Department Of Commerce Federal Credit Union


Overview / Commentary
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 3rd largest credit union in the District of Columbia. It is also the 599th largest credit union in the nation. It was established in 1964 and as of December of 2021, it had grown to 93 employees and 18,760 members at 3 locations. Department Of Commerce Federal Credit Union's CD rates are 2X the national average, and it has an A 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

Open A New Account

Posted by: |

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.

Slow To Open Accounts

Posted by: |

I was fortunate enough to apply very early, and my savings account was set up by May 4. However, since then things have ground to a halt. For every new product, you have to click on Loans! (poor website design), then existing member, then the CD or checking account or whatever. It has been 2 weeks since I applied for my checking account, and I have heard nothing. I have also opened 2 CDs since then, and nothing. My initial deposit is still sitting in my savings account. For every single product you open, checking, money market, CD, you have to fill out a whole new application including pictures of two forms of government issued i.d.

Back to website design, using an iPad, there is no way to get information on the rewards page. The link just takes you back to the landing page. It's a little complicated, so that is a big miss. Also, there is no way to tell online how many points you have and whether you are bronze, silver, or gold. Since these categories give you bonus interest on CDs, it's important information. Apparently, they manually adjust your CD rate after the fact. Also, the toll free number listed for contacting them does not work.

The customer service reps have been helpful, but the lag time in opening any account made me rate 3 stars. Also if you call on a weekend, the system puts you in queue to speak to a service rep, but there are no service reps on the weekend.

Opening New Account

I've had a bit of a rough ride but getting through it. Got a response and have got a contact with a direct line number who is very helpful. Set up an ACH to transfer $250k+ to buy a CD. The transfer system is OK but amounts too low. I think with perseverance over the next couple of days all will be settled and I'll have my CD paying 3.15% APY.

Guess They Do Not Want New Members

Posted by: |

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.

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Health

Health Grade Components

Overall
NCUA #16410
Year Chartered1964
Employees93
Primary Regulator
Profit Margin
Return on Assets - YTD0.38%
Return on Equity - YTD5.24%
Annual Interest Income$18.5MM
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$633.9MM$569.4MM
LoansQ4 2021vs Q4 2020$541.5MM$426.4MM
DepositsQ4 2021vs Q4 2020$514.1MM$457.4MM
Equity CapitalQ4 2021vs Q4 2020$44.1MM$40.7MM
Secondary CapitalQ4 2021vs Q4 2020$8.4MM
Loan Loss AllowanceQ4 2021vs Q4 2020$1.3MM$1.6MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$604.00K$442.00K
Real Estate OwnedQ4 2021vs Q4 2020$0$0
Rates
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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.

Department Of Commerce Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%--Share Savings Account
0.05%--Club Account
0.05%--Youth Share Savings Account

Department Of Commerce Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%*$50k*-Money Market Account
OTHER TIERS: 0.30% $2.5k - $20k | 0.40% $20k - $50k
0.50%*$50k*-IRA Money Market Account
OTHER TIERS: 0.30% $100 - $20k | 0.40% $20k - $50k

Department Of Commerce Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.01%-$20kPerformance Checking Account

Department Of Commerce Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.93%$500-60-84 Month CD
2.67%$500-48-59 Month CD
2.60%$500-36-47 Month CD
2.42%$500-24-35 Month CD
1.90%$500-12-23 Month CD
1.32%$500-6-11 Month CD

Department Of Commerce Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.93%$500-60-84 Month Fixed IRA
2.67%$500-48-59 Month Fixed IRA
2.60%$500-36-47 Month Fixed IRA
2.42%$500-24-35 Month Fixed IRA
1.90%$500-12-23 Month Fixed IRA
Locations


Department Of Commerce Federal Credit Union Locations
Branch Office1325 E West HwySilver Spring, MD 20910
Corporate Office1401 Constitution Ave NW Rm B-0038AWashington, DC 20230-0001
Branch Office1724 F St NWWashington, DC 20505

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