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Democracy FCU: Overall Credit Union Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4 |
| Share certificate | 4 |
| Trustworthiness | 5 |
| Total: | 4.25 |
Democracy FCU: Pros and Cons
| Pros | Cons |
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Democracy Federal Credit Union Share Savings Account - Product Name Only
You must open a
If you want to earn a high interest rate, the
Democracy Federal Credit Union Free Checking Account - Product Name Only
Democracy Federal Credit Union Share Certificate - Product Name Only
Democracy pays higher rates on certificates than most brick-and-mortar institutions. But you can earn higher rates with online CDs and certificates.
How Democracy FCU Works
Democracy Federal Credit Union is a designated as a minority-led credit union (MDI) by the NCUA. The NCUA defines an MDI as a credit union in which "more than 50% of its current members are minority individuals, more than 50% of its current and eligible potential members are minority individuals, and more than 50% of its current board members are minority individuals."
The credit union has branches and ATMs in the following locations:
- Maryland (District Heights)
- Pennsylvania (Philadelphia)
- Virginia (Alexandria)
- Washington, DC
Democracy FCU is also part of the CO-OP Shared Branch Network. Along with Democracy's regular branches, you can walk into 5,000 shared branches across the US. You can't open an account at a shared branch, but you can receive assistance. You also have access to 30,000 free ATMs.
To contact customer support, call or send a secured message Monday through Friday from 9 a.m. to 4 p.m. ET.
The credit union's mobile app only has a few online reviews. So far, it has 4.6 out of 5 stars in the Apple store and 4.8 out of 5 stars in the Google Play store.
Deposits are federally insured by the NCUA for up to $250,000, or $500,000 for joint accounts.
How to Join Democracy FCU
To become a member of Democracy FCU, you'll need to meet one of the following criteria:
- Live, work, study, worship, or conduct business in Maryland (most of Montgomery and Prince George's Counties); Virginia (most of Alexandria, Arlington, and Fairfax Counties); or any part of Washington, DC
- Live in Washington, DC or Philadelphia and work with one of the following employers: Department of Health & Human Services, Department of Education, Social Security Administration, Federal Energy Regulatory Commission, Food & Drug Administration, Gallaudet University, or other Employer Groups (call Democracy FCU to ask if you work for an Employer Group)
- Have a family member who is already a Democracy FCU member
To become a member, you'll need to open a
The Role of Black-led Financial Institutions
There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.
Along with its regular checking and savings accounts, Democracy FCU has Kasasa accounts. Kasasa is a financial company that partners with small banks and credit unions so they can give customers competitive perks.
There are three types of Kasasa account:
- Kasasa Cash Checking: a high-interest checking account
- Kasasa Cash Back Checking: earn cash back when you swipe your debit card
- Kasasa Saver: a high-yield savings account
Kasasa accounts offer much better perks than
First, you must open one of the Kasasa checking accounts to qualify for Kasasa Saver.
Second, you have to meet certain qualifications to earn Kasasa perks, including high interest rates and cash back. You'll need to make at least 12 debit card transactions per month, enroll in online banking, and enroll in e-statements.
Many Black-led credit unions are also involved in their local communities. Democracy FCU focuses on providing banking services to the underserved, including free financial literacy programs.
Is Democracy FCU Trustworthy?
The Better Business Bureau gives Democracy FCU an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A strong BBB score doesn't guarantee you'll have a smooth relationship with Democracy FCU, though. You may want to read online reviews or ask family members and friends about their experiences.
Democracy FCU vs. Industrial Bank
Industrial Bank is a bank, not a credit union. Credit unions require membership to open bank accounts. If you don't qualify for membership with Democracy FCU, Industrial is the clear choice.
You may prefer Democracy FCU if you want to open Kasasa accounts. Industrial has competitive Kasasa accounts, but Democracy's Kasasa perks are a little stronger.
Democracy FCU vs. Andrews FCU
These are both credit unions, so your choice could come down to which one you qualify to join.
Andrews FCU has early direct deposit, so you can get your paycheck up to one day earlier than with other institutions. But it doesn't have Kasasa accounts, so you'll prefer Democracy FCU for high-yield or cash-back opportunities.
Democracy FCU: Frequently Asked Questions
Where is Democracy Federal Credit Union located?
Democracy Federal Credit Union has branches in Maryland (District Heights), Pennsylvania (Philadelphia), Virginia (Alexandria), and Washington, DC.
Is Democracy Federal Credit Union federally insured by the NCUA?
Yes, Democracy Federal Credit Union is federally insured by the NCUA. Up to $250,000 per depositor is secure in an Andrews Federal Credit Union bank account.
Is Democracy Federal Credit Union a good credit union?
Democracy Federal Credit Union may be a good choice if you prefer local financial institutions over national banks. You also might like the credit union if you want to open a free checking or savings account. Democracy also has Kasasa bank accounts, which offer perks like high interest rates and cash back. You need to meet certain requirements to open some accounts or get perks.