Democracy Federal Credit Union

Overview / Commentary
400 N Columbus St
Alexandria, VA 22314

Democracy Federal Credit Union is headquartered in Alexandria and is the 39th largest credit union in the state of Virginia. It is also the 1,336th largest credit union in the nation. It was established in 1936 and as of June of 2022, it had grown to 26 employees and 12,446 members at 6 locations. Democracy Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

Membership is open to those who live, work, worship, attend school, or regularly conduct business in most areas of the City of Alexandria, Arlington and Fairfax Counties, Virginia, most areas of Prince George’s and Montgomery Counties in Maryland, and all areas of the city of Washington D.C.
See current membership details

Exception Service

Democracy provided me with exceptional service. They helped me with a debt consolidation loan. I couldn't be happier. Highly recommend them.

Great Experience

Posted by: |

I am not sure why this credit union has such bad reviews.

I opened an account online, had several conversations on the phone and visited the Alexandria branch.

The staff is pleasant, and I was able to open a ROTH IRA at a very competitive rate.

Horrible Experience

This is a terrible financial institution. You can call them any time of day but noone answers the phone and if you leave a message with your name and number they will never get back to you. It took TWO MONTHS from the date that I opened my account to receive a debit card. They do not cash checks for anyone as a policy, even if you are a paying member, and any checks you deposit will have a hold placed on them for one to two days. The employees are apathetic and rude and the management doesn't know the meaning of customer service. I wouldn't recommend this credit union to my worst enemy.

Horrible Service And Rude Employees

After Democracy Credit Union took over from HEW Credit Union the service was so bad that one employee would tell you one thing and another would tell you the opposite. For example I have funds automatically taken out of my account for my HOA. Democracy never informed clients that the number to used for ACH had changed, but sent me a rude letter informing me that if my HOA used the same number as HEW I would have to pay a $35 fee. Spoke with the manager and she mentioned that she had received the same letter. I spoke with three Democracy employees and each one gave me a different number-I closed my account, On April 7, 2017 I received a debit card in the mail from Democracy. I called their 888 number and person who answered call told me that if the credit union had sent me a debit card when i no longer had an account that very possibly someone had opened account in my name. On Monday, April 10th I called the credit union only to hear that the bank was closed for the day for employee training. the following day, I called again only to be put on hold for 45 minutes, I hung up and called back later only to be put on hold for 27 minutes. Tried calling on the next day(Wednesday) but message came on that they were closed for employee training. On Friday, April 14th I called again only to be put on hold for 32 minutes, called again and finally reached one of the most incompetent employees. She wanted to know the exact date that I had closed my account but I could not remember, then she asked me the name of the manager I spoke with two years ago. I could not remember. Then asked for my social security number -she repeated the number but had copied it wrong. Finally after three attempts to get her to repeat my number and having her keep transposing numbers. Then she informs me that there had been a deposit in my checking account in July and that my checking account was still active, I informed her that the only money in my account was $5. in my saving account. I was so angry by this time that I told her that she was incompetent and she hung up on me. I still do not know why I received this debit card



Health Grade Components

NCUA #1407
Year Chartered1936
Primary Regulator
Profit Margin
Return on Assets - YTD1.18%
Return on Equity - YTD13.89%
Annual Interest Income$3.5MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$179.6MM$177.1MM
LoansQ2 2022vs Q2 2021$125.0MM$110.7MM
DepositsQ2 2022vs Q2 2021$160.1MM$159.7MM
Equity CapitalQ2 2022vs Q2 2021$15.2MM$15.9MM
Loan Loss AllowanceQ2 2022vs Q2 2021$718.00K$747.00K
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$119.00K$91.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$87.00K
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Always verify rates and promotions with the bank or credit union. We are not Democracy 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.

Democracy Federal Credit Union Savings Account Rates

1.00%*-$50kKasasa Saver
OTHER TIERS: 0.20% $50k+
0.75%*$3.5k*-IRA Variable Rate Share
OTHER TIERS: 0.50% Up to $3.5k
0.40%*$100*-Youth & Young Adult Shares
OTHER TIERS: 0.30% Up to $100
0.15%$100-Holiday Share Account
0.15%$100-Vacation Share
0.05%$100-Regular Share Account

Democracy Federal Credit Union Money Market Rates

0.35%*$100k*-Money Management Account
OTHER TIERS: 0.20% $1k - $25k | 0.25% $25k - $50k | 0.30% $50k - $100k

Democracy Federal Credit Union Checking Account Rates

3.00%*-$10kKasasa Cash
OTHER TIERS: 0.20% $10k+

Democracy Federal Credit Union CD Rates

2.22%*$1k*-6 Month Youth & Young Adult Generation Certificate
OTHER TIERS: 2.02% $100 - $500 | 2.12% $500 - $1k
0.25%$2k-60 Month Share Certificate
0.20%$2k-48 Month Share Certificate
0.15%$2k-36 Month Share Certificate
0.12%$1k-24 Month Share Certificate
0.10%$1k-12 Month Share Certificate
0.05%$500-6 Month Share Certificate

Democracy Federal Credit Union IRA Rates

2.02%$2.5k-60 Month IRA
1.82%$2k-36 Month IRA
1.51%$500-12 Month IRA
1.51%$500-36 Month CESA
1.00%$500-12 Month CESA

Democracy Federal Credit Union Locations
Branch Office5720 Silver Hill RdDistrict Heights, MD 20747
Branch Office200 Independence Ave SWWashington, DC 20201
Branch Office300 Spring Garden StPhiladelphia, PA 19123
Branch Office400 N Columbus StAlexandria, VA 22314
Branch Office400 N Columbus StAlexandria, VA 22314-2259
Branch Office550 C St SWWashington, DC 20024-2572

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