Department Of Commerce Federal Credit Union

Overview / Commentary

www.docfcu.org

202-808-3600

1401 Constitution Ave NW B-0038A
Washington, DC 20230

Department Of Commerce Federal Credit Union is headquartered in Washington and is the 2^nd largest credit union in the District of Columbia. It is also the 502^nd largest credit union in the nation. It was established in 1964 and as of June of 2023, it had grown to 111 employees and 30,186 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.

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

Dept of Commerce Fed Credit Union 12-23 Month CD Rate Shoots Upward - 6/9/2023

Department of Commerce Federal Credit Union (easy nationwide membership) has upped the rates on its 12-25 CD to rate leading level. $500 or $25k opening deposit.

APY 4.77% 60 - 84 Month Share Certificate Of Deposit On Balances 25 K And More - 6/6/2023

From Department of Commerce FCU website: “60 - 84 Month Share Certificate of Deposit Select a term from 60 months through 84 months. You can lock in competitive yields ($500 min. deposit) Take advantage of great yields and comfortable terms. Share Certificates of Deposit are a great mid-level investment solution for members who want guaranteed results without risk. Max APY: 4.77%” In my opinion this is one of the best deal on long term CD, taken the penalty to break it is only 180 days. Per my conversation with CSR, It would work best to open CD over the phone rather then online, There is an option to fund a CD with multiple external accounts no max limits via ACH initiated by DOCFCU no transaction fees.. A customer to complete and sign a simple ACH transfer form via DocuSign for each transaction. My understanding is that a customer may request DOCFCU to guarantee the rate at the time of funding. This is something that CSR told me, but I didn’t see anything online in writing. So I w

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2022
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Earlier

6/9 - Dept of Commerce Fed Credit Union 12-23 Month CD Rate Shoots Upward
6/6 - APY 4.77% 60 - 84 Month Share Certificate Of Deposit On Balances 25 K And More

12/5 - Dept of Commerce Federal Credit Union Ups 24-35 Month CD Rates
11/21 - Dept of Commerce Fed Credit Union Has Across-The-Board CD Rate Increases
9/9 - Dept of Commerce Federal Credit Union Bumps Up 12-23 Month CD Rate
6/23 - Dept of Commerce Federal Credit Union 6-11 Month CD APY Leaps Up
5/16 - CD Rates DECREASED This AM
4/29 - Dept of Commerce Federal Credit Union CD Rates Tower Over All
1/12 - Dept of Commerce Federal Credit Union Boosts CD Rates

11/5 - Dept of Commerce Federal Credit Union Has Rate Leading Long-Term CDs
7/1 - Dept of Commerce Federal Credit Union Ups Long-Term CD Rates Again
6/16 - Dept of Commerce Federal Credit Union Raises Long-Term CD Rates

5/11/20 - DOCFCU Offers Competitive Rewards Checking Account
11/8/17 - Department of Commerce FCU Adds New Performance Checking
3/12/13 - Higher CD Rates at Department of Commerce FCU in Washington DC
4/5/12 - CD Rates Fall But Remain Competitive at Dept. of Commerce FCU in DC
9/28/11 - Competitive CD Rates at Dept of Commerce FCU in DC - Local Only

Reviews (21)

UPDATE- 11-30-22 Open A New Account

Posted by: timnok | May 10, 2022

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

Posted by: tomjonas1947 | May 9, 2022

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

Posted by: Mav123 | Dec 27, 2022

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.

Glitchy Website, Ignorant Workers

Posted by: seanayates | Apr 24, 2023

I have a small loan with them. They have me on autopay. They take money out of my account twice a month in error. When I tell them to only take it once, they gaslight me and tell me that I'm manually paying each month in addition to the autopay. I am not doing that. They also tell me that it won't get pulled out again the next month since I'm paid up several months in advance (because of all the duplicate payments) yet it comes out again after a few days. I cannot get them to stop. I've emailed and called a dozen times. This bank sucks

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Health

Data as of Q2 2023

Learn why bank health matters

Health Grade Components

Overall
NCUA #	16410
Year Chartered	1964
Employees	111
Primary Regulator

Profit Margin
Return on Assets - YTD	-0.46%
Return on Equity - YTD	-7.69%
Annual Interest Income	$20.9MM

Assets and Liabilities
Assets	Q2 2023vs Q2 2022	$834.6MM$859.7MM
Loans	Q2 2023vs Q2 2022	$745.1MM$767.9MM
Deposits	Q2 2023vs Q2 2022	$728.3MM$691.4MM
Equity Capital	Q2 2023vs Q2 2022	$50.4MM$47.0MM
Loan Loss Allowance	Q2 2023vs Q2 2022	$0$1.9MM
Unbacked Noncurrent Loans	Q2 2023vs Q2 2022	$5.4MM$1.3MM
Real Estate Owned	Q2 2023vs Q2 2022	$0$0

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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.