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 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

Lafayette Fed Credit Union Adds Limited-Time 20-Month Thanksgiving CD - 11/4/2022

Lafayette Federal Credit Union is offering a very competitive 20-month Thanksgiving CD for current members, now through November 20, 2022. $500 min/$100k max deposit.

Thanksgiving Certificate Special - 11/1/2022

Just got an email stating they were offering a 20 month certificate at 4.75%. Only good from 11/1 to 11/20. Caveat is that you had to be a member on or before October 15.

Lafayette Federal Credit Union Unveils New Jumbo CD Product Line - 10/14/2022

Lafayette Federal Credit Union (easy membership) has added five new Jumbo CDs, earning APYs a uniform 16 bps higher than its regular CDs. $100k minimum deposit.

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The Best In The Country.

Posted by: |

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

Posted by: |

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

Posted by: |

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

Posted by: |

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.

VIEW MORE REVIEWS

Health
A+

Health Grade Components

Overall
NCUA #619
Year Chartered1935
Employees159
Primary Regulator
Profit Margin
Return on Assets - YTD7.09%
Return on Equity - YTD44.55%
Annual Interest Income$33.1MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.59B$1.11B
LoansQ2 2022vs Q2 2021$1.32B$653.5MM
DepositsQ2 2022vs Q2 2021$1.24B$869.5MM
Equity CapitalQ2 2022vs Q2 2021$240.2MM$139.7MM
Loan Loss AllowanceQ2 2022vs Q2 2021$15.9MM$12.0MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$9.0MM$4.6MM
Real Estate OwnedQ2 2022vs Q2 2021$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
3.03%*$250k*$100mPremier Savings
OTHER TIERS: 2.17% $50k - $100k | 2.27% $100k - $150k | 2.52% $150k - $250k
2.17%*$20k*-Preferred Savings
OTHER TIERS: 1.51% $50 - $20k
1.51%--IRA Savings
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
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

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.58%$100k-5 Year Jumbo CD
4.47%$100k-4 Year Jumbo CD
4.42%$500-5 Year Fixed CD
4.37%$100k-3 Year Jumbo CD
4.32%$500-4 Year Fixed CD
4.27%$100k-2 Year Jumbo CD
4.22%$500-3 Year Fixed CD
4.11%$500-2 Year Fixed CD
3.96%$100k-1 Year Jumbo CD
3.80%$500-1 Year Fixed CD
3.55%$50-5 Year Variable CD
3.29%$500-7 Month Fixed CD
3.03%$50-3 Year Variable CD
2.52%$50-18 Month Variable CD

Lafayette Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.42%$500-5 Year Fixed IRA
4.32%$500-4 Year Fixed IRA
4.22%$500-3 Year Fixed IRA
4.11%$500-2 Year Fixed IRA
3.80%$500-1 Year Fixed IRA
3.55%$50-5 Year Variable IRA
3.03%$50-3 Year Variable IRA
2.52%$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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