017

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