Transportation Federal Credit Union is headquartered in Alexandria and is the 30th largest credit union in the state of Virginia. It is also the 968th largest credit union in the nation. It was established in 1939 and as of September of 2019, it had grown to 50 employees and 20,865 members at 3 locations. Transportation Federal Credit Union's CD rates are 2X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Transportation Federal Credit Union is open to anyone through joining the American Consumer Council. Membership is also open to active or retired employees of the Department of Homeland Security, the Transportation Security Administration and over 100 Select Employer Groups located in Washington D.C. and the surrounding area.
See current membership details
Related Posts
2/7 - One Of The Few Remaining Nearly 3% Cds
6/13 - 2 YEAR Cd / 2.83% APY (2.86 JUMBO)
3/1 - Tweaks In CD Rates
2/1 - Increased February Posted CD Rates
2/3/17 - Transportation FCU Adds 3-Year CD
2/2/17 - 3-Year Special CD
2/4/16 - Transportation FCU Offers Limited-Time, Top-Rate 3-Year CD
2/21/14 - Special 3-Year CD Rate at Transportation Federal Credit Union in DC
7/3/13 - Top IRA CD Rates at Transportation Federal Credit Union
3/29/12 - Competitive CD Rates at Transportation FCU - Limited Membership
12/10/08 - 4.58% 12-Month CD at Transportation FCU in DC & MA
1/31/07 - 5.61% 12-Month / 5.61% 18-Month CD at a DC/MA CU (Transportation)
Opening A New Account
I filled out an online application in the morning and was approved by the afternoon! Docusigned all the paperwork and uploaded my ID’s. Funded the share account (5.00) with my credit card. Called the next morning and was given my account number. Then I was able to enroll in online banking. Then I set up my outside bank to transfer any funds in or out. (ACH)Very easy process! Mia is the member services account rep that was so helpful.
Details On Opening An Account
Well - - good news is that they did accept my paperwork and gave me the special CD rate. High marks there.
BUT, and this is a true story, I had mailed in my application snail mail on 2/3. Included my application and checks for share, checking, and CD.
I got in their member PASSPORT (new account) today 2/27/17.
Turns out, I had just dropped my wife's passport into the FEDS to have it renewed. That was 2/6. Got it back 2/23 using all normal mailing and shipping. So it took less time to get our official US PASSPORT renewed than it did to get this account opened at Transportation FCU.
Take away from this note: They may be OK or even good, but do not get in a hurry.
Close Call On Funding Promotional CD
Starting in February of 2016, this credit union had a promotional 3 year CD with an APY of 2.50%. Since they insisted on having you submit your membership application via snail mail, that slowed the process down considerably. Once they got the papework, the customer service people at the credit union were great. However, their marketing department that sets and rescinds the promotional CD rates left a lot to be desired. I say this because on February 16th, they cut the rate for the CD to 1.2%! Luckily, I received the promotional rate. However, this is a cautionary tale with regards to promotional CD's. Most of them have some sort of "subject to change at any time" caveats. This is the first time that I've experience a financial institution exercising that option in such a short amount of time. 16 days? I never would have gotten an IRA set-up and funded in that amount of time. Luckily, the CD that I created was for a taxable account and other than the membership application there wasn't any other paperwork involved. Whenever I pop for one of these "promotional" CD's, I alway fund a savings account first. Once that's cleared, I verify that the promotional CD rate still exists. If it does, I have them create the CD. If it doesn't this gives me the option of taking the money back out of the institution without incurring some sort of early withdrawal penalty. So far, I've never had to yank money right back out of a new account. However, it was a close call on this one.
Sorry I Bothered
I became a member of the American Consumer Credit Council and applied for membership at FTCU on February 8. I wanted to open a jumbo CD. They will not give your account number to you over the phone. It has to come via snail mail. Can't open a CD until you know your account number. Eleven days and waiting. Waste of $8 to join the Council.
Do Not Waste Your Time With This FCU, Which Requires Hard Pulls And Unfreeze Your Credit With All Three Credit Bureaus.
I would like to give them a zero star if allowed.
What a joke. Initially when I called, I was told they only do soft pull with Equifax.
After completing application online and uploaded documents, I was told to unfreeze credit with all three credit bureaus. Normally only one is necessary.
To my shocking surprise, they already did a hard pull with TransUnion. They still insisted on doing a hard pull with Equifax.
I am only trying to open a CD, not applying for a loan. Is it necessary to jeopardize my credit by these hard pulls for a CD? There are other banks and credit unions with competitive rates do not have such stringent requirement.
Stay away! Save yourself some grief.
Data as of Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 3140 |
| Year Chartered | 1939 |
| Employees | 50 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.3% |
| Return on Equity - YTD | 2.97% |
| Annual Interest Income | $7.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $235.0MM$233.5MM |
| Loans | Q3 2019vs Q3 2018 | $180.0MM$152.7MM |
| Deposits | Q3 2019vs Q3 2018 | $206.1MM$207.7MM |
| Equity Capital | Q3 2019vs Q3 2018 | $23.4MM$23.2MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $1.8MM$858.00K |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $2.3MM$1.4MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $0$0 |