Department Of Commerce Federal Credit Union
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 503rd largest credit union in the nation. It was established in 1964 and as of December of 2024, it had grown to 97 employees and 30,815 members at 2 locations. Department Of Commerce Federal Credit Union's money market rates are 5X the national average, and it has a B health rating.
Field of Membership Restrictions
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
UPDATE- 11-30-22 Open A New Account
11-30-22
Just an update to my experience.
Called this week and was able to upgrade my IRA and CDs VERY easily to current rates! Made a significant difference!
VERY friendly and helpful CSR!
Just wanted to post another positive experience!
Hope of value to others.
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.
Opening New Account
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
Tried To Open Membership And Cds
The terms are very unfriendly, a hard pull when opening memberships. Also, NO partial early withdrawals from CDs, they close your entire CD if you take a few dollars out early. Other CUs allow partial withdrawals and deposit interest accrued to your checking/savings account.
Interacted with Sierra, who is a supervisor, very unfriendly. Had to fish out information.
Slow Walk Towards Membership
Tried to open a membership account and a 47-mo CD with them. I applied on August 1 and as of August 9 (8 calendar days and 6 business days later) have heard nothing regarding approval.
I spoke with a phone rep twice. First one told me (on Aug 7) that approval could take as long as 3 business days, then backtracked when I pointed out it had already been that long. She was unable to give me any information on how much longer it might take, and could/would not transfer me to anyone who might be able to provide that information. Similar experience today (Aug 9), but was told it usually takes 5 business days for approval. Backtracked again when I started counting the days for her.
Worst of all, they will NOT hold the CD rate in effect on the day of application. If you get approved, you will get whatever they are offering that day. Can't withdraw the application, so once "approved" for membership (if it happens), I will probably go ahead with the basic $5 membership account but decline to proceed with the CD.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 16410 |
| Year Chartered | 1964 |
| Employees | 97 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.12% |
| Return on Equity - YTD | 3.6% |
| Annual Interest Income | $49.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $854.4MM$845.6MM |
| Loans | Q4 2024vs Q4 2023 | $725MM$750.4MM |
| Deposits | Q4 2024vs Q4 2023 | $773.9MM$773.9MM |
| Equity Capital | Q4 2024vs Q4 2023 | $29.3MM$44MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $21MM$9.6MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $9.5MM$12.1MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $150K$0 |