FedChoice Federal Credit Union
FedChoice Federal Credit Union is headquartered in Lanham and is the 19th largest credit union in the state of Maryland. It is also the 794th largest credit union in the nation. It was established in 1935 and as of September of 2024, it had grown to 83 employees and 24,761 members at 5 locations. FedChoice Federal Credit Union has a B health rating.
Field of Membership Restrictions
Membership in FedChoice Federal Credit Union is open to anyone through a donation to the FedChoice Charitable Foundation (donation will be made on your behalf by FedChoice Federal Credit Union). Federal civilian employee, annuitant, or federal contractor in the District of Columbia and portions of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, and West Virginia also qualify for membership. Immediate family or household member of a federal civilian employee, annuitant or a federal contractor are also eligible to join.
See current membership details
Be AWARE Hard Pull
WARNING! I applied for membership with just a basic share savings account and got a HARD PULL. My credit score dropped by 7 points! Wile I have not made a final decision if I want to open any CDs with this CU due to very high early closure penalty and some unclear rules of checking account +CD rate.
Loan Sharks
FYI: If you don't know, if you pass the grace period and make a partial payment you will be assessed a late fee until the full payment is made. For example, if your payment is due on the 15th of each month and you make a partial payment on the 26th (pass your grace period) you will be assessed $35.00. Furthermore, when you make another partial payment you will be assessed $35.00 until your full payment is complete. Therefore, just make your payment in full before the grace period to avoid these loan sharks excessive "pay day" loan sharking fees. Never again, fool me once, shame on you; fool me twice, shame on me.
Data as of Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 150 |
| Year Chartered | 1935 |
| Employees | 83 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.39% |
| Return on Equity - YTD | 4.74% |
| Annual Interest Income | $16MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $439.7MM$429.6MM |
| Loans | Q3 2024vs Q3 2023 | $276.3MM$273.1MM |
| Deposits | Q3 2024vs Q3 2023 | $394MM$393.6MM |
| Equity Capital | Q3 2024vs Q3 2023 | $36.1MM$30.2MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $3.7MM$2.8MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $5.2MM$2.6MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |