Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Transit Employees Federal Credit Union: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4.5 |
| Checking | 4 |
| Share certificate | 4.25 |
| Money market account | 4.5 |
| Trustworthiness | 3 |
| Total: | 4 |
Transit Employees Federal Credit Union Pros and Cons
| Pros | Cons |
|
|
Transit Employees Federal Credit Union Share Savings Account - Product Name Only Review
You'll need to open a
Transit Employees Federal Credit Union Rewards Checking Account - Product Name Only Review
The
If you can't deposit at least $600 per month, TEFCU has several other checking accounts to choose from. It even has a Fresh Start Account for people who wouldn't normally qualify for a checking account.
Transit Employees Federal Credit Union Share Certificate - Product Name Only Review
A
If you are searching for competitive CD rates, the TEFCU won't be that appealing. Online banks offer much higher CD rates.
Transit Employees Federal Credit Union Paramount Money Market Account - Product Name Only Review
With a
About TEFCU
Transit Employees Federal Credit Union is designated as minority-led credit union by the NCUA. There is a branch in Alexandria, Virginia, and one in Washington, DC.
TEFCU is part of the CO-OP Shared Branch Network, with over 5,000 shared branches around the US. You can't open a new account at a shared branch, but you can walk in to receive help.
You can also use an ATM for free in the CO-OP, Star, CU24, Visa, Shared Branch, and Transit Employees FCU ATM networks.
The TEFCU mobile app has 4.8 out 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.
Fill out an online form or call a branch to contact customer support. Phone and lobby hours differ at each branch.
Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.
How to Become a TEFCU Member
TEFCU is a credit union, so you need to become a member to open a bank account. You're eligible for membership if you meet one of the following criteria:
- Work at a Select Employee Group. This includes Washington Metropolitan Transit Authority, Amtrak, Arlington Transit, Atlantic Services, Circulator, The Excel Institute & Auto Repair, First Transit, Kaiser Permanente, Langdon Education Campus, Metro Access, Pathways School Duvall Campus, Pathways School Crossland Campus, Transdev, Yellow Cab Company of DC, Washington Cab Company, and TEFCU.
- Be a direct family member or live with someone who works with a Select Employer.
When you join, you'll need to open a
The Role of Black-led Financial Institutions
Black-led financial institutions serve an integral role in providing services and products to Black Americans and underserved communities. If you'd like to learn more about the history and impact, read through our Black-owned banks and credit unions guide.
TEFCU offers a second chance bank account called the Fresh Start Account for people who struggle to open a regular checking account due to a poor banking history.
The credit union also sponsors events in the DC area, like school supply and toy drives.
Is TEFCU Trustworthy?
The Better Business Bureau gives Transit Employees Federal Credit Union a D- rating. It cites the number of customer complaints on the BBB website as the reason for this bad grade — but there have only been six complaints in the last three years. In this case, the BBB score probably shouldn't deter you.
TEFCU doesn't have any recent public controversies, so you may decide you're comfortable banking with this credit union.
TEFCU FAQs
What does TEFCU stand for?
Transit Employees Federal Credit Union is often shortened to TEFCU.
Where can I find a Transit Employees Federal Credit Union branch?
Transit Employess Federal Credit Union has one branch in Washington, DC, and one branch in Alexandria, Virginia.
Is Transit Employees Federal Credit Union safe?
Transit Employees Federal Credit Union is a credit union that's federally insured by the NCUA. This means if the credit union fails, the NCUA protects consumers from losing their insured deposits. Up to $250,000 per depositor is safe in a TEFCU bank account.
Methodology: How We Reviewed TEFCU
For our TEFCU review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options. We'll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.
How TEFCU Compares
We've compared TEFCU to two other minority-led credit unions in Alexandria and DC: Andrews FCU and Democracy FCU.
TEFCU vs. Andrews FCU
Andrews Federal Credit Union's membership requirements are a little laxer than TEFCU's requirements. If you aren't eligible to join TEFCU, Andrews is the clear choice.
To earn a high interest rate on a savings account, you'll want to go with TEFCU. Andrews lets you receive paychecks up to a day sooner with early direct deposit. So you may prefer Andrews if getting paid a day early would be useful.
TEFCU vs. Democracy FCU
Your choice between TEFCU and Democracy FCU will probably come down to two things: membership eligibility and which types of accounts you want.
TEFCU pays higher rates on its share savings account. However, Democracy has Kasasa accounts that pay high interest rates on checking and savings — but you'll need to meet certain criteria to receive Kasasa rewards. Otherwise, you'll just use Democracy's regular checking and savings accounts, which pay little to no interest.