Just two weeks ago, I wrote about the significant rate increases on Department of Commerce Federal Credit Union’s (DOCFCU) 36-47, 48-59, and 60-84 month CDs. These substantial gains (totaling 45, 46, and 51 bps, respectively) occurred in May and June.
As of yesterday, the rates on the 48-59 and 60-84 month CDs were raised by 9 bps and 10 bps, respectively. The new 1.27% APY and 1.36% APY are quite competitive when compared to nationally available CDs. (Surprisingly, the 36-47 month CD rate has remained the same.) Any of these CDs can be opened with a $500 minimum deposit, with no stated balance cap.
The CDs are also available as IRA CDs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
DOCFCU’s Relationship Rewards program awards points for services and balance levels. The points add up to free benefits like higher yields on certificates and lower rates on loans including,
- If you are a Bronze Member, you will receive an additional .05 basis points in addition to any of our current rates.
- If you are a Silver Member, you will receive an additional .10 basis points in addition to any of our current rates.
- If you are a Gold Member, you will receive an additional .25 basis points in addition to any of our current rates.
- In addition to the Relationship Rewards levels above, if the initial deposit is $25,000 or more, you will receive an additional .10 basis points.
If you are Gold Member who opens a 60-84 month CD with at least $25k, the applicable rate would be 1.71% APY.
As stated in the CD FAQs, the Early Withdrawal Penalty reads as follows,
You can close your CD at any time; however, you will be subject to the following penalties if you are outside of the 10 days of opening of the CD or renewal/maturity date:
- 12-84 months: The penalty is the first 180 days of dividends.
CSR confirmed that only an early closure is possible, with no partial withdrawals allowed.
Funding and Maturing Funds
CSR stated the easiest way to fund a CD is an internal transfer of funds. DOCFCU participates in the CO-OP Shared Branch network, enabling a relatively easy transfer of outside funds into a DOCFCU savings account. Earned dividends can be added to the CD principal, transferred to a DOCFCU savings or checking account, or by check mailed to the address on file. Maturing funds will be distributed by check or transferred to a DOCFCU savings or checking account. There is a ten day grace period before a CD automatically renews.
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) changed more than a year ago, with membership now available to all U.S. citizens and residents aliens who live in Delaware, Maryland, Pennsylvania, Virginia, or West Virginia through joining the Maryland Consumer Council (MCC), which is part of the American Consumer Council.
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 can be done online (there’s a “Become a Member” on the upper right-hand corner of every page of DOCFCU’s website). Joining MCC is part of the DOCFCU membership application. As stated on the COVID-19 & DOCFCU page,
Our Silver Spring Branch is temporarily closed due to onsite construction. Our HCHB and White House branches are also temporarily closed. While we cannot provide in-person service, the credit union is fully functioning and our staff is ready to help you remotely.
As stated on the CDs & Savings page,
Click here to request a CD or give us a call at 202.808.3600.
The Share Certificate Application is more of a “Contact Me” form than anything else.
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 1.27% (excellent) based on March 31, 2021 data. In the past year, DOCFCU has increased its total non-brokered deposits by $46.45 million, an excellent annual growth rate of 10.97%. 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 18,300 members and assets in excess of $565 million.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum opening deposit and are available within the FOM, Department of Commerce Federal Credit Union's 60-84 month CD APY currently ranks first.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum opening deposit and are available within the FOM, Department of Commerce Federal Credit Union's 48-59 month CD APY currently ranks second.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum opening deposit and are available within the FOM, Department of Commerce Federal Credit Union's 36-47 month CD APY currently ranks first.
The above information and rates are accurate as of 7/1/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.