Library Of Congress Federal Credit Union


Overview / Commentary
202-707-5852
101 Independence Ave SE Rm 634
Washington, DC 20540-9997

Library Of Congress Federal Credit Union is headquartered in Washington and is the 6th largest credit union in the District of Columbia. It is also the 996th largest credit union in the nation. It was established in 1935 and as of December of 2023, it had grown to 23 employees and 10,096 members at 1 location. Library Of Congress Federal Credit Union's CD rates are 5X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Library of Congress Federal Credit Union is open to all U.S. citizens and resident aliens who are members of the American Library Association. Employees of the Library of Congress, Library of Congress volunteers, researchers, and scholars are also eligible to join. Immediate family members and anyone eligible to join also qualify for membership.
See current membership details

Reviews (3)

Excellent!

Posted by: |

For restricted membership, great! Despite my bad credit  lent me $300K on mortgage, 20K on car (100% financing on both). Lotsa transacting by phone works well except CU staff assume everybody is living nearby and calls are made at 6AM my time here in CA about complex matters.

Membership Requirements Workaround

Posted by: |

I don't fit into any of this CU's membership categories so I called to find out how to do the usual membership-requirement workaround for CUs. You know. Pay $5 to join some organization you never heard of and then open an account at the CU.

The rep said I could join the "American Library Association." Strangely, this CU doesn't even supply a link to it.

Anyway, I went through the ALA's multiple membership-join windows. Irritatingly, it waits until the end of the application process to demand a range of fees from $75 a YEAR upward.

WFT?! Hell no!

Does anyone know of an easier workaround?

I read the other review here about security, btw. I'll roll the dice on that. Speaking of risk, I also don't care about "bank safety ratings" so long as I'm under NCUA limits on my CU deposits. Banking since 1963, I've had 5 banks and 1 CU fail on me and I never lost a penny.

No Website Security

Posted by: |

Their website has no documentation regarding their website security. No 128 bit or ssl security. They have an Acct Disclosure pdf which is a combination of all accounts and services and regulations but nothing about Security other than customer login and password. Nothing on their website states they have a secure email or website, and in fact their Privacy document says they dont.
Their website states under Privacy Policy states;
"E-mail Communication,
Personal information transmitted to the Library of Congress Federal Credit Union may be used by credit union staff to respond to inquiries for service or information and/or to improve the service the credit union provides.
As e-mail communications may not be secure against interception by unauthorized individuals, the credit union will not transmit sensitive or personal information that can compromise or violate a member's privacy while communicating via e-mail. Similarly, members may wish to utilize alternative communication methods when it is necessary to provide sensitive or personal information."

I spoke with a CSR just now about opening an Roth/IRA and she said i would have to fill out a new Roth account paper document and email it to them. She stated they have a secure email link they will send me to attach my new account doc to and it was secure. I asked her to prove it was secure by pointing me to any policy or document on their website that says so, and she could not.

I asked her to point me in the direction of their website where i can read about this email seurity or even the website security and she could not. Even after talking to the branch manager they could not produce any security documents.
No security no investment for me!



Health

Health Grade Components

Overall
NCUA #266
Year Chartered1935
Employees23
Primary Regulator
Profit Margin
Return on Assets - YTD0.65%
Return on Equity - YTD3.99%
Annual Interest Income$9.9MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$307MM$299.9MM
LoansQ4 2023vs Q4 2022$193.3MM$165.5MM
DepositsQ4 2023vs Q4 2022$248.8MM$248.5MM
Equity CapitalQ4 2023vs Q4 2022$49.7MM$49.1MM
Loan Loss AllowanceQ4 2023vs Q4 2022$2.5MM$902K
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$647K$487K
Real Estate OwnedQ4 2023vs Q4 2022$1.2MM$820K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Library Of Congress 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.

Library Of Congress Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--IRA Share Savings
0.15%--Share Savings
0.15%--Holiday Savings
0.15%--Vacation Savings

Library Of Congress Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.82%*$75k*-Money Market Share Account
OTHER TIERS: 1.41% $2.5k - $20k | 1.61% $20k - $75k

Library Of Congress Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%--Share Draft Checking

Library Of Congress Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.78%$500-12 - 17 Month Share Certificate
4.68%$500-18 - 23 Month Share Certificate
4.52%$500-36 - 47 Month Share Certificate
4.47%$500-24 - 35 Month Share Certificate
4.44%$5k-24 Month Monthly Dividend Certificate
4.22%$500-6 - 11 Month Share Certificate
4.11%$500-48 - 59 Month Share Certificate
4.06%$500-60 Month Share Certificate
3.03%$500-3 - 5 Month Share Certificate

Library Of Congress Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.84%$1k-12 - 17 Month IRA Certificate
4.73%$1k-18 - 23 Month IRA Certificate
4.58%$1k-36 - 47 Month IRA Certificate
4.52%$1k-24 - 35 Month IRA Certificate
4.16%$1k-48 - 59 Month IRA Certificate
4.11%$1k-60 Month IRA Certificate
Locations


Library Of Congress Federal Credit Union Locations
Branch Office101 Independence Ave SE Rm 634Washington, DC 20540-0002

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