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 132nd largest credit union in the nation. It was established in 1935 and as of December of 2019, it had grown to 203 employees and 87,929 members at 6 locations. State Department Federal Credit Union's money market rates are 2X the national average, and it has an A 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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11/1 - New-Member Bonus of up to $100 at State Department FCU - Easy Membership
6/27 - Top CD & IRA CD Rates at State Department FCU in VA - Easy Membership
5/17 - $25 Checking Account Bonus At State Department FCU - Easy Membership
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.
New Savings And 5Yr CD
Starting on Jan 22, I began the process of becoming a member in order to open a CD plus a savings account, which is a requirement of all members. During the two weeks from contact, they requested I resubmit photos of my SS card and utility bill. They claim the photos where not clear. They looked fine to me. FYI, no problem with my Drivers Lic. download. No live person to ask why the documents were unclear. Plus, when you call the main number, they do not have a department that handles new accounts. Therefore, you can not talk to a live person. I never had to furnish all these documents to open an account on line before. In addition, I also made a promise to pay $8.00 to their charity, which I did. In addition, they promised the rate would not go down, but they did. As of today, they are requesting I resend the utility bill. Which means they need another 3 days to review
In addition, they stated my application will be terminated if the documents are not received within 4 days. I would not recommend this CU. I went on PEN AIR this morning, and instantly became a member. No fee to give to a charity. Plus the rate was higher. Very disappointed with SDFCU, They are not up to date on tech.support.
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.
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 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 435 |
| Year Chartered | 1935 |
| Employees | 203 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.84% |
| Return on Equity - YTD | 8.23% |
| Annual Interest Income | $70.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $2.17B$1.99B |
| Loans | Q4 2019vs Q4 2018 | $1.21B$1.19B |
| Deposits | Q4 2019vs Q4 2018 | $1.80B$1.57B |
| Equity Capital | Q4 2019vs Q4 2018 | $215.5MM$185.4MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $6.1MM$5.5MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $5.1MM$7.1MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $49.00K$80.00K |