The Department of Commerce Federal Credit Union (DOCFCU) is a not-for-profit financial institution founded in 1932. To become a member, you must live, work, worship, attend school in Washington, D.C., or be affiliated with the Department of Commerce, its subagencies, and related groups. You can also join by becoming a member of the American Consumer Council and take advantage of their online banking platform.
DOCFCU has three branch locations in the D.C. area and a vast network of ATMs 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.
All rates and fees are current as of May 17, 2024, and are subject to change.
Department of Commerce Federal Credit Union
| Checking accounts: | Earn up to 3.50% annual percentage yield (APY) |
| Savings accounts: | Open with as little as $5 |
| Certificate of deposit (CD) rates: | Enjoy up to 4.87% APY |
Pros
- No monthly maintenance fees on deposit accounts
- Competitive CD rates
- Relationship rewards program
Cons
- Low interest rates on savings (share) accounts
- No chat customer support
- Must meet requirements to earn checking APY
If you’re looking for a high-yield checking account, DOCFCU offers one of the few in the field with substantial returns. Its 3.50% APY is more than the APY on many banks’ savings accounts—its own included.While members across the country can access their accounts thanks to online banking, we still think this credit union makes the most sense for people in the D.C. area due to the lack of live chat support online. If you need in-person help, you’ll have access to three branch locations.
Unfortunately, there is a long list of requirements to earn that high checking account APY. If you won’t make 12 debit card purchases a month, log in at least once a month, or receive any direct deposits, then this isn’t the account for you. Not only that, but its savings account rates are lower than the industry average, so you likely wouldn’t want to do all of your banking at this institution either way.Also, since this is a credit union, you do have to qualify to join. If you don’t have ties to the Department of Commerce, joining can add a few extra hurdles you might not feel like dealing with.
View offer at BankrateDepartment of Commerce Federal Credit Union rates and products
The DOCFCU offers several deposit accounts to help members meet their savings goals. This includes multiple savings (share) accounts, although no high-yield savings account is available. A high-yield checking account is offered, however.
| Checking account | 3.50% APY |
| Savings account | 0.05% APY |
| Money market account (MMA) | Up to 2.50% APY |
| CDs | Up to 4.87% APY |
Performance Checking
The DOCFCU checking account is a completely free checking account — unless you leave your account dormant for a year. Then, you’ll pay a $5-a-month fee. Luckily, it’s possible to find other free checking accounts if you don’t want this type of possible charge.
Department of Commerce Federal Credit Union checking account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 3.50% |
| Overdraft fee | $35 |
| Paper statements | $5 |
| Monthly inactive account fee (after one year) | $5 |
| ATM fee | $0 |
There is no checking account bonus for this account. However, it does earn 3.50% APY on balances up to $20,000 if you meet the following monthly requirements:
- Make 12 or more debit card purchases and spend at least $100
- Log on to your online or mobile banking account once
- Receive at least one direct deposit
- Opt for electronic statements
If you don’t meet these requirements, you won’t earn any dividends for the month.
Share Savings account
With a 0.05% APY, DOCFCU’s savings accounts do not qualify as high-yield savings accounts. There aren’t specific guidelines for a high-yield savings account, but generally, they earn more than the national average APY.
To open an account, you need to make a $5 deposit. This deposit stays on hold until you close the account. DOCFCU also limits you to six withdrawals per month.
Department of Commerce Federal Credit Union savings account features
| Minimum opening deposit | $5 |
| Monthly maintenance fee | $0 |
| Top APY | 0.05% |
| Share to checking auto transfer | $2 |
| Excessive savings withdrawals | $10 |
There are three DOCFCU savings accounts to choose from: the Share Savings Account, Club Account, and Youth Share Savings. All earn the same 0.05% APY regardless of balance, so there’s no difference between them.
Department of Commerce Federal Credit Union savings rates compared to current top rates*
While the Department of Commerce CU is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Money market accounts
The Department of Commerce Credit Union also offers an MMA, 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 available today, but they’re fairly competitive.
Department of Commerce Federal Credit Union money market account features
| Minimum opening deposit | $0 |
| Minimum balance to earn APY | $2,500 |
| Monthly fees | $0 |
| Top APY | 2.50% |
| Excessive savings withdrawals | $10 |
CDs
The credit union also offers CDs 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 $500, you can earn an additional 0.10% APY by depositing at least $25,000. Interest accrued is deposited monthly.
Department of Commerce Federal Credit Union CD features
| Minimum opening deposit | $500 |
| Available term lengths | 6 to 84 months |
| APY range | 4.34% to 4.87% |
| Early withdrawal penalty | Maturities between 6 and 11 months = 90-day interest penalty; Maturities between 12 and 84 months = 180-day interest penalty |
DOCFCU's share certificates also give you a special relationship rate depending on the tier you fall into. Bronze members get a 0.05% APY boost while Silver members receive an additional 0.10% APY. You get a 0.25% APY boost if you're a Gold member.
DOCFCU's early withdrawal penalties are standard. There are only two tiers of penalties, so if you have a longer term, you'll find the penalties are actually on the lower side compared to industry standards.
Other services the Department of Commerce Federal Credit Union offers
In addition to the deposit products offered by the 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 DOCFCU 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 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 4.4 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.
Is the Department of Commerce Federal Credit Union secure?
Unfortunately, the DOCFCU has had security problems in the past. In 2019, it alerted customers that some of their information may have been viewed by an unauthorized third party that hacked an employee's email account. A similar incident happened in 2021, causing the company to offer a two-year membership for identity theft monitoring.
Department of Commerce Federal Credit Union user reviews
Customer reviews of DOCFCU are mixed. Multiple customers have complained about being double-billed for loan payments and then having trouble getting customer service to fix the issues. Others were disappointed that the 12-transaction debit requirement to earn the checking account APY does not include autopay transactions.
On the positive side, users praise the customer service, calling them helpful and friendly. One customer even got a call back from a branch location apologizing that they had to wait in line for so long.
Compare Department of Commerce Federal Credit Union alternatives
 DOCFCU |  PenFed Credit Union |  Alliant Credit Union |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 0.05% | 3.00% | 3.10% |
| Top checking APY | Top checking APY | Top checking APY |
| 3.50% | 0.35% | 0.25% |
| Top CD APY | Top CD APY | Top CD APY |
| 4.87% | N/A | 5.15% |
| Other services | Other services | Other services |
| Credit cards Personal loans Mortgages Auto loans Individual retirement accounts (IRAs) | Credit cards Personal loans Mortgages Auto loans | Credit cards Personal loans Mortgages Auto loans IRAs Life, home, and auto insurance |
| Learn more | Learn more | Learn more |
| View offer at Bankrate | View offer at Bankrate | View offer at Alliant |
Is the Department of Commerce Federal Credit Union right for you?
The Department of Commerce Federal Credit Union has an impressive APY on their high-yield checking account, but you need to have the willpower to meet the stipulations every month. If you're looking for a savings account, there are better offerings elsewhere. DOCFCU's CD rates are above average, but there are higher-earning options available from other online banks. We think this bank is best for someone in the Washington, D.C., area who wants the convenience of an in-person bank.
Frequently asked questions
What is the asset size of the Department of Commerce Federal Credit Union?
DOCFCU has a total of $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 six 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 seven-digit member number plus the six-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.
