Lafayette Federal Credit Union

Overview / Commentary
2701 Tower Oaks Blvd
Rockville, MD 20852

Lafayette Federal Credit Union is headquartered in Rockville and is the 6th largest credit union in the state of Maryland. It is also the 310th largest credit union in the nation. It was established in 1935 and as of March of 2022, it had grown to 153 employees and 51,339 members at 8 locations. Lafayette Federal Credit Union's savings rates are 44% higher than the national average, and it boasts 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

Related Posts

2 Year Certificate - 2.24% APY - 5/18/2022

Offer and rates valid as of May 9, 2022 and subject to change without notice. New money only. Valid on a Lafayette Federal 2-year fixed-rate certificate or Individual Retirement Account (IRA). Early withdrawal penalties may apply. Minimum to open a certificate is $500.00. No maximum certificate amount. Must establish membership with Lafayette Federal Credit Union, or be an existing member. 2APY=Annual Percentage Yield. $50 minimum balance required to open and earn 0.10% APY on Lafayette Federal share savings account balances. $5 minimum balance required to open and earn 2.04% APY on LFCU checking account balances up to $25,000 and 0.025% APY on checking balances over $25,000. Please visit LFCU.ORG/2for22 for full checking account requirements. 3Based on the national average for comparable certificate account rates as published in the FDIC Weekly National Rates and Rate Caps as of April 18, 2022. Your savings are federally insured to at least $250,000 by the National Credit Union Admini

Lafayette Federal Credit Union Boosts All Fixed CD Rates - 4/7/2022

Lafayette Federal Credit Union (easy membership) has substantially raised the rates on all its Fixed CDs and Fixed IRA CDs. Minimum opening deposit is $500.

Lafayette CU Posts CD Rates Up To 1.90% - 4/1/2022

Lafayette CU has new CD rates from 1.00% at 7 months to 1.90% at 5 years. Be aware that call center wait times are long as they deal with the effects of recent software conversion problems.

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Account Opened Online And Wire Funded In Two Days

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* 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

Info On Business Performance Checking Needs To Be Updated

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Min deposit is $1000 for the %1 bonus rate.

For eligibility to become a Business Performance account holder, the business must meet at least one of the following criteria: (1) Open a Lafayette Federal Business Credit Card or Line of Credit (2) Use one or more Lafayette Federal Business Service products (Remote Deposit Capture, ACH SmartPay, Paychex Payroll, or FirstData Merchant Services)

Hard To Make Payments

I RECIVED MY LOAN ON MAY 5TH SET UP AUTO PAY ON MAY 23RD started calling them on May30 to make sure the monies would be deducted from my account payment was due on June4th today is June 6th and the money has still not been deducted from the account been speaking to agents since the 30th before the june4th Payment was due the agents keep telling me a loan officer will call me within 24 hrs this has been going on since June 30th all i wanted to do is make sure my payment was received till this day the payment has not been deducted from my account there for i look at my account and the payment doubled due to late payment i screen shot the ach payment that was taken out on May 23rd verifying my account it was for 11 cents my credit is excellent not trying to ruin it due to late payments ACH was set up well in advance if the money was deducted on time on June4th it should not be a late payment im writing this review to cover my side of the story and my screen shot of the May 23rd transactions i have saved in my files.

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.



Health Grade Components

NCUA #619
Year Chartered1935
Primary Regulator
Profit Margin
Return on Assets - YTD8.71%
Return on Equity - YTD54.52%
Annual Interest Income$13.9MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$1.43B$1.00B
LoansQ1 2022vs Q1 2021$1.07B$789.6MM
DepositsQ1 2022vs Q1 2021$1.08B$813.3MM
Equity CapitalQ1 2022vs Q1 2021$216.2MM$97.7MM
Loan Loss AllowanceQ1 2022vs Q1 2021$14.8MM$10.7MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$5.8MM$4.6MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0
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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

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

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

2.04%*-$25kChecking Account (Bonus + Base)
OTHER TIERS: 0.03% $25k+
1.00%--Business Performance Checking
0.03%--Checking Account

Lafayette Federal Credit Union CD Rates

2.24%$500-2 Year Fixed Rate CD - New Money
1.91%$500-5 Year Fixed CD
1.71%$500-4 Year Fixed CD
1.56%$500-3 Year Fixed CD
1.41%$500-2 Year Fixed CD
1.21%$500-1 Year Fixed CD
1.11%$50-5 Year Variable CD
1.01%$500-7 Month Fixed CD
0.90%$50-3 Year Variable CD
0.75%$50-18 Month Variable CD

Lafayette Federal Credit Union IRA Rates

2.24%$500-2 Year Fixed IRA - New Money
1.91%$500-5 Year Fixed IRA
1.71%$500-4 Year Fixed IRA
1.56%$500-3 Year Fixed IRA
1.41%$500-2 Year Fixed IRA
1.21%$500-1 Year Fixed IRA
1.11%$50-5 Year Variable IRA
0.90%$50-3 Year Variable IRA
0.75%$50-18 Month Variable IRA

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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