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
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%
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
Info On Business Performance Checking Needs To Be Updated
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)
https://www.lfcu.org/business/business-banking.aspx
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.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 619 |
| Year Chartered | 1935 |
| Employees | 153 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 8.71% |
| Return on Equity - YTD | 54.52% |
| Annual Interest Income | $13.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $1.43B$1.00B |
| Loans | Q1 2022vs Q1 2021 | $1.07B$789.6MM |
| Deposits | Q1 2022vs Q1 2021 | $1.08B$813.3MM |
| Equity Capital | Q1 2022vs Q1 2021 | $216.2MM$97.7MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $14.8MM$10.7MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $5.8MM$4.6MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |