DP is always watching out for your hard-earned money and has some great advice on how to make it work for you.
Send your questions to DP on the form at the bottom of this page and we will offer suggestions to fit your goals. We will add some of your frequently asked questions below.
I have a lot of debt. College loans, credit cards, mortgage, and a car loan. I recently came into a new job that is allowing me to save some extra money. Should I save it or should I pay off my debt?
Great question and congratulations on the new job! Most everyone has some debt. The goal should be to strategically get out of it. We suggest starting with the highest interest rate debt and making it the priority. Once that is paid off, use your resources to pay off the next highest and so on until you are debt free. Our free credit counselors are available to meet in person to review your accounts and give you a personalized plan. Just contact your local branch and schedule an appointment. Best of luck!
How can I become a member of DoverPhila Credit Union?
What? You're not a member yet? No problem. Here's how you can fix that.
ELIGIBILITY: If you live, work, go to school or worship in Tuscarawas County, then you're eligible to become a member.
BECOMING A MEMBER: All it takes is a single desposit of $5 to open a new account. It's that simple. And, once you're a member, all of your immediate family members can take advantage of membership, too. We look forward to welcoming you to the DoverPhila family!
As a small business owner, can DoverPhila set up business-specific accounts for my operation?
Thanks for asking -- it's always a privilege for us when we have an opportunity to serve the businesses that serve our community.
To answer your question -- yes, we do offer business checking and savings accounts that can meet the needs of your standard business operations, whether you are a sole proprietor, partnership, LLC or corporation. Stop in and learn more about our business offerings. We'll point you in a direction that's right for your business.
I prefer to keep my money at one institution. Can DoverPhila also manage my other financial and investment accounts?
Excellent question. We understand your desire to centralize all of your account in one place. And we can help with a lot of that. But first, let's clarifty what we mean when we refer to financial accounts and investment accounts.
FINANCIAL ACCOUNTS: at DoverPhila, we define these as all of the accounts we provide to members including: checking and saving accounts, certificates of deposit (CDs), loan and mortgage accounts, Health Savings Accounts (HSA), Coverdell Education Savings Account (ESA), and traditional and Roth IRAs.
INVESTMENT ACCOUNTS: while you might think of investments in a broader sense that includes an ESA or IRA, investments such as annunities, stocks, bonds, and mutual funds are services that DoverPhila does not provide.
Should I finance my auto loan through the dealership or use DoverPhila instead?
We believe that buying a car should be a fun and exciting time. But often financing a car can be a time of anxiety and uncertainty at the dealership. As a member of DoverPhila, you'll get a great auto loan rate without the fees and wondering what's wrapped up in your finance package. Getting pre-approved before you also gives you peace of mind and added negotiating power if you know in advance what you're willing to pay. By planning ahead and securing your auto loan with a DoverPhila loan officer, you can get behind the wheel of your new vehicle having full confidence in what you're paying for. Enjoy the ride!
What happens if I move out of the county? Will I lose my memberership status?
As we like to say -- once a member, always a member. It's like being part of a family. You will always have the opportunity to do business with us, even if you move out of the county. All you need to do is keep a $5 minimum balance in your savings account.
Is my money safe in a credit union like it would be in a bank?
Indeed it is. Perhaps you've heard banks talk about being FDIC insured or "member FDIC" in their ads. In case you didn't know, FDIC stands for Federal Deposit Insurance Corporation. Credit unions have the exact same type of insurance program, but under a different name: National Credit Union Administration or NCUA. This is an agency of the federal goverment that overseest he National Credit Union Share Insurance Fund (NCUSIF). Through this program, credit unions insure your money up to $250,000 -- just like an FDIC-insured bank. Also, credit unions insure any IRA funds separately to the amount of $250,000.
That means you can have peace of mind knowing that your money is safe and secure at DoverPhila.
I get a lot of credit card offers through the mail pitching different rewards or cash back incentives. Does DoverPhila have credit cards with incentives like these?
We do -- and chances are we have a card with a rewards program that will suit your specific interests. You can see credit cards we have to offer here.
But before you take on a new or additional credit card, keep this in mind: At the end of 2014, the average American household carried nearly $7,200 in credit card debt. adn that's not good debt to have. To get the true benefit of a rewards card, be sure to pay off your balance every month to avoid unnecessary fees and high interest payments. Otherwise you'll be paying a premium for a benefit that isn't worth the cost.