State Department Federal Credit Union is headquartered in Alexandria and is the 8th largest credit union in the state of Virginia. It is also the 162nd largest credit union in the nation. It was established in 1935 and as of December of 2023, it had grown to 201 employees and 88,894 members at 6 locations. State Department Federal Credit Union's money market rates are 8X the national average, and it has a B health rating.
Field of Membership Restrictions
Membership in State Department Federal Credit Union is open to anyone through joining the American Consumer Council (available when opening an account). Membership is also open to employees of the U.S. State Department or other select organizations and to family of existing members.
See current membership details
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4/5/08 - 4.58% 15-Month CD at a Virginia/DC Credit Union (State Department)
2/9/08 - 5.35% 15-Month CD at a Virginia/DC Credit Union (State Department).
2/3/08 - 7.00% 7-Month CD at a Virginia/DC Credit Union - $7K Max (State Department).
4/11/06 - 6.14% 60-Month CD at a Virginia CU
11/28/05 - 5.09% 15-Month CD at SDFCU
9/3/05 - Another 5 Percent CD
Superior Service And Convenience
I'm not sure about some of the reviews. My experience with this credit union has always been delightful. I've never been charged a fee for using a CO-OP ATM. I also use the ATMs at 7-eleven stores all the time, and have never been charged a fee. I earn points while using my debit card, and their online banking is terrific. I can set up a budget and track spending by catagory. I can even accept special offers and discounts from merchants while I'm logged in and attach them to my debit card if I want to, all at no charge. With their mobile app, I can take a picture of a check using my iphone and have it deposited directly into my account. Online loan applications, 24/7 live call center, rewards points, great rates. SDFCU really does seem to have it all. I recommend them to all my family and friends.
Poor Customer Service
State department has a communication issue. They tell customers to do one thing and when you do it its somethiing else. I've been a member for a long time and their customer service has declined drastically. Not once have they taken any responsibilty for what they are telling customers or even apologized for any inconvenence it has caused.
Membership Application Refused
My membership application (using their website process) was refused. This attempt had been an uphill challenge all the way, and then they refused my application for membership. I wanted to open a Jumbo Certificate of Deposit ($100K) that they were offering at a good rate. I provided copies of all of the following:
Driver License
Passport
SSN
Annuity income statement
Mortgage statement
"Selfie" photo from my laptop
I also answered all of their security questions accurately, to provide futher proof of my identity.
When I asked for a reason for the membership refusal, they were evasive and would not provide an answer. I offered to provide them with any additional documentation they might need, but they would not discuss it further.
There are no blemishes on my credit report, my FICO score is well over 800, I have no debt other than my home mortgage. I have $100K in cash to open a CD with. There is no basis for them to deny membership to someone with my credentials.
5 Yr. Cd State Dept. FCU
Just opened a 5 year cd (2.27%apy), with State Dept. FCU, was a very easy process. Everything was done by fax and the funds were taken directly from a money market acct. The EWP is 180 days, the wording regarding EWP was very consumer friendly (unlike some banks & cu's). At these rates, everything should be easy & consumer friendly!
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 435 |
| Year Chartered | 1935 |
| Employees | 201 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.62% |
| Return on Equity - YTD | 10.35% |
| Annual Interest Income | $105.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $2.8B$2.74B |
| Loans | Q4 2023vs Q4 2022 | $1.41B$1.34B |
| Deposits | Q4 2023vs Q4 2022 | $2.21B$2.23B |
| Equity Capital | Q4 2023vs Q4 2022 | $165.2MM$136.8MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $14.6MM$6.1MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $12.7MM$8.2MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |