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Overview / Commentary
800-969-6151
10001 Willowdale Road
Lanham, MD 20706

Fedchoice Credit Union is headquartered in Lanham and is the 16st largest credit union in the state of Maryland. It is also the 618st largest credit union in the nation. It was established in 1935 and as of December of 2013, it had grown to 80 employees and 24,256 members. Fedchoice Credit Union has a A+ health rating.

Field of Membership Restrictions

Must be a federal civilian employee in the Washington, D.C., Baltimore or Philadelphia metropolitan area. - See Details

Reviews (2)

BAD CHOICE

This credit union is so user unfriendly to the customer its mindboggling. First of all I should have shopped around for the best Credit Union around my local area. I didnt realize at the time that the limit of transactions from savings to checking accounts would come to affect my ability to manange my bill pay accounts, and God help me if I was on vacation and needed some cash but because I used my last transfer which is 6 mind you, not only will it lock your card out, you have to fax a request to make the 7th and subsequent transfers, before 4PM est, from Spain on a friday. You have to wait untill Monday there off on weekends. Happy Vacation.

Long Wait Times And Incompetent Service

Every time I call there is a 30 minute wait time (even at 8:30 am). The hours are only 8:30 am to 4 pm so I always have to wait during prime work hours. I had to call in 5 times simply to apply to a simple account. I had to request the paperwork 3 times. They forgot to send it the first time due to a computer error. The second time they sent it in a sff format that cannot be opened by any normal application. The third time I finally received a pdf file. Then, I had to submit the paperwork 2 times. I faxed it in, but they didn't receive it. I never had anyone not receive a fax with a positive verification. I decided to just mail it. From this experience, I am going to highly recommend that anyone who values their sanity to use another credit union such as penfed. I am putting applications in elsewhere.



Health

Data for Q4 2013

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Fedchoice Credit Union had $676,000 in non-current loans and owned real-estate with $39.87 million in equity and loan loss allowances on hand to cover it. This gives Fedchoice Credit Union a Texas Ratio of 1.70% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Fedchoice Credit Union decreased dramatically from 3.07% as of December 31, 2012 to 1.70% as of December 31, 2013, resulting in a positive change of 44.76%.This indicates that the balance sheet and financial strength for Fedchoice Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Fedchoice Credit Union has increased its total deposits by $17.13 million, resulting in 6.06% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Fedchoice Credit Union has shown is excellent.

Capitalization

GRADE:
A

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Fedchoice Credit Union has $341.55 million in assets with $39.87 million in equity, resulting in a capitalization level of 11.67%, which is excellent.

Institution Statistics

Overall
NCUA #150
Year Chartered1935
Employees80
Primary Regulator
Assets and Liabilities
Assets$341.55 million
Loans$155.79 million
Deposits$299.89 million
Equity Capital$37.90 million
Loan Loss Allowance$1.97 million
Unbacked Noncurrent Loans$676,000
Real Estate Owned$0
Historic Data - December 2012
Assets$318.08 million
Equity Capital$32.93 million
Loan Loss Allowance$2.12 million
Unbacked Noncurrent Loans$676,000
Real Estate Owned$40,000
Profit Margin - Quarterly
Net Interest Margin4.47%
Return on Assets0.63%
Return on Equity5.66%
Interest Income$11.87 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Fedchoice Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Fedchoice Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.45%$20k-IRA Share Account
0.45%$20k-Coverdell Education Savings Account
0.45%$20k-Roth IRA Share Account
0.45%$20k-SEP IRA Share Account
0.25%$2,500-Main Share Savings Account
0.25%$2,500-Special Savings Account
0.25%$2,500-Holiday Club

Fedchoice Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.45%$50k-Earn More Money Market
0.20%$50k-Money Market

Fedchoice Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.10%$1,500-Premium Checking Account

Fedchoice Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
2.05%$50k-60 Month Mini-Jumbo Earn More Certificate
2.00%$500$50k60 Month Earn More Certificate
1.80%$50k-60 Month Mini-Jumbo Share Certificate
1.75%$500$50k60 Month Share Certificate
0.80%$50k-48 Month Mini-Jumbo Earn More Certificate
0.75%$500$50k48 Month Earn More Certificate
0.55%$50k-48 Month Mini-Jumbo Share Certificate
0.55%$50k-36 Month Mini-Jumbo Earn More Certificate
0.50%$500$50k48 Month Share Certificate
0.50%$50k-24 Month Mini-Jumbo Earn More Certificate
0.50%$500$50k36 Month Earn More Certificate
0.45%$50k-18 Month Mini-Jumbo Earn More Certificate
0.45%$500$50k24 Month Earn More Certificate
0.40%$50k-12 Month Mini-Jumbo Earn More Certificate
0.40%$500$50k18 Month Earn More Certificate
0.35%$50k-6 Month Mini-Jumbo Earn More Certificate
0.35%$500$50k12 Month Earn More Certificate
0.30%$50k-36 Month Mini-Jumbo Share Certificate
0.30%$500$50k6 Month Earn More Certificate
0.25%$500$50k36 Month Share Certificate
0.25%$50k-24 Month Mini-Jumbo Share Certificate
0.20%$500$50k24 Month Share Certificate
0.20%$50k-18 Month Mini-Jumbo Share Certificate
0.15%$500$50k18 Month Share Certificate
0.15%$50k-12 Month Mini-Jumbo Share Certificate
0.10%$500$50k12 Month Share Certificate
0.10%$50k-6 Month Mini-Jumbo Share Certificate
0.05%$500$50k6 Month Share Certificate

Fedchoice Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
2.05%$50k-60 Month Mini-Jumbo Earn More IRA Certificate
2.05%$500-60 Month Mini-Jumbo Earn More ROTH IRA Certificate
2.05%$50k-60 Month Mini-Jumbo Earn More SEP IRA Certificate
2.00%$500-60 Month Earn More IRA Certificate
2.00%$500-60 Month Earn More ROTH IRA Certificate
2.00%$50k-60 Month Earn More SEP IRA Certificate
1.80%$50k-60 Month IRA Mini-Jumbo Certificate
1.80%$50k-60 Month ROTH IRA Mini-Jumbo Certificate
1.80%$50k-60 Month SEP IRA Mini-Jumbo Certificate
1.75%$500-60 Month IRA Certificate
1.75%$500-60 Month ROTH IRA Certificate
1.75%$500-60 Month SEP IRA Certificate
0.45%$50k-18 Month Mini-Jumbo Earn More IRA Certificate
0.45%$50k-18 Month Mini-Jumbo Earn More ROTH IRA Certificate
0.45%$50k-18 Month Mini-Jumbo Earn More SEP IRA Certificate
0.40%$250-18 Month Earn More CESA
0.40%$500-18 Month Earn More IRA Certificate
0.40%$500-18 Month Earn More ROTH IRA Certificate
0.40%$500-18 Month Earn More SEP IRA Certificate
0.20%$50k-18 Month IRA Mini-Jumbo Certificate
0.20%$50k-18 Month ROTH IRA Mini-Jumbo Certificate
0.20%$50k-18 Month SEP IRA Mini-Jumbo Certificate
0.15%$500-18 Month IRA Certificate
0.15%$500-18 Month ROTH IRA Certificate
0.15%$500-18 Month SEP IRA Certificate
0.15%$250-18 Month CESA Certificate
Locations


Fedchoice Credit Union Locations
Branch Office2970 Market StPhiladelphia, PA 19104-5002
Branch Office900 Brentwood Rd NEWashington, DC 20066-9201
Branch Office5000 Ellin Rd Rm c1-100Lanham, MD 20706-1348
Branch Office99 New York Ave NEWashington, DC 20002-3325
Branch Office1111 Constitution Ave Rm 1716Washington, DC 20224-0001
Branch Office10001 Willowdale RdLanham, MD 20706-4321