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
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%
Account Opened Online And Wire Funded In Two Days
* 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
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
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Penalties for the variable-rate certificates and IRA certificates will be imposed on amounts withdrawn whether earned or not at the rate paid or payable for the term as follows: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
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.
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 619 |
| Year Chartered | 1935 |
| Employees | 108 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.54% |
| Return on Equity - YTD | 7.42% |
| Annual Interest Income | $8.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $718.8MM$583.0MM |
| Loans | Q1 2020vs Q1 2019 | $652.2MM$506.0MM |
| Deposits | Q1 2020vs Q1 2019 | $594.3MM$491.9MM |
| Equity Capital | Q1 2020vs Q1 2019 | $51.3MM$48.4MM |
| Secondary Capital | Q1 2020vs Q1 2019 | $7.5MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $3.5MM$3.0MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $4.7MM$3.8MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $0$683.00K |