The Department of Commerce Federal Credit Union (DOCFCU) is a not-for-profit financial cooperative that provides a wide range of financial services to its members. Established in 1932, the credit union is headquartered in Washington, D.C. and serves the financial needs of Department of Commerce employees, contractors, and their families. With a strong commitment to member service, DOCFCU offers a variety of products and services designed to help its members achieve their financial goals.
History and Mission
The Department of Commerce Federal Credit Union was founded with the primary mission of providing financial services to Department of Commerce employees. Over the years, the credit union has grown and expanded its membership to include contractors and family members of existing members. Today, DOCFCU has over 6,000 members and manages assets of over $100 million. The credit union’s mission is to provide high-quality financial services, education, and support to its members, while maintaining a strong and stable financial foundation.
Membership and Eligibility
To be eligible for membership in DOCFCU, individuals must meet certain criteria, including being an employee or contractor of the Department of Commerce, or being a family member of an existing member. Membership is also open to employees of other select organizations and businesses. Once an individual becomes a member, they are eligible to take advantage of the credit union’s wide range of financial products and services, including savings and checking accounts, loans, credit cards, and investment services.
DOCFCU offers a variety of savings and investment options, including traditional savings accounts, certificates of deposit, and individual retirement accounts (IRAs). Members can also take advantage of low-interest loans for a variety of purposes, including auto purchases, home improvements, and personal expenses. In addition, the credit union offers a range of credit card options, including rewards cards and balance transfer cards.
| Financial Product | Features and Benefits |
|---|---|
| Savings Accounts | Competitive interest rates, low minimum balance requirements, and easy access to funds |
| Loans | Low interest rates, flexible repayment terms, and fast approval process |
| Credit Cards | Rewards programs, low interest rates, and generous credit limits |
Financial Performance and Stability
DOCFCU is committed to maintaining a strong and stable financial foundation. The credit union is regulated by the National Credit Union Administration (NCUA) and is subject to regular audits and examinations. In recent years, DOCFCU has consistently received high ratings for its financial performance and stability, including a 5-star rating from BauerFinancial and a 4-star rating from Bankrate. This strong financial performance has allowed the credit union to continue to grow and expand its services to members.
Community Involvement and Education
DOCFCU is committed to giving back to the community and providing financial education to its members. The credit union offers a range of financial literacy programs and workshops, including topics such as budgeting, saving, and investing. In addition, DOCFCU participates in a variety of community outreach initiatives, including sponsorships, donations, and volunteer activities. By providing financial education and supporting community development, DOCFCU aims to make a positive impact on the lives of its members and the wider community.
In conclusion, the Department of Commerce Federal Credit Union is a trusted and reliable financial institution that provides a wide range of financial services to its members. With a strong commitment to member service, financial stability, and community involvement, DOCFCU is an excellent choice for individuals looking for a not-for-profit financial cooperative that can help them achieve their financial goals.
What is the mission of the Department of Commerce Federal Credit Union?
+The mission of DOCFCU is to provide high-quality financial services, education, and support to its members, while maintaining a strong and stable financial foundation.
Who is eligible for membership in DOCFCU?
+Membership is open to employees and contractors of the Department of Commerce, as well as family members of existing members and employees of other select organizations and businesses.
What types of financial products and services does DOCFCU offer?
+DOCFCU offers a wide range of financial products and services, including savings and checking accounts, loans, credit cards, and investment services.
