Department of Commerce Federal Credit Union Review 2023: High-yield checking and CD offerings for D.C. residents

DOCFCU has three branch locations in the D.C. area, as well as a vast network of ATMs that are conveniently located at credit union branches, shopping centers, and retail locations across the country. Branches operate Monday through Friday from 8:30 a.m. to 3:30 p.m ET.

All rates and fees are current as of June 14, 2023 and are subject to change. 

Department of Commerce Federal Credit Union offerings 

The DOCFCU offers a number of deposit accounts to help members meet their savings goals. This includes multiple savings (share) accounts, although there is no high-yield savings account option. A free high-yield checking account is available, however. 

Checking and savings accounts 

• Performance Checking
  • APY: 3.50%
  • Minimum deposit: None
  • Fees:
    • Monthly maintenance fee: None
    • ATM fee: $0
    • Overdraft fee: $35
    • Paper statements: $5 per month
• Share Savings Account
  • APY: 0.50%
  • Minimum deposit: $5
  • Fees:
    • Monthly maintenance fee: None
    • Share to checking auto transfer: $2
    • Excessive savings withdrawals: $10
• Club Account
  • APY: 0.50%
  • Minimum deposit: $5
  • Fees:
    • Monthly maintenance fee: None
    • Share to checking auto transfer: $2
    • Excessive savings withdrawals: $10
• Youth Share Savings
  • APY: 0.50%
  • Minimum deposit: $5
  • Fees:
    • Monthly maintenance fee: None
    • Share to checking auto transfer: $2
    • Excessive savings withdrawals: $10

Money market accounts 

The Department of Commerce Credit Union also offers a money market account, which has tiered interest rates depending on the balance. These rates are not quite as high as the best money market rates you’ll find on the market today, but they’re fairly competitive.

• Money Market Account
  • APY:
    • $2,500–$19,999: 2.25%
    • $20,000–$49,999: 2.35%
    • greater than $50,000: 2.50%
  • Minimum deposit: $2,500
  • Fees:
    • Monthly maintenance fee: None
    • Excessive savings withdrawals: $10

Certificates of deposit

The credit union also offers certificates of deposit with terms ranging from 6 to 84 months, and interest rates that rival some of the best CD rates available today. Though the minimum opening deposit is just $500, you can earn an additional 0.10% APY by depositing at least $25,000. Interest accrued is deposited monthly.

• Share and IRA certificates of deposit (CDs)
  • APY:
    • 6–11 months (excludes IRA products: 5.13%
    • 12–23 months: 5.24%
    • 24–35 months: 4.61%
    • 36–47 months: 4.61%
    • 48–59 months: 4.61%
    • 60–84 months: 4.67%
  • Minimum deposit: $500
  • Fees:
    • Early withdrawal fee: maturities between 6 and 11 months = 90-day interest penalty; maturities between 12 and 84 months = 180-day interest penalty

Other services Department of Commerce Federal Credit Union offers 

In addition to the deposit products offered by Department of Commerce Federal Credit Union, members can also take advantage of a host of other services, including:  

• Credit cards: The credit union offers three Visa credit cards, all of which come with no annual fee.
• Loans: Members of DCFCU also have access to various lending products, including auto loans, mortgage and home equity loans, personal loans and lines of credit, emergency loans, and payday alternative loans. 
• Relationship rewards: This program awards points for the services and balances you have with the credit union. Points add up to free benefits, such as higher yields on CDs and lower rates on loans. 

The Department of Commerce Federal Credit Union platform and customer support 

The Department of Commerce Federal Credit Union offers online banking so that members can manage their accounts from anywhere. It also offers a mobile app, which has a 4.8 star rating on the Apple app store and 4.5 stars on Google Play. 

Members who need to get in touch with a DOCFCU representative can do so by calling 202.808.3600 or 888.626.9845 (non-local calls), or by emailing service@docfcu.org.

Pros and cons of Department of Commerce Federal Credit Union

If you’re considering becoming a member of DOCFCU, there are a few pros and cons to consider first.

Frequently asked questions

What is the asset size of the Department of Commerce Federal Credit Union?

DOCFCU has a total $633,900,504 in assets under management, according to its 2021 annual report (the most recent available).

What is the penalty for early withdrawal from DOCFCU?

Withdrawing your funds from a DOCFCU certificate of deposit prior to its maturity date will incur a penalty. For CDs that mature between 6 and 11 months, the penalty is 90 days’ interest. For CDs that mature between 12 and 84 months, the penalty is 180 days’ interest.

What is the account number for DOCFCU?

The account number for DOCFCU accounts is a combination of your 7-digit member number, plus the 6-digit prefix that indicates whether it’s a checking, savings, or other share type. This entire number is needed for all outside transactions, including electronic transfers, payroll deposits, and online banking.