FedChoice Federal Credit Union
FedChoice Federal Credit Union is headquartered in Lanham and is the 20th largest credit union in the state of Maryland. It is also the 778th largest credit union in the nation. It was established in 1935 and as of December of 2022, it had grown to 76 employees and 24,025 members at 6 locations. FedChoice Federal Credit Union has a B health rating.
Field of Membership Restrictions
Membership is open to federal civilian employees, annuitants and their families in the Washington, D.C., Baltimore and Philadelphia metropolitan areas.
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!
..."
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 Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 150 |
| Year Chartered | 1935 |
| Employees | 76 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.54% |
| Return on Equity - YTD | 8.12% |
| Annual Interest Income | $14.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $438.2MM$437.2MM |
| Loans | Q4 2022vs Q4 2021 | $281.9MM$254.0MM |
| Deposits | Q4 2022vs Q4 2021 | $386.7MM$395.0MM |
| Equity Capital | Q4 2022vs Q4 2021 | $28.9MM$34.7MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $3.0MM$6.1MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $1.7MM$1.0MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |