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Deseret First History

Deseret First Credit Union is a Salt Lake City, Utah based credit union founded in 1955 to serve employees of the Church of Jesus Christ of Latter-day Saints (LDS Church). Since then, its field of membership has expanded to allow service to any member or employee of the LDS Church throughout the United States. Deseret is a word from the Book of Mormon which means "honey bee" and is a part of Utah's Mormon pioneer heritage.

Deseret First and The Church of Jesus Christ of Latter-day Saints

Deseret First is not owned by the Church of Jesus Christ of Latter-day Saints (LDS Church). Like all credit unions, Deseret First is owned collectively by its members, each of whom owns a "share" of the entity.

With that said, Deseret First is chartered to serve members and employees of the LDS Church throughout the United States. Many of Deseret First's members reside in Utah where the credit union was founded and has eleven branches. Current technology and industry cooperation in the form of a national network of shared branches and ATMs enables Deseret First to serve members throughout the United States and expatriates abroad, who are serving missions for the Church, in the military or with their careers.

A hallmark of the Church of Jesus Christ of Latter-day Saints is that the teachings of spiritual leaders often focus on practical matters such as money management, emergency preparedness, and other temporal welfare subjects. Though Deseret First is not owned by the Church, LDS Church membership or employment defines their audience and they seek to operate in line with shared religious values. Financial advice given by Church leaders often contradicts the message that financial institutions send to their customers or members.

For example, it is common for financial institutions to promote credit cards and home equity loans as a legitimate way to finance dream vacations and other non-essentials. In his April 2006 General Conference address, President Monson said:

<blockquote>
I urge you to live within your means. One cannot spend more than one earns and remain solvent. I promise you that you will then be happier than you would be if you were constantly worrying about how to make the next payment on nonessential debt. In the Doctrine and Covenants we read: "Pay the debt thou hast contracted. . . . Release thyself from bondage."
<p>
President Thomas S. Monson, April 2006 General Conference Address
</blockquote>

While credit cards and other forms of debt have legitimate and useful uses, Deseret First specifically avoids encouraging our members to use debt in ways that contradict the counsel of leaders.

What is a Credit Union?

Credit unions are not-for-profit, cooperative financial institutions. They don't have customers, but rather, members who are also owners. The practical advantage of non-profit status for the owners is usually manifested through lower rates on loans and higher returns on deposits. In addition, credit unions may pay a dividend to their members if they have excess funds. That was more common before technology made it possible to give back to the membership immediately through real-time rate adjustments rather than end-of-year payments to owners.

Since changes in regulations took place in the 1980's, credit unions have been able to expand their scope to serve a larger segment of the population. In the past, a credit union may have only served school district employees or employees of a single corporation. Many of those same credit unions now serve the general population of one or more counties or perhaps a larger group of corporations. Because of this, many in the general population assume that credit unions can serve anyone. In fact, credit unions all still have to turn away people who don't fit the criteria of their charter.

References

Utah Higher Education Assistance Authority - UHEAA Bulletin Vol. 2001 Issue 38

Deseret First Credit Union is one of the 12090 financial institutions supported by The Mvelopes Personal online budgeting system.

Salt Lake Tribune - "Bank robberies erupt across a two-county area" Date: September 26, 2003 - "A man entered the Deseret First Credit Union, 337 N. State St., and handed a note to a teller demanding money."

I CU, And Raise: Utah CUs Affecting Each Other.(Shane London)(Interview). Michael Bartlett. Credit Union Journal 10.18 (May 8, 2006): p18. (540 words) From General Reference Center Gold. Interview with Shane London, chief financial officer of Deseret First Credit Union.

Worth Noting. Credit Union Journal 8.44 (Nov 1, 2004): p3. From General Reference Center Gold. "Deseret First Credit Union said it has distributed more than 2,500 Child ID kits to Utahans over the past two months."

External link

Deseret First Credit Union. Official site.