Department Of Commerce Federal Credit Union is headquartered in Washington and is the 2nd largest credit union in the District of Columbia. It is also the 478th largest credit union in the nation. It was established in 1964 and as of June of 2022, it had grown to 100 employees and 26,931 members at 3 locations. Department Of Commerce Federal Credit Union has a B+ health rating.
Membership in Department Of Commerce Federal Credit Union is open to all U.S. citizens and resident aliens through membership in the American Consumer Council. Individuals who live, work, worship, or attend school in Washington D.C. qualify for membership, as do the employees of the U.S. Department of Commerce, NOAA, or affiliates.
See current membership details
I had the BEST experience opening a new account with ANYWHERE!
I've opened about a dozen new accounts over the last 5 years and most have been good a few were awfulI.
I Initially contacted DOC fcu customer support with a few questions. The CSR sent email to appropriate dept. and told me I should expect reply within 2 business days as it was over a weekend. I received response the same day!
EVERYONE i've dealt with have been friendly and helpful.
I was prepared when I submitted my application with all the needed info and once accepted got email confirming in process with a link to follow status of application. Don't recall ANY other financial institution doing that in the recent past.
I've seen no indication of credit bureau inquiry.
I did receive email request to unfreeze Chex and took care of that. Within 2 hours I received email letting me know they had what they needed and could re-freeze and did so.
Total time application to completed account was 5 days and 2 of those were over a weekend.
Hope this is helpful.
So a few weeks on and I've just had my first deposit into the Savings account from the CD. Organized a transfer and it should be in my Ally checking account on Monday. My rate is 3.1% on a Jumbo CD which I got before the rates dropped. I think it's definitely the case that if a credible institution offers a really good CD deal that the response will be big and they are likely to be overwhelmed. I benefited from linking up with a good contact at the credit union
Have to agree with reviews both good & bad. When I first applied for a new joint cd the process went smoothly, although it was cumbersome having to establish a membership in the American Consumer Council, as well as open a savings acct with a $5 minimum.
Problems arose when I next applied for an individual cd/savings acct. Since I had already listed myself as the primary on the joint application, I could not have another account with me as the primary. I had to switch the primary to my spouse, so I could open the individual cd & savings acct. All the online documents & follow up phone calls took many weeks to approve and make the necessary changes. Most of the folks I spoke with were very pleasant and apologized for the delay stating they had received an overwhelming response and were working weekends to resolve.
After about a month my second cd & savings acct were finally established. Even though the rates had dropped, I was assured I would receive the APY advertised at the time of my application, and I did! Just need persistance & patience. Don't think I would jump through all these hoops again.
Wanted to take advantage of their CD rates so I applied online Tuesday (5/3) AM and got a completion screen with the message that my app number was xxxxxx, I was pre-qualified and a New Member associate with get with me soon to finalize everything. Figured I would least get an email notice that I had applied. Nothing. Thursday I called them asking about the status of my app but I was told that the membership department did not take calls originating outside the bank so I had to give my information to the phone rep who promised she would get it to the membership department and they would contact me. Crickets. Early Friday AM I sent them an email from their website and have still heard nothing. If their rates were not so attractive I would ditch the entire effort. If anyone else has had better luck, congratulations.
|Return on Assets - YTD||0.97%|
|Return on Equity - YTD||15.7%|
|Annual Interest Income||$12.3MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$859.7MM$575.9MM|
|Loans||Q2 2022vs Q2 2021||$767.9MM$419.6MM|
|Deposits||Q2 2022vs Q2 2021||$691.4MM$471.5MM|
|Equity Capital||Q2 2022vs Q2 2021||$47.0MM$44.3MM|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$1.9MM$1.4MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$1.3MM$426.00K|
|Real Estate Owned||Q2 2022vs Q2 2021||$0$0|
Rates for Department Of Commerce Federal Credit Union are currently being reviewed.
|Department Of Commerce Federal Credit Union Locations|
|Branch Office||1325 E West Hwy||Silver Spring, MD 20910|
|Corporate Office||1401 Constitution Ave NW Rm B-0038A||Washington, DC 20230-0001|
|Branch Office||1724 F St NW||Washington, DC 20505|