Deseret First Federal Credit Union

What Deseret First Federal Credit Union does

Deseret First Federal Credit Union (DFCU) is a federally chartered, member-owned credit union founded in 1955 and headquartered in West Valley City, Utah, with 13 branches across the state and 77,000+ members. Membership eligibility is structurally tied to The Church of Jesus Christ of Latter-day Saints and a network of 20+ affiliated employer groups (including BYU, Bonneville International, Intermountain Health, Deseret Management Corporation, and KSL), with family-member extensions providing secondary acquisition channels. DFCU operates as a not-for-profit cooperative under NCUA supervision, with all deposits insured up to $250,000.

The product portfolio spans the full retail banking stack: savings (including a 4.00% APY Mission Savings account), checking, money market, and IRA accounts; a full mortgage suite (Conventional, FHA, VA, USDA, Construction, HELOC, Reverse); consumer loans (auto at 5.24% APR for 60-month terms, RV, signature, student, debt consolidation); and a three-tier Visa credit card portfolio (Signature with tiered cashback, Platinum at 8.9% fixed, Platinum Rewards at 10.9%). Digital delivery is anchored by an online banking platform and iOS/Android mobile app with mobile check deposit, the CardHub real-time card-management feature, DFCU Rewards redemption, and Skip-a-Pay/FastPay loan services. Adjacent revenue is generated through wholly-owned subsidiaries — Deseret Insurance Agency, CUSO Financial Services for investment/wealth, and a partnership with NXG Strategies for identity protection — plus CO-OP network access providing 5,600+ shared branches and 30,000+ surcharge-free ATMs nationwide.

Revenue mechanics combine net interest income from the lending portfolio, interchange and interest from the Visa card book, transactional fees (FastPay $10, Skip-a-Pay $25–$100), insurance and investment commissions, and member fee income — consistent with the standard credit union model of returning excess earnings to members via better rates and lower fees rather than equity returns. Distribution runs through owned branches, the CO-OP shared network, mobile/online channels, and a referral pipeline via employer group partnerships.

Name

Deseret First Federal Credit Union

Legal name

Deseret First Federal Credit Union

Website

https://dfcu.com

Company type

Private

Founded year

1955

Operating status

Operating

Headcount range

101–250 employees

Short description

Deseret First Federal Credit Union is a federally chartered, member-owned credit union founded in 1955 that serves 77,000+ members primarily connected to The Church of Jesus Christ of Latter-day Saints through 13 Utah branches and a full digital banking platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

akta.pro primary industry

Faith-Based & Affinity Credit Unions (FSABAEAH)

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Credit union services
• Consumer banking
• Mortgage lending
• Credit card products
• Business banking

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including mortgages, auto loans, personal loans, and credit cards. Credit union operates on not-for-profit model returning value to members through better rates and fewer fees.
2. Fee Income: Various fees including $10 FastPay loan payment fee, Skip-a-Pay fees ($25 for consumer loans, $50-$100 for mortgage loans), and potentially other service fees
3. Credit Card Interchange: Revenue from credit card transactions including interest income on revolving balances and interchange fees

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Deseret First Federal Credit Union is a federally chartered, member-owned cooperative credit union providing retail and business banking products, including savings and checking accounts, mortgages, consumer and commercial loans, Visa credit and debit cards, insurance, investment, and identity protection services. Membership eligibility is primarily through employees and members of The Church of Jesus Christ of Latter-day Saints and more than 20 affiliated employer groups. Services are delivered through 13 Utah branches, online and mobile banking platforms, and the CO-OP shared branching and ATM networks.

Product overview

Deseret First Federal Credit Union offers a comprehensive financial services platform primarily serving members of The Church of Jesus Christ of Latter-day Saints and affiliated employer groups. The portfolio spans core banking products (savings, checking, and money market accounts), lending (consumer loans, mortgages, and credit cards), and business services. Digital banking is delivered through Online & Mobile Banking as the central hub, supplemented by CardHub for real-time card control, DFCU Rewards for points redemption, and Skip-a-Pay for payment flexibility. Credit card offerings include the Visa Signature Card (cashback), Visa Platinum Card (low rate), and Visa Platinum Rewards Card (points), each targeting different member needs. Value-added services include Identity Protection (via NXG Strategies), Investment Services, Deseret Insurance Agency, and Financial Education resources. The platform integrates with mobile wallets (Apple Pay, Google Wallet, Samsung Pay), CO-OP Network for nationwide ATM/branch access, and FastPay for card-based loan payments.

Differentiator

Problem solved

Functional benefit

Brands

• DFCU Mobile App: Mobile banking application for iOS and Android devices enabling account management, deposits, transfers, and card controls
• NXG Strategies Identity Protection
• Visa Platinum Rewards Card
• Visa Signature Card
• Visa Platinum Card

Products and services

• Savings Accounts
• Checking Accounts
• Mortgage Products
• Consumer Loans
• Visa Signature Card
• Visa Platinum Card
• Visa Platinum Rewards Card
• Business Banking
• Business Signature Card
• Online and Mobile Banking
• Deseret Insurance Agency
• Investment Services

Quantifiable outcome

• 4.00% APY on Mission Savings accounts
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• NXG StrategiescoreTechnology or IntegrationNXG Strategies provides robust identity theft protection and recovery solutions for DFCU members. Services include fully managed recovery services provided free to active DFCU credit card holders, with enhanced protection available for individual or family coverage at rates as low as $3.50/month.
• CO-OP Financial ServicescoreTechnology or IntegrationCO-OP provides shared branching network access to over 5,600 branches and surcharge-free ATM access to over 30,000 ATMs across all 50 states, enabling DFCU members nationwide access to their accounts.
• VisacoreTechnology or IntegrationVisa provides the payment network for DFCU's credit card portfolio including Visa Signature, Visa Platinum, and Visa Platinum Rewards cards with various benefits including cashback, travel protections, and concierge services.
• The Church of Jesus Christ of Latter-day SaintsflagshipStrategic or Co-development PartnerPrimary employer group partner since 1955. Church employees and their families are eligible for DFCU membership with exclusive perks including $100 bonus on First Choice Checking, 0.25% APR discount on auto loans, $200 off closing costs on mortgages.
• Employer Group NetworkcoreStrategic or Co-development PartnerNetwork of 20+ employer groups including Bonneville International, BYU, Deseret Book, Deseret Management Corporation, Intermountain Health, KSL TV and Radio, and others whose employees receive membership eligibility and special perks.
• Deseret Insurance AgencycoreChannel Partner/ Reseller/ DistributorInternal insurance agency providing auto, home, and other insurance products to DFCU members, offering analysis and quotes for protecting member assets.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• America First Credit Union: Largest credit union in Utah and the most direct competitor in the same geography, offering a full suite of consumer banking, lending, and credit card products to a broadly overlapping membership base.
• First Tech Federal Credit Union: Employer-affiliated federal credit union serving technology and affiliate-company employees; comparable in charter structure, employer-group membership model, and product breadth.
• Goldenwest Credit Union: Utah-headquartered credit union serving a comparable member base with similar consumer lending, mortgage, and deposit products; directly overlaps DFCU's Wasatch Front service territory.
• SchoolsFirst Federal Credit Union: Employer-affiliated federal credit union (serving California school employees) operating a near-identical model of employer-group eligibility, member-owned governance, and comprehensive retail banking services.
• University Federal Credit Union: Utah-based community credit union (Utah Valley / Provo) operating a similar employer-affiliated and consumer banking model, particularly relevant given DFCU's BYU-adjacent employer group ties.
• Mountain America Credit Union: Major Utah-based credit union with comparable branch footprint, lending products, and member-owned cooperative model competing head-to-head with DFCU for similar retail and employer-group customers.

Regional players

• Idaho Central Credit Union: Regional credit union headquartered in Idaho with strong LDS-community ties, sharing a faith-affinity member profile and overlapping product suite (auto, mortgage, credit cards, business banking).
• Bank of Utah: Utah-chartered commercial bank operating in the same geography with overlapping consumer, mortgage, and small-business banking products; comparable regional competitor but with a for-profit (not cooperative) charter.

Broad incumbents

• Ent Credit Union: Large Colorado-based credit union offering comparable consumer, mortgage, and small-business products with a similar member-owned cooperative structure but materially larger scale.
• Alliant Credit Union: Large national digital credit union serving multiple affinity groups with a comparable member-eligibility framework and full retail/banking suite, representing a national-direct competitive alternative.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/DeseretFirst
• Facebookfacebook.com/DeseretFirstCreditUnion
• LinkedInlinkedin.com/company/deseret-first-credit-union
• Instagraminstagram.com/deseretfirst
• Xx.com/deseretfirst

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Deseret First Federal Credit Union