Democracy Federal Credit Union Adds Red-Hot 18-Month CD Special
Virginia-based Democracy Federal Credit Union (Democracy FCU) is offering two very competitive Certificate Specials for a limited time. Earning an eye-catching 6.25% APY, the 18-month Certificate Special requires a $1.5k minimum opening deposit of new money. The 9-month Certificate Special earns 4.50% APY and requires a minimum opening deposit of $500 of new money. The 9-month also offers unlimited additional deposits throughout the term.
UPDATE 1/20/2023: I received a call from Democracy FCU this afternoon. I asked CSR about the confusing Democracy FCU outgoing messages described below. She was not aware of the messages and said she would forward my concerns to the appropriate department.
NOTE: This is an incomplete blog post for two reasons: there is no Truth-in-Savings disclosure on Democracy FCU’s website and because I was unable to speak to anyone at Democracy FCU. When I have more details, I will update this blog post, but I wanted to make sure DA readers were aware of this hot deal.Based on reviews on DA, my inability to get through to anyone at Democracy FCU was not a unique experience. I wasn’t surprised when I was put on hold given the 6.25% APY, but I expected to speak to someone eventually. On my first call, I was “Caller 23” before the call was abruptly ended and “Caller 15” on the second dropped call. My third call was the most frustrating: after listening to about 6-7 minutes of Democracy FCU advertising, I heard the following:
This call cannot be completed. Please call later at your convenience. (In a woman’s voice.)
Immediately followed by,
All representatives are currently assisting other members. Please press 1 if you would like to receive a callback or press 2 to leave a message. Otherwise, remain on the line for a representative. (In a man’s voice.)
These two messages repeated ad infinitum, leaving me wondering if I was in “call cannot be completed” limbo or in “remain on the line for a representative” purgatory. I waited an additional 20 minutes before I gave up. I did request a callback, but I’m still waiting.
Availability
Headquartered in Alexandria, Virginia, Democracy Federal Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live, work, worship, attend school, or regularly conduct business in the following locations eligible to join.
Washington, D.C. – all areas of the city.
Maryland – most areas of Prince George’s County and Montgomery County.
Virginia – most areas of the City of Alexandria, Arlington County, and Fairfax County.
Individuals who live in the D.C. metro area or Philadelphia and work for any of the following governmental agencies also qualify for membership: Department of Health & Human Services, Department of Education, Social Security Administration, Federal Energy Regulatory Commission, and Food & Drug Administration.
Faculty, employees, and registered students enrolled in a program leading to a degree or certificate at Gallaudet University are eligible for membership.
Family members of a current Democracy Federal Credit Union member are welcome to apply. There is no definition of “family” provided on Democracy FCU’s website.
Account Opening
Joining Democracy FCU and/or opening a Certificate Special can be done online or at any of the six full-service branches located in Alexandria, Virginia (2); District Heights, Maryland; Philadelphia, Pennsylvania; and Washington, D.C. (2). Appointments are available and can be scheduled online or by calling the branch.
A $5 minimum balance and $10 membership fee is required for a main share Democracy FCU membership.
Democracy FCU participates in both the CO-OP Shared Branch and ATM networks.
Funding and Other Details
UPDATE 1/20/2023: The following information is from the phone call I received this afternoon.
- Early Withdrawal Penalty – a loss of 30 days dividends for all Democracy FCU certificates. Partial withdrawals are allowed.
- Funding – ACH or check.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly and cannot be withdrawn penalty-free.
- Maturing Funds – Cashier’s check or internal transfer to Democracy FCU share savings account.
- Beneficiaries – Unlimited, but POD form only has space for four beneficiaries. More can be added by phone. Percentages can be assigned, Social Security numbers are not required.
- Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
- Credit Check – Soft pull when joining.
Credit Union Overview
Democracy Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.63% (excellent) based on September 30, 2022 data. Democracy FCU has an average capitalization level (8.84%), the result of holding $174.57 million in assets with $15.44 million in equity. Please refer to our financial overview of Democracy Federal Credit Union (NCUA Charter # 1407) for more details.
Chartered in 1936 as the Social Security Employees Federal Credit Union, Democracy Federal Credit Union has rebranded four times, with the Democracy name debuting in 2015. Through most of the credit union’s 87-year history, the FOM was exclusive to the employees of several federal governmental agencies. About 16 years ago, the FOM began to expand, including the residents of the Washington D.C. metro area. Democracy Federal Credit Union is currently the 39th largest credit union headquartered in Virginia, with more than 12,400 members and deposits in excess of $156 million.
How the 18-Month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Democracy Federal Credit Union 18-month Share Certificate Special. The following table compares the 18-month Share Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 1/20/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
