Question 1

What is Department of Labor Federal Credit Union (DOLFCU)?

Accepted Answer

Department of Labor Federal Credit Union (DOLFCU), now doing business as Labor Credit Union, is a federal credit union serving employees and retirees of the U.S. Department of Labor, the National Labor Relations Board, and numerous affiliated organizations throughout the United States. With approximately $146.6 million in assets and over 8,500 members, this credit union operates as a not-for-profit financial cooperative dedicated to empowering members to achieve financial success.

The credit union focuses on serving the labor community, including federal employees, contractors, and various labor-affiliated organizations in the Washington, D.C. metropolitan area and beyond.

Question 2

When was Department of Labor Federal Credit Union (DOLFCU) founded?

Accepted Answer

Department of Labor Federal Credit Union was chartered in 1935, making it one of the established credit unions serving federal employees. For nearly 90 years, the credit union has been committed to helping members build strong financial foundations.

The credit union was originally established to serve Department of Labor employees and has since evolved to expand its membership to include the National Labor Relations Board, various labor-affiliated organizations, and community members in the Washington D.C. metropolitan area. The institution has maintained its cooperative principles and member-first philosophy throughout its history.

Question 3

Where is Department of Labor Federal Credit Union (DOLFCU) headquartered?

Accepted Answer

Department of Labor Federal Credit Union is headquartered in Washington, D.C. The credit union's physical branch is located at 200 Constitution Avenue NW, Room S-3220, within the Frances Perkins Building, which houses the U.S. Department of Labor.

The credit union maintains a mailing address at PO Box 51, Merrifield, VA 22116 for member correspondence.

Question 4

Where does Department of Labor Federal Credit Union (DOLFCU) operate?

Accepted Answer

Department of Labor Federal Credit Union primarily serves the Washington, D.C. metropolitan area, with specific community-based membership eligibility in Prince George's County and Montgomery County in Maryland, as well as Washington, D.C.

The credit union's field of membership extends nationwide to employees and retirees of the National Labor Relations Board who work throughout the United States and Puerto Rico. Additionally, the credit union serves employees of numerous labor-affiliated organizations, contractors working at Department of Labor facilities, and organizations such as the Federal Labor Relations Authority, Railroad Retirement Board, Pension Benefit Guaranty Corporation, and many other federal agencies and labor organizations.

Membership is also available to immediate family members and household members of existing members, allowing the credit union to serve a geographically diverse membership base while maintaining its labor community focus.

Question 5

What services does Department of Labor Federal Credit Union (DOLFCU) offer?

Accepted Answer

Department of Labor Federal Credit Union offers a comprehensive range of financial products and services designed to meet the diverse needs of its membership.

Deposit Accounts: The credit union provides share savings accounts, Reward Checking accounts with competitive dividend rates, and various savings vehicles. Members benefit from free checking accounts with no monthly fees, free debit cards, and free bill pay services.

Lending Services: Vehicle loans for new and used automobiles, home loans and mortgages, personal loans, Visa credit cards, and home equity lines of credit are available to members.

Digital Banking: Members have access to online banking, mobile banking apps, audio response systems, electronic statements (e-Statements), and internet banking for convenient 24/7 account management.

Additional Services: The credit union offers wealth management and investment services through a partnership with Credit Union Wealth Group (Polaris Financial), providing fiduciary financial planning and investment management. Other services include notary services, cashier's checks, money orders, gift cards, shared branching access, and financial wellness advising through certified Financial Wellness Advisors.

Question 6

What makes Department of Labor Federal Credit Union (DOLFCU) unique?

Accepted Answer

Department of Labor Federal Credit Union stands out for its deep-rooted commitment to the labor movement and federal employees. Since 1935, the credit union has embodied the principle that "incredible things happen when people unite with a shared purpose," positioning itself as working people supporting one another.

The credit union's unique characteristics include its extensive eligibility network serving over 60 different federal agencies, labor organizations, and contractor groups. This broad field of membership demonstrates the institution's commitment to expanding financial access within the labor community while maintaining specialized service to federal employees.

Labor CU emphasizes financial wellness with a dedicated team of Certified Financial Wellness Advisors who provide personalized guidance, budgeting tools, and financial relief options, particularly for federal employees facing transitions or uncertainties. The credit union has shown particular responsiveness to the needs of federal workers during government shutdowns and reduction-in-force situations.

The institution operates with a volunteer Board of Directors elected democratically by members, where each member has one vote regardless of account balance. This cooperative structure ensures that the credit union remains focused on member benefit rather than profit maximization, with surplus earnings returned to members through competitive rates and enhanced services.

Question 7

What type of financial institution is Department of Labor Federal Credit Union (DOLFCU)?

Accepted Answer

Department of Labor Federal Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA). As a federal credit union, it operates under a federal charter granted in 1935 (Charter Number 4963) and adheres to federal credit union regulations.

Credit unions are member-owned financial cooperatives that operate on a not-for-profit basis. Unlike banks that serve customers and aim to generate profits for shareholders, credit unions serve members who are also owners of the institution. Each member has equal voting rights in the credit union's governance regardless of their account balance.

Membership eligibility is based on a common bond—in this case, employment or affiliation with the U.S. Department of Labor, National Labor Relations Board, and affiliated labor organizations, or residence in designated counties in Maryland and Washington, D.C. Family members and household members of current members are also eligible to join.

All member deposits are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), providing the same level of protection as FDIC insurance at banks.

Department of Labor Federal Credit Union (DOLFCU)

in the United States 🇺🇸

Crypto-Friendliness

All done!

About Department of Labor Federal Credit Union (DOLFCU) in the United States