Lafayette Federal Credit Union

Overview / Commentary
2701 Tower Oaks Blvd
Rockville, MD 20852

Lafayette Federal Credit Union is headquartered in Rockville and is the 9th largest credit union in the state of Maryland. It is also the 359th largest credit union in the nation. It was established in 1935 and as of September of 2021, it had grown to 148 employees and 42,732 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

Lafayette Federal Credit Union Adds New Checking Bonuses - 1/7/2022

Lafayette Federal Credit Union (easy membership) is offering a 2.02% bonus rate on its Checking Account w/direct deposit. Available to both new and existing members.

Lafayette Federal Credit Union Offers Two Checking Bonuses - 11/1/2021

Lafayette Federal Credit Union (easy membership) is offering a 1% bonus rate on its Checking Account with direct deposit. Available to both new and existing members.

Current Members Only - Lafayette FCU Has Limited-Time 20mo Special CD - 10/30/2021

Lafayette Federal Credit Union (easy membership) has a limited-time 20-month Special Thanksgiving Share Certificate for existing members. $500 min/$100k max deposit.

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Reviews (8)

Account Opened Online And Wire Funded In Two Days

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* 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

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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.

Info On Business Performance Checking Needs To Be Updated

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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)

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.

No 24/7 Service

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I called to check out the knowledge and the service of Lafayette. I was disappointed to find the off standard business hours support was really lacking. After calling twice, I could not even get an answer to the most basic of banking questions.
As is the case, more often than not, high interest rates usually mean the opposite in support.

Stiff EWP Regular And IRA CD Penalties

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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

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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.

Pick Any Other Leaning Firm

I would highly recommend going ANYWHERE else for your financial service needs. This organization is the least customer friendly CU I've ever encountered. They continuously posted payments for different loans to just one loan. You are never able to reach someone on the phone to correct the issues for hours. And when you try to pay off the loans to be rid of them they don't have a same day payoff option without using a wire transfer for additional fees so they can make additional daily interest charges. Do yourself a favor and just consider any other financial institution.


Health Grade Components

NCUA #619
Year Chartered1935
Primary Regulator
Profit Margin
Return on Assets - YTD9.47%
Return on Equity - YTD66.38%
Annual Interest Income$31.8MM
Assets and Liabilities
AssetsQ3 2021vs Q3 2020$1.17B$836.2MM
LoansQ3 2021vs Q3 2020$836.4MM$667.7MM
DepositsQ3 2021vs Q3 2020$899.4MM$687.4MM
Equity CapitalQ3 2021vs Q3 2020$162.3MM$69.4MM
Secondary CapitalQ3 2021vs Q3 2020$7.5MM
Loan Loss AllowanceQ3 2021vs Q3 2020$11.9MM$8.1MM
Unbacked Noncurrent LoansQ3 2021vs Q3 2020$5.2MM$7.4MM
Real Estate OwnedQ3 2021vs Q3 2020$0$0
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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

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

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

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

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

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

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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