Commonwealth One Federal Credit Union is headquartered in Alexandria and is the 23rd largest credit union in the state of Virginia. It is also the 710th largest credit union in the nation. It was established in 1944 and as of December of 2021, it had grown to 76 employees and 34,548 members at 7 locations. Commonwealth One Federal Credit Union has an A health rating.
Membership in CommonWealth One Federal Credit Union is open to members of the Virginia Consumer Council who live in Kentucky, Maryland, North Carolina, Tennessee, Virginia, Washington D.C., or West Virginia. Individuals who live, work, worship, volunteer or attend school in Washington D.C., the Virginia counties of Warren or Clarke, or the Virginia cities of Harrisonburg and Alexandria are also eligible to join. Membership is also open to employees of more than 200 Sponsor Groups and to immediate family of current Credit Union members.
See current membership details
I've been a member of CommonWealth One for over 2 years and my experience has been phenomenal. The Harrisonburg location has been a pleasure working with and has always treated me like a member and not just a number. Their loan rates are low and they also have some of the best certificate rates. I recommend them to everyone.
Worked me like a true scam artist would. Found Jumbo CD rate at Bankrate.com and tried to use their online "open an account". Figured I could put some IRA money in and stay out of stocks for awhile. Summary of the experience was that you call them every few days and ask what is the hold up. They seem to make up the process as they go. First, they wanted two sides of my ID, then next time I called, it was they wanted to ask me questions from my credit report to confirm my ID (All this and I wanted to make a large DEPOSIT). By the fourth call, they said they "couldn't find anything wrong or missing from my application", but wanted to advise me that the rate had "changed". In other words when I applied four weeks ago, you had a higher rate and now it is lower, I said. "Yes" I was told. I only gave them two stars because they did call me back consistently. The last call I made (call #5), I was told that they had a new policy and you must upload a certificate to prove you had joined the free association that gives you rights to be a member. I had joined a month ago, but their online system did not ask for this 'proof' and each time I called no one asked for this. Until I lost the good rate and they were hard pressed to find another excuse-then it was "we need proof of your association that allows you to join the credit union". I was never a big fan of processes, but I can see how no one would make it through this ad hoc gauntlet to actually get an account. What would they ask for someday when I want my money back? If this sounds like fun, give it a try for yourself. Otherwise, stay away.
Field of membership is mis-stated on their website. Even if you are a member of the Virginia chapter of the ACC, they will deny if you do not have a current address in VA.
This Credit Union has a restrictive membership policy that is not explained on the website. It says you can become a member by joining the Virginia Consumer Council but it doesn’t explain you have to live in states surrounding DC. I was already a member of the VCC before applying to this CU but moved away from the area and was denied.
But here is the kicker: they do a HARD CREDIT PULL even before they evaluate you for membership. How crazy is that?
So now I have a hard credit pull on my credit report for NOTHING.
Thanks for nothing guys.
Overall | |
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NCUA # | 5134 |
Year Chartered | 1944 |
Employees | 76 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.35% |
Return on Equity - YTD | 3.67% |
Annual Interest Income | $13.5MM |
Assets and Liabilities | ||
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Assets | Q4 2021vs Q4 2020 | $489.2MM$453.9MM |
Loans | Q4 2021vs Q4 2020 | $278.5MM$271.6MM |
Deposits | Q4 2021vs Q4 2020 | $441.0MM$405.5MM |
Equity Capital | Q4 2021vs Q4 2020 | $46.5MM$46.1MM |
Loan Loss Allowance | Q4 2021vs Q4 2020 | $2.0MM$2.4MM |
Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $1.9MM$2.2MM |
Real Estate Owned | Q4 2021vs Q4 2020 | $0$185.00K |
Always verify rates and promotions with the bank or credit union. We are not Commonwealth One Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.05% | $10k | - | Relationship PLUS Checking |
Commonwealth One Federal Credit Union Locations | ||
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Branch Office | 170 Bluestone Dr | Harrisonburg, VA 22807-1008 |
Branch Office | 7701 Telegraph Rd Kingman Building | Alexandria, VA 22315 |
Branch Office | 441 G St NW Ste 3M54 | Washington, DC 20548-0001 |
Branch Office | 3330 King St | Alexandria, VA 22302 |
Branch Office | 4875 Eisenhower Ave | Alexandria, VA 22304-4886 |
Branch Office | 42 Terri Dr | Harrisonburg, VA 22802 |
Branch Office | 6201 Richmond Hwy | Alexandria, VA 22303 |