In the last year, a few credit union rewards checking accounts have joined the list of nationally available accounts after the credit union added a membership option that makes it possible for people in any state to join, what we call “easy membership requirement.” The Performance Checking offered by Department of Commerce Federal Credit Union (DOCFCU) is the latest one. The rate and balance cap aren’t the highest available, but they’re competitive for a nationally available rewards checking account. The account currently earns 2.33% APY on qualifying balances up to $20k. Qualifying balances over $20k and non-qualifying balances do not earn any interest.
|2.33%||-||$20k||Department Of Commerce Federal Credit Union||Performance Checking Account|
- Have at least 12 debit card purchases totaling a minimum of $100
- Receive eStatements
- Have at least one direct deposit
- Login to mobile/online banking at least once a month
The Performance Checking account has no monthly service fee, no minimum balance requirement, and no minimum opening deposit requirement. ATM fees are not reimbursable, but DOCFCU participates in both the MoneyPass and Allpoint ATM networks.
Excess Share Insurance
DOCFCU offers its members the protection provided by the Excess Share Insurance, the nation’s largest provider of excess share insurance since 1993.
To further protect our members’ deposits, we provide the highest combination of federal/private share savings deposit insurance available: $500,000, which includes savings accounts, checking accounts, money market accounts and certificates of deposit.
Headquartered in Washington, D.C., Department Of Commerce Federal Credit Union’s field of membership (FOM) has changed, with membership available to all U.S. citizens and residents aliens who live in Delaware, Maryland, Pennsylvania, Virginia, or West Virginia through the Maryland Consumer Council (MCC). MCC is part of the American Consumer Council.
When I first noticed this change, I thought joining MCC may only be an option for Maryland residents.
According to a CSR, anyone, regardless of residency, can join the Maryland Consumer Council. The online application allows you to join MCC when applying for membership. Please note that this isn’t guaranteed to last. Credit unions have often gone through periods in which residency requirements have been included and excluded for members of certain associations to qualify to join the credit unions.
Individuals who live, work, attend school, or worship in the District of Columbia are also eligible to join.
Employees of the U.S. Department of Commerce or NOAA (and affiliates) also qualify for membership, as do the employees of the White House Management and Administration Office, and the Executive Office of the President.
Family members of current DOCFCU members are also welcome to apply.
Joining DOCFCU and/or opening an Performance Checking account can be done online. Joining MCC can be done using the DOCFCU membership application.
As of Thursday, March 19, 2020, all DOCFCU branches are closed until further notice. While we temporarily cannot provide service to members in person, the credit union is fully functioning and our staff is ready to help you remotely.
Opening a Regular Share Savings with a minimum $5 deposit establishes DOCFCU membership.
DOCFCU participates in the CO-OP Shared Branch network, as well as the MoneyPass and Allpoint ATM networks.
Credit Union Overview
Department of Commerce Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.64% (excellent) based on December 31, 2019 data. In the past year, DOCFCU has increased its total non-brokered deposits by $25.71 million, an excellent annual growth rate of 6.59%. Please refer to our financial overview of Department of Commerce Federal Credit Union (NCUA Charter # 16410) for more details.
Department Of Commerce Federal Credit Union was established in 1932 for the benefit of the employees of the Department of Commerce. In 2005, DOCFCU expanded its FOM to “adopt” the city of Washington, D.C., giving its more than 571,000 residents the opportunity to join. The 2015 merger with the White House Federal Credit Union instantly increased the number of members, but the recent change to an “easy membership” charter has the power to increase the membership exponentially. Currently the District’s third largest credit union, DOCFCU has more than 18,500 members and assets in excess of $529 million.
How the Performance Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $20k, Department of Commerce Federal Credit Union’s Performance Checking APY* currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|3.30% APY||Vertical Checking (up to $20k)||Evansville Teachers Federal Credit Union|
|3.00% APY||Kasasa Cash (up to $25k)||The Bank of Denver|
|2.33% APY||Performance Checking (up to $20k)||Department of Commerce Federal Credit Union|
The above rates are accurate as of 5/11/2020.
*We continue to update our rates tables, but are just too many rate cuts for us to process the changes quickly. For the time being, please be aware that the rates listed at DepositAccounts may not reflect the latest rates published by the banks and credit unions.