A Community Development Credit Union—taking some of the sting out of the government shutdown
In the aftermath of the longest government shutdown in history, many government employees have gone without pay for two pay cycles. Considering that nearly 4 in 5 Americans live paycheck to paycheck, it’s a given that many government employees are struggling to pay bills and feed their families. DC Credit Union was formed in 1954 to meet the banking needs of government employees in the District of Columbia, preventing many from turning to loan sharks and entering a cycle of debt that would be extremely difficult to escape from. Today, they uphold the same values while extending their membership to those that live and work in DC; for government employees with preexisting loans, they have offered the ability to skip a loan payment without fees.
They are committed to equitable and relational banking, as well as making considerable contributions to many community organizations in the District. One lovely feature of their website is the personal stories from their members, detailing how the bank’s services have helped them to save. All of these stories emphasize the personal relationships these members have formed with the representatives at the bank, one saying “they never treat me like John Doe off the street, they treat me like someone who’s been coming here, doing business with the same people over the years.” They offer a wealth of financial literacy resources on their website, with articles dealing with issues such as how to rebuild your credit and how to manage your debt. They’ve also been able to keep up with modern technologies, offering online and mobile banking resources. One of their branches is bilingual and focuses on providing loans and financial services to their surrounding Latino community.
DC Credit Union is a certified CDFI (Community Development Financial Institution) and a CDCU (Community Development Credit Union), but we would encourage them to consider expanding their loan portfolio to include small business lending.
Overall, DC Credit Union is effectively and compassionately serving the neighborhoods of Adams Morgan, Mt. Pleasant and Columbia Heights, and we would recommend this Better Banking Option to anyone eligible in the area looking to invest in a solid community bank.
To check if you are eligible to bank with DC Credit Union, visit their website here.