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 10th largest credit union in the state of Maryland. It is also the 451st largest credit union in the nation. It was established in 1935 and as of March of 2020, it had grown to 108 employees and 23,449 members at 8 locations. Lafayette Federal Credit Union's savings rates are 44% higher than the national average, and it has a B+ 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

Lafayette FCU 1 Year, 2 Year, 5 Year CD's: 1.61%, 1.71%, 2.02% - 6/1/2020

With Advancial FCU drastically slashing its CD rates today, Lafayette FCU is the new rate leader for fixed-rate certificates. The minimum is just $500. Anyone, nationwide, can join, for $10. Don't expect these rates to last! https://www.lfcu.org/rates/dividend-rates.aspx

5Yr CD Rate Drop From 2.02% To 1.82% APY - 5/22/2020

https://www.lfcu.org/personal/bank/savings.aspx

Lafayette Federal Credit Union Has Nationally Available CDs - 4/27/2020

Lafayette Federal Credit Union (easy membership) has two competitive long-term Fixed CDs: 4-year (1.92% APY) and 5-year (2.02% APY). $500 minimum deposit.

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Reviews (4)

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.

Stiff EWP Regular And IRA CD Penalties

Posted by: |

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
B+

Health Grade Components

Overall
NCUA #619
Year Chartered1935
Employees108
Primary Regulator
Profit Margin
Return on Assets - YTD0.54%
Return on Equity - YTD7.42%
Annual Interest Income$8.5MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$718.8MM$583.0MM
LoansQ1 2020vs Q1 2019$652.2MM$506.0MM
DepositsQ1 2020vs Q1 2019$594.3MM$491.9MM
Equity CapitalQ1 2020vs Q1 2019$51.3MM$48.4MM
Secondary CapitalQ1 2020vs Q1 2019$7.5MM
Loan Loss AllowanceQ1 2020vs Q1 2019$3.5MM$3.0MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$4.7MM$3.8MM
Real Estate OwnedQ1 2020vs Q1 2019$0$683.00K
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 Office7901 Tuckerman LnPotomac, MD 20854-3243
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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