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Products & Services
AccountsRegular Shares (Savings)-this account is required to establish membership. A $10.00 deposit is required at time of opening. A monthly service fee of $2.00 is charged if the balance falls below $200 during the month (waived for members under 18 and 62 & older). Dividends are paid on balances of $200 or more.
Kid's Club-a special savings club established just for Kid's. A deposit of just $5.00 will open this account and they earn dividends on the entire balance and have no monthly service fee. A welcome bag is given to them at time the account is opened and for each deposit they make the get a special gift. They'll receive a special quarterly newsletter and birthday card with a special surprise. (Young Investors) Christmas Club-used as a separate savings for those extra holiday expenses. You may deposit any amount to this account on a weekly or monthly basis and in person or through payroll deduction. You may not withdraw from this account throughout the year. Christmas Club accounts are available October 1st. Special Savings-you may have up to four special savings accounts under your account that can be used for things such as: Vacation, Taxes, Insurance, Wedding, etc.. There is no minimum balance required or no monthly service charge on these special savings accounts. Money Management-the Money Management is an account that pays a higher rate of dividend and you have unlimited access to this account for withdrawals. The minimum amount required to earn dividends is $1000. IRA Share Accounts-we offer two types of Individual Retirement Accounts, Traditional or Roth. No minimum balance required on either type of account. Please consult with your Tax Preparer to determine what is the best type of account for you. Term Share Accounts (CD's)-minimum balance to open a Term Share is $500. You can choose a 6, 12 or 36 month term. There are penalties for early withdrawal. MasterCard Debit Cards-we offer a check less way to make purchases. They are accepted anywhere MasterCard is accepted.
Online Bill Pay-You can pay virtually any bill online; your mortgage, cell phone, utilities, insurance, credit card, auto loan payments, etc. You can review your billing information when you want and pay then, or wait and pay later. Paying online keeps all of your billing information in one place, organized, accessible and ready for payment with the click of a mouse. To access Bill Pay, you'll have to log on to DAFCU's website, click on BILL PAY, answer the questions that appear on the screen and within 24 hours you'll receive an e-mail from us indicating that your application has been accepted and your ready to begin. Touch Tone Teller and Online Banking-these give you access to your account 24/7, 365 days a year. There are no fees for using our Touch Tone Teller. Payroll Deduction & Direct Deposit-with these services you'll save time and won't have to wait in line. Payroll deduction and Direct Deposit allows you to have your money deposited automatically to your account and we can set up splits for you into any of your accounts at the credit union. Prepaid VISA Travel Cards and VISA Gift Cards-with the VISA Travel Card you have the security of not having to carry alot of cash on your trips. The Travel Card can be used just like a credit card to make purchases and if you need cash you are able to use it at an ATM with the PIN that the member must call for. The Travel Card is reloadable up to 4 times and is accepted worldwide at any merchant who accepts VISA. It is safe, secure and cancelable if lost or stolen, reduces the chance of Identity Theft as the card is not imprinted with your personal information and you can transfer the use of the card to your spouse of children. The card can be loaded for as little as $100 or as much as $5000 and only cost $7.95. Gift cards are also available for purchase at DAFCU for as little as $3.00 per card and can be purchased in amounts ranging from $10 up to $500. No more worrying about what to buy for someone, safer than giving cash and can be used at any merchant who accepts VISA. Other Services-as a member of Dowagiac Area Federal Credit Union you have access to other services and products such as: Loans Dowagiac Area Federal Credit Union offers many types of loans to fit your financial needs. VISA, Home Equity, Auto, Recreational Vehicles, One Payment Notes, Overdraft Line of Credit, Large Boat, Signature, Money Saver Loan and Student loans (click here for loan rates). You must meet our lending requirements to borrow from us as you would with any financial institution. Check with us for the specials that we run on a regular basis. Check Cashing Policy If a Member does not have any other active relationship with the credit union such as: Term Shares, Club, Checking, Money Management, loans or any other share accounts; or if your average share balance is less than $50.00 we will charge a $5.00 check cashing fee. Re-opening Accounts If you close your account or if the credit union has closed the account due to the monthly service charge you will be required to wait six months before you can open another account with the credit union. You will be required to deposit $20.00 and a 90 day hold will be placed on these funds. Closing Accounts If you close your account within the first 90 days of opening you will be required to pay a fee of $20.00. Member Identification Requirement Federal law requires us to obtain, verify and retain information regarding the identity of anyone opening an account or non-member who is signing as a co-applicant or guarantor on a loan application with Dowagiac Area Federal Credit Union. Discount Programs
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Share Draft (Checking)-when opening this account you will be required to deposit the amount needed to pay for your 1st order of checks. The first order of checks comes to the credit union for verification and in order to pick them up you must have at least a $100 balance in the account. All checks are duplicate copies and the originals are not returned to you. A monthly service fee of $3.50 is charged on this account if the balance falls below $200 during the month (waived for members 62 & older). The credit union can close an account if it has three or more overdrafts in a 30-60 day period. There are two options available for overdraft protection; the first option is a transfer from your Regular share account in increments of $25.00, there are transfer fees that apply and you are limited to six transfer per month. The second option is to apply for an Overdraft Line of Credit loan, once approved advances are in increments of $100.00. If you enroll for the Full Access Share Draft your monthly service fee is $6.00. Dividends are paid on balances of $200 or more.
Use it just like a credit card or just like an ATM card with your PIN. Either way the money comes out of your checking account.
ATM Cards-ATM cards are available if you don't have a checking account with us. The charge is $3.00 for one card, $5.00 for two. No surcharge applies if you use the card at the ATM's owned by the credit union which are located at: 473 E. Division Street in Dowagiac and KB Village Express (Phillips 66) on M-60 in Cassopolis. If you use the card at any other ATM outside of the Co-op Network you may have a surcharge from that institution. Dowagiac Area Federal Credit Union does charge your account $1.00 for using any other ATM not owned by us. There are daily limits when using your ATM Card.
