Delaware credit unions are financial institutions that provide banking services to the members of that credit union. DE credit union members control the credit union and membership is based on well-defined criteria such as residency within a geographical area or membership in a non-profit group.

Government chartered credit unions in Delaware also may serve specific employee groups, known as Select Employee Groups, such as doctors or employees of a specific company. These credit unions may be able to switch to a community charter, which allows them to serve anyone who lives, works, worships or attends school within a defined area.

A bank may appear to be indistinguishable from a credit union. DE federal credit unions are tax exempt, however, while banks are not. There are three basic reasons why this is so:

1. A credit union in Delaware must be a non-profit, democratic corporation the members own.

2. Members must elect the board of directors for a credit union and the board must serve as unpaid volunteers.

3. A DE federal credit union provides service to members of modest means as part of its social mission. It also must place limitations on its memberships with restrictions on the products and services it provides.

Action Steps
The best contacts and resources to help you get it done

Locate specific Delaware chartered credit unions by name

You can easily locate federal credit unions in Delaware if you have some basic information about them such as the name or the location of one of the branches. A credit union's name will normally give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.

I recommend: Credit Unions Online displays the credit unions in its network that are located in Delaware alphabetically by name. The Community Banker, powered by Yennik, houses a database of websites for credit unions in Delaware.

Find federal credit unions in Delaware by location

Resources are available to locate all of the credit unions based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.

I recommend: Credit Union Access provides, by city, all of registered federally chartered credit unions in Delaware. USA Credit Unions shows all of its government credit unions in Delaware on a single page and also has a credit union locator by name and zip code.

Investigate the membership rules of local Delaware chartered credit unions

Examine the membership requirements of Delaware federal credit unions and the services that they provides to know if you are eligible to join and if they will provide the services you need.

I recommend: Delaware Federal Credit Union offers membership to employees of one of its many qualifying employers. Dover Federal Credit Union restricts membership to military and government employees in Kent and Sussex counties.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Most Delaware credit unions serve individuals and also may be called natural-person credit unions. However, corporate credit unions serve natural-person credit unions. Corporate credit unions serve as a clearing house for natural-person credit unions and provide them with operational support, products and other services.
• •  Delaware federal credit unions may actually have a more disparate membership base than the one implied by its name. This may be the result of a merger of several smaller credit unions. Additionally, individuals may generally remain a member of a credit union even when they would normally no longer qualify.