Every country has a different banking system and banks to deal with the finances either private or government. Today, we are going to discuss a State Department Credit Union of the United States, which deals with their finances and provides banking services to state employees. Let’s get started.
What is SDDFCU?
SDDFCU is a State Department Federal Credit Union of the United States, whose principal focus is to provide services to state employees and their families. SDDFCU provides you with a lot of services, including saving accounts, Loans, investments, etc. Currently, there are more than 90,000 members of SDDFCU with more than USD 3 billion in assets.
History of SDDFCU
The SDDFCU was initiated by a group of 10 State Department Employees in 1935. They started it by observing a need to manage the finances of state employees who had very small assets. They started the Credit Union with $450 in assets and a small team of 10 people.
Later with progress, SDDFCU kept pushing its limits and growing over time, starting average-level loans and investment opportunities for entrepreneurs and small businesses. And now, they are dealing with one of the best companies in the world.
Benefits of SDDFCU
If you become a member of SDDFCU, you will certainly get several benefits from the union. The following are some listed benefits for members of SDDFCU:
- Low Rates
SDDFCU provides low-rate products to their members to help them achieve their financial goals as quickly as possible, without extra charges such as monthly fees and quality products at a minimum cost.
- Customer Support
As I mentioned above, SDDFCU is working to make you more stable than ever. They have a great support team that will reach back to you as soon as possible to answer your query.
- Technology and Banking
The company is way too old, but they have managed to work on technology and innovate itself with time. That is one of the reasons, SDDFCU is evolved so much in this modern era of technology. SDDFCU offers complete online and mobile banking, which includes online transactions, bill payments, online shopping, etc.
- Financial Stability
The company is very stable currently at the time for a long time, with more than 2.5 billion USD in assets, which means you can rely on its banking and infrastructure.
- Extra Resources
If you become a member of SDDFCU, you would gain access to extra resources such as seminars and webinars where you can evolve your banking knowledge with time and market.
- Wide Network
SDDFCU has a lot of branches and a banking network throughout the country to make you feel comfortable banking, either using the ATM or banking wherever you are whenever you want.
- Rewards and Discount
The members of SDDFCU get rewards and extra discounts if they use membership cards for shopping, buying items, paying for parking tickets, etc.
Services of SDDFCU
The following are the services of SDDFCU:
- Checking Accounts
You can have a simple checking account, a basic account with no interest rate and a monthly fee, and you can manage your account easily.
- Saving Account
Multiple Saving accounts are available as per your need, whether you are looking for a high-yield account or a low one. Depends on your work and needs. For instance, you are a student and want to cover all your college expenses with a savings account.
- Credit Card
A credit card is a service that could be very helpful while shopping, buying, or paying a bill. You can also claim free rewards and special discounts on unique items via credit card purchases. You must pay the Card fee though.
There are many loans available, such as entrepreneur loans, personal loans, auto loans, home loans, and student loans.
- Investment Services
SDDFCU also helps you out for your future with a proper investment plan with a complete guide at retirement, which includes investment management services, financial guidance, planning, etc.
Eligibility and Procedure to Become a Member of SDDFCU
Not every citizen of the United States can become a member of SDDFCU, there are certain requirements to be a part of SDDFCU. The following are the members who can be part of SDDFCU, become a member:
- The person must be the State Department Member, either currently working or retired.
- All the members of the State Department Member can also become a member of SDDFCU which includes all direct and indirect relationships.
- Anyone who gets paid by the State Department either at an abroad Embassy or working in the United States.
- Agencies that are coordinated with SDDFCU such as CIA, FBI, USAID, AFSA, DSF, FSYF, and AAFSW
You must get your documents certified and apply with properly documented proof of your affiliation with any company mentioned above. Then your application will proceed to the next table and finally, you will get an account either saving or the current of your choice.
Comparison to other Credit Union and Traditional Banks
The major difference between other credit unions and SDDFCU is eligibility criteria because most credit unions won’t let you get membership straightforwardly. You must lie in a certain criterion that could be part of a specific organization or some fixed amount must be transferred as an initial balance, whereas you do not have to think about it in SDDFCU.
How to gain maximum benefit at SDDFCU
To gain the maximum benefit of SDDFCU, you must use your current and saving account accordingly and do extra purchases with a credit card to get more rewards and discounts. Additionally, you should also take advantage of online and mobile banking as you do not have to move for basic tasks such as shopping or paying utility bills.
Policy for Overseas Member
They have an extra authentication factor for overseas for safety reasons and to avoid fraud. Banking overseas is improved with the help of online banking, and they also offer emergency funds for overseas military members.
Future of SDDFCU?
The future of SDDFCU is certain, as they have more than $2.5 billion in assets and more than 90,000 members. You can rely on this kind of organization for the future.
SDDFCU is State Department Federal Credit Union in the United States whose major goal is to provide financial safety to State Department Members and their family. You can get benefits by using their features and become a member instantaneously if you are a State Department member or relative.