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 499th largest credit union in the nation. It was established in 1964 and as of September of 2022, it had grown to 103 employees and 30,001 members at 3 locations. Department Of Commerce Federal Credit Union's money market rates are 6X the national average, and it 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
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.
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.
I called on Monday, 11/21/22 with basic questions on opening a 5 YR CD. The CS agent could not help me but said that another agent would call me on Tuesday. Well, it’s Wednesday, 11/23/22 and no call. I was waiting to see if someone would call to test their CS competence. So far, I am very disappointed. I’ll call on Friday.
I filled out an application on line Saturday and funded it today. How easy is that! The CSR was helpful and attentive to setting up a ACH for the CD.
Wouldn't want others to be put up by any misunderstanding of the process and ease to do business with Department of Commerce Federal Credit Union.
Overall | |
---|---|
NCUA # | 16410 |
Year Chartered | 1964 |
Employees | 103 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 3.25% |
Return on Equity - YTD | 43.1% |
Annual Interest Income | $22.5MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q3 2022vs Q3 2021 | $838.6MM$591.5MM |
Loans | Q3 2022vs Q3 2021 | $743.5MM$482.8MM |
Deposits | Q3 2022vs Q3 2021 | $703.4MM$490.3MM |
Equity Capital | Q3 2022vs Q3 2021 | $64.0MM$44.5MM |
Loan Loss Allowance | Q3 2022vs Q3 2021 | $2.3MM$1.3MM |
Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $3.1MM$552.00K |
Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Department Of Commerce 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% | - | - | Share Savings Account | |
0.05% | - | - | Club Account | |
0.05% | - | - | Youth Share Savings Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
3.50% | - | $20k | Performance Checking Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.32% | $500 | - | 36-47 Month CD | |
4.32% | $500 | - | 48-59 Month CD | |
4.32% | $500 | - | 60-84 Month CD | |
4.29% | $500 | - | 24-35 Month CD | |
4.14% | $500 | - | 12-23 Month CD | |
4.03% | $500 | - | 6-11 Month CD |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.32% | $500 | - | 36-47 Month Fixed IRA | |
4.32% | $500 | - | 48-59 Month Fixed IRA | |
4.32% | $500 | - | 60-84 Month Fixed IRA | |
4.29% | $500 | - | 24-35 Month Fixed IRA | |
4.14% | $500 | - | 12-23 Month Fixed IRA |
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 |