FedChoice Federal Credit Union is headquartered in Lanham and is the 20th largest credit union in the state of Maryland. It is also the 789th largest credit union in the nation. It was established in 1935 and as of June of 2023, it had grown to 79 employees and 24,261 members at 5 locations. FedChoice Federal Credit Union 's CD rates are 5X the national average, and it 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
Extra 25 Basis Points On CD
FYI reference: https://www.fedchoice.org/checking-savings/share-certificates/
"...Members with a checking account and a certificate of deposit account earn 25 basis points more on the certificate than our regular rates.
Certificate of Deposit + Checking Account = Higher Dividend Rates on your Certificate!
..."
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.
Long Wait Times And Incompetent Service
Every time I call there is a 30 minute wait time (even at 8:30 am). The hours are only 8:30 am to 4 pm so I always have to wait during prime work hours. I had to call in 5 times simply to apply to a simple account. I had to request the paperwork 3 times. They forgot to send it the first time due to a computer error. The second time they sent it in a sff format that cannot be opened by any normal application. The third time I finally received a pdf file. Then, I had to submit the paperwork 2 times. I faxed it in, but they didn't receive it. I never had anyone not receive a fax with a positive verification. I decided to just mail it. From this experience, I am going to highly recommend that anyone who values their sanity to use another credit union such as penfed. I am putting applications in elsewhere.
BAD CHOICE
This credit union is so user unfriendly to the customer its mindboggling. First of all I should have shopped around for the best Credit Union around my local area. I didnt realize at the time that the limit of transactions from savings to checking accounts would come to affect my ability to manange my bill pay accounts, and God help me if I was on vacation and needed some cash but because I used my last transfer which is 6 mind you, not only will it lock your card out, you have to fax a request to make the 7th and subsequent transfers, before 4PM est, from Spain on a friday. You have to wait untill Monday there off on weekends. Happy Vacation.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 150 |
| Year Chartered | 1935 |
| Employees | 79 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.52% |
| Return on Equity - YTD | 7.78% |
| Annual Interest Income | $10.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $431.2MM$444.7MM |
| Loans | Q2 2023vs Q2 2022 | $275.5MM$257.8MM |
| Deposits | Q2 2023vs Q2 2022 | $395.3MM$406.2MM |
| Equity Capital | Q2 2023vs Q2 2022 | $30.5MM$30.4MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $3.0MM$3.0MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $1.9MM$832.00K |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |