Lafayette Federal Credit Union


Overview / Commentary
301-929-7990
2701 Tower Oaks Blvd
Rockville, MD 20852

Lafayette Federal Credit Union is headquartered in Rockville and is the 9th largest credit union in the state of Maryland. It is also the 393rd largest credit union in the nation. It was established in 1935 and as of March of 2021, it had grown to 133 employees and 33,687 members at 8 locations. Lafayette Federal Credit Union's savings rates are 44% higher than the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Lafayette Federal Credit Union is open to anyone who joins the Home Ownership Financial Literacy Council ($10 fee). Residents of Maryland, Virginia, or Washington, D.C. who belong to the American Consumer Council (can join through the Credit Union's online application) are eligible to join. Also eligible are those who live or work in the Potomac, Maryland area; live, work, worship, or attend school in Washington, D.C.; or are employed by any of nearly 200 Select Employer Groups.
See current membership details

Reviews (6)

Account Opened Online And Wire Funded In Two Days

Posted by: |

* Paid $10 one time fee to join Home Ownership Financial Literacy Council
* ChexSystem instead of normal credit pull
* Uploaded required documents online
* Very helpful CSRs
* Good CD rates

Account Opening And CD's

Posted by: |

Opening an account went smoothly, funding CD's with a wire, smoothly. CSR assigned to my account opening has been responsive and diligent in providing documents, POD request fulfilled, etc.
So far, has been a great alternative to place maturing CD's that matured this month. 2nd best to Advancial on rates.

Read Rate Details Carefully

Read the rate details carefully! I am accustomed to rate tiers where if you have at least a minimum amount, you get a higher interest rate, and thought this would be the case at first look. But I fortunately read carefully and want to alert others to do so. No matter your balance, the first 50K of your money is at the bottom tier rate, the next 50K at the next tier rate, etc. and the top rate is only on the amount beyond $250K.

Given that putting in more than $250K goes beyond federal protection limits for an individual account, and more than $500K goes beyond those limits for joint accounts, it may even require a trust account (which they do offer) or going beyond federal protection limits to match the rates of other banks.

No 24/7 Service

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I called to check out the knowledge and the service of Lafayette. I was disappointed to find the off standard business hours support was really lacking. After calling twice, I could not even get an answer to the most basic of banking questions.
As is the case, more often than not, high interest rates usually mean the opposite in support.

Stiff EWP Regular And IRA CD Penalties

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Interest is paid quarterly. EWP penalties below:

7-month, 90 days of dividends*
1-year, 180 days of dividends
2-year, 270 days of dividends
3-year, 360 days of dividends
4-year, 480 days of dividends
5-year, 600 days of dividends

Penalties for the variable-rate certificates and IRA certificates will be imposed on amounts withdrawn whether earned or not at the rate paid or payable for the term as follows:
18-month, 180 days of dividends
3-year, 360 days of dividends
5-year, 600 days of dividends

Training At The Bank

Posted by: |

It would be great if the tellers were trained adequately and soundly. This is not the case--investing in human capital pays in the long run because customers will stay.



Health

Health Grade Components

Overall
NCUA #619
Year Chartered1935
Employees133
Primary Regulator
Profit Margin
Return on Assets - YTD6.87%
Return on Equity - YTD66.3%
Annual Interest Income$10.8MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$1.00B$718.8MM
LoansQ1 2021vs Q1 2020$789.6MM$652.2MM
DepositsQ1 2021vs Q1 2020$813.3MM$594.3MM
Equity CapitalQ1 2021vs Q1 2020$97.7MM$51.3MM
Secondary CapitalQ1 2021vs Q1 2020$7.5MM
Loan Loss AllowanceQ1 2021vs Q1 2020$10.7MM$3.5MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$4.6MM$4.7MM
Real Estate OwnedQ1 2021vs Q1 2020$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Lafayette Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Lafayette Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*$250k*$100mPremier Savings
OTHER TIERS: 0.30% $50k - $100k | 0.40% $100k - $150k | 0.50% $150k - $250k
0.50%--IRA Savings
0.30%*$20k*-Preferred Savings
OTHER TIERS: 0.20% $50 - $20k
0.10%$50-Business Share Savings
0.10%$50-Share Savings

Lafayette Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$250k*-Business Money Market
OTHER TIERS: 0.05% $10k - $100k | 0.15% $100k - $250k
0.30%*$150k*-Personal Money Market
OTHER TIERS: 0.05% $2.5k - $25k | 0.15% $25k - $150k

Lafayette Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%--Business Commercial Checking
0.03%--Checking Account

Lafayette Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.26%$500-5 Year Fixed CD
1.16%$500-4 Year Fixed CD
1.11%$50-5 Year Variable CD
1.01%$500-3 Year Fixed CD
0.90%$500-2 Year Fixed CD
0.90%$50-3 Year Variable CD
0.80%$500-1 Year Fixed CD
0.75%$50-18 Month Variable CD
0.70%$500-7 Month Fixed CD

Lafayette Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.26%$500-5 Year Fixed IRA
1.16%$500-4 Year Fixed IRA
1.11%$50-5 Year Variable IRA
1.01%$500-3 Year Fixed IRA
0.90%$50-3 Year Variable IRA
0.90%$500-2 Year Fixed IRA
0.80%$500-1 Year Fixed IRA
0.75%$50-18 Month Variable IRA
Locations


Lafayette Federal Credit Union Locations
Branch OfficeRoom c 1-80 1300 PENNSYLVANIA AVENUE, NWWASHINGTON, DC 20523-0001
Branch Office409 3RD ST SW STE 105 SUITE 105WASHINGTON, DC 20024-3215
Branch Office1381 Kenyon St NWWashington, DC 20010-2305
Branch Office7741 TUCKERMAN LNPOTOMAC, MD 20854-3266
Branch Office3535 University Blvd WKensington, MD 20895-1701
Corporate Office2701 Tower Oaks BlvdRockville, MD 20852
Branch Office6701 Lowell AveMclean, VA 22101
Branch Office2231 Crystal Dr Ste 150RArlington, VA 22202-3781

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