Question 1

What is Provident Federal Credit Union?

Accepted Answer

Provident Federal Credit Union is a small, community-focused financial cooperative based in Dover, Delaware. With approximately 1,645 members and $11.7 million in total assets, this federal credit union operates as a member-owned institution dedicated to providing personalized financial services.

The credit union maintains a strong financial position with a net worth ratio of 14.53%, well above the regulatory minimum, demonstrating stability and sound financial management. Provident Federal Credit Union emphasizes friendly, reliable service and positions itself as a financial "family" where member needs are the top priority.

Question 2

When was Provident Federal Credit Union founded?

Accepted Answer

The specific founding date of Provident Federal Credit Union is not publicly available. However, the credit union operates under Charter Number 16364 and has been serving the Dover, Delaware community as a federally chartered institution.

Federal credit unions are established to promote thrift, provide credit at competitive rates, and offer financial services to their members through a member-owned cooperative structure.

Question 3

Where is Provident Federal Credit Union headquartered?

Accepted Answer

Provident Federal Credit Union is headquartered at 401 South New Street in Dover, Delaware. The credit union operates a single branch location at this address, providing member services and drive-thru banking.

The main office is open Monday through Thursday from 8:00 AM to 4:00 PM, with extended hours on Friday until 4:30 PM. On Wednesdays, the credit union operates on a limited schedule, opening from 8:00 AM to 4:00 PM.

Question 4

Where does Provident Federal Credit Union operate?

Accepted Answer

Provident Federal Credit Union operates exclusively from its Dover, Delaware location, serving members in the local community and surrounding areas. The credit union has one branch that provides full member services including drive-thru access.

As a federal credit union, Provident FCU has specific membership eligibility requirements based on its field of membership charter. The credit union serves individuals who meet certain criteria, which may include employment relationships, geographic residence, or family connections to existing members.

Question 5

What services does Provident Federal Credit Union offer?

Accepted Answer

Provident Federal Credit Union offers a comprehensive range of financial products and services, including:

Savings Accounts: Regular share accounts (with a minimum $5 balance), vacation club accounts, holiday club accounts (12-month term), share certificates (from 6 months, $500 minimum), IRA savings accounts, and IRA certificates.

Checking Accounts: Transaction accounts designed to meet individual member needs.

Personal Loans: Signature/unsecured loans (up to 60 months at 10.75% APR), collateral loans (up to 60 months at 8.75% APR), share-secured loans, certificate-secured loans, and debt freedom loans (up to 72 months at 9.00% APR).

Vehicle Loans: New auto loans (up to 72 months at 4.25% APR or up to 84 months at 5.25% APR) and used auto loans (up to 72 months at 7.25% APR).

Insurance Products: NCUA deposit insurance (federally insured to at least $250,000), debt protection, renter's insurance, and pet insurance options.

Digital Services: Online banking through Virtual Branch internet banking, including bill pay and account access. Members can contact the credit union at (302) 734-1133 or via email at pfcudover@aol.com.

Question 6

What makes Provident Federal Credit Union unique?

Accepted Answer

Provident Federal Credit Union distinguishes itself through its small-scale, personalized approach to member service. With fewer than 2,000 members, the credit union can provide individualized attention and maintain a close-knit community atmosphere.

The credit union's positioning as a financial "family" reflects its commitment to personal relationships and member-focused service. Its single-branch operation allows staff to develop familiarity with members and their financial needs, creating a more intimate banking experience than larger institutions can provide.

Despite its small size, Provident FCU maintains strong financial metrics, including a healthy net worth ratio of 14.53% and a return on assets of 0.48%, demonstrating prudent management and stability. The credit union's loan-to-share ratio of 52.70% indicates a balanced approach to lending while maintaining adequate liquidity for member needs.

Question 7

What type of financial institution is Provident Federal Credit Union?

Accepted Answer

Provident Federal Credit Union is a federal credit union chartered by the National Credit Union Administration (NCUA) under Charter Number 16364. As a federal credit union, it operates under federal regulations and guidelines established by the NCUA.

The institution functions as a not-for-profit financial cooperative that is owned and democratically controlled by its members. Each member has equal ownership and voting rights regardless of their account balance, embodying the credit union philosophy of "people helping people."

Membership eligibility is based on the credit union's field of membership, which defines who can join based on common bonds such as employment, geographic location, or associational membership. As a member-owned institution, Provident FCU exists to serve its members' financial needs rather than generate profits for external shareholders, allowing it to offer competitive rates and personalized service.

Provident Federal Credit Union

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About Provident Federal Credit Union in the United States