Lafayette Federal Credit Union is headquartered in Rockville and is the 6th largest credit union in the state of Maryland. It is also the 283rd largest credit union in the nation. It was established in 1935 and as of June of 2022, it had grown to 159 employees and 55,022 members at 8 locations. Lafayette Federal Credit Union's savings rates are 6X 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
11/1 - Thanksgiving Certificate Special
10/14 - Lafayette Federal Credit Union Unveils New Jumbo CD Product Line
10/14 - Lafayette Federal Credit Union Raises Jumbo Rates 10/11/22
10/3 - Lafayette Federal Credit Union Significantly Hikes Long-Term CD Rates
10/1 - Lafayette Federal Credit Union Raises Rates 10/1/22
9/2 - Lafayette Fed Credit Union Significantly Boosts Short-Term CD Rates
9/1 - Lafayette Increases CD Rates - 9/1/22
7/2 - Lafayette Federal Credit Union Nearly Doubles All Fixed CD Rates
7/2 - Lafayette FCU Takes National Rate Lead 5YR (3.64%), 4YR (3.39%), 7 Month (2.12%)
5/18 - 2 Year Certificate - 2.24% APY
4/7 - Lafayette Federal Credit Union Boosts All Fixed CD Rates
4/1 - Lafayette CU Posts CD Rates Up To 1.90%
1/7 - Lafayette Federal Credit Union Adds New Checking Bonuses
10/30 - Current Members Only - Lafayette FCU Has Limited-Time 20mo Special CD
10/27 - 20 Month Share Certificate - 2.00% (2.02% APY)
11/2 - 1,85% For 20 Months - Avail Only Nov 10-30 At Easy To Join Credit Union (Existing Members Only)
6/1 - Lafayette FCU 1 Year, 2 Year, 5 Year CD's: 1.61%, 1.71%, 2.02%
5/22 - 5Yr CD Rate Drop From 2.02% To 1.82% APY
4/27 - Lafayette Federal Credit Union Has Nationally Available CDs
3/9 - After Holding The Line Since January, Lafayette CU Slashes Top Rate By 0.5%
1/7 - 3% Club Shrinks As Lafayette Drops To 2.50%
The Best In The Country.
We can't remember getting service from any other institution as good as we received from Lafayette Federal Credit Union. Everyone was extremely polite-responsive and went out of their way to help. CD Rates are the best in the country. All the people we dealt with like Ms. Rachael, Ms. Canisha, Mr. Kristian, Mr. Christian, and Mr. Rico made it extremely easy to understand what needs to be done to accomplish what you would like to do, we really appreciated it! -Phuong Pham
Not A Good Experience
My application was declined for the very first time I applied with any banks or credit unions, taken I have very good credentials and excellent credit score. I tried to inquire what was the reason but the customer service representative would not give me the answer. Finally after I insisted, I was told that a copy of my drivers license was not of good quality. I checked the file of documents submitted that I saved and found the quality of the photo fine. I would recommend not to waist time with this credit union.
Edited on 10/27/2022
I called the credit union and was asked to provide a copy of additional photo ID. I provided it. No reply for a while. I called again and there was no evidence that my copy of photo ID had been received. I sent it again to the person I spoke with. After I submitted the copy of my photo ID, I was emailed a form and the account was opened the next day. It appears that if the application is declined, it would help to stay persistent. I recommend following up at least weekly.
Beware - CD Rate Can Change While They Send You Docusign
Lafayette won't lock in your CD rate even if you apply online and have them pull "available" funds from your Lafayette share account. The money won't be pulled right away. They first have to get you to sign a DocuSign, which can take several days to process and email to you. But, if their CD rates go down during those several days, then you might get stuck with the lower CD rate! And the 5 YR CD EWP penalty is 600 days! All this was confirmed by a Lafayette Customer Service "Specialist". So BEWARE!
Not A Good Experience
I was attracted to the LFCU because of its high 5-year CD rate. It was easy to get Home Ownership (HOFLC) membership by paying the $10 fee. The LFCU membership application is not a good experience. The status was still pending a week after submitting all requirement documents. Calling LFCU customer services is difficult. Most of time, I could not reach anyone. After reading other reviews, I had concerns about LFCU practices. I canceled my application, which was approved immediately. I will just chalk up my HOFLC fee as a loss.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 619 |
| Year Chartered | 1935 |
| Employees | 159 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 7.09% |
| Return on Equity - YTD | 44.55% |
| Annual Interest Income | $33.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $1.59B$1.11B |
| Loans | Q2 2022vs Q2 2021 | $1.32B$653.5MM |
| Deposits | Q2 2022vs Q2 2021 | $1.24B$869.5MM |
| Equity Capital | Q2 2022vs Q2 2021 | $240.2MM$139.7MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $15.9MM$12.0MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $9.0MM$4.6MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |