This week’s (Thursday, June 16) grand opening of Lafayette Federal Credit Union’s new location in Crystal City is the perfect time for new members to discover a new way to handle their financial needs. And they are eligible to receive a special new member offer for opening an account, as well.
Lafayette Federal has been helping families and businesses since 1935, offering a wide range of financial products and services. With this latest addition to the Lafayette family of financial institutions –its third in Northern Virginia (joining McLean and Falls Church) and its seventh in the Washington metro area –the growing credit union welcomes the opportunity to bring its member-friendly full-service capabilities to folks who live and/or work in Crystal City.
The new Crystal City Financial Service Center, located at 2231 Crystal Drive, Suite R150, will host a Grand Opening event this Thursday (June 16) from noon until 1 p.m.
Arlington Chamber of Commerce President/CEO Kate Bates will speak, as will Lafayette Federal Chairman Norman Cohen and President/CEO B. John Farmakides. A special grand opening offer will be available to new retail members who open an account at the Crystal City branch now through June 24.
Lafayette Federal representatives at Thursday’s event look forward to discussing the benefits of membership which typically include lower credit card and loan rates than traditional banks as well as other advantages.
The Crystal City branch offers the full complement of financial services, including FREE online and mobile banking, NO-FEE checking accounts with mobile deposit, rewards credit cards, residential mortgages, auto and boat financing and a host of other products to meet the financial needs of its members.
For more information regarding Lafayette Federal Credit Union’s Grand Opening event and to hear about the special offer for new members, please contact Branch Manager Veronika Memetova at 703-639-6541 or via e-mail at [email protected]
The preceding post was sponsored by Lafayette Federal Credit Union and written by Buzz McClain.
Garvey Out-Raises Gutshall — Arlington County Board Chair Libby Garvey out-raised Democratic challenger Erik Gutshall by more than $20,000 in April and May. Garvey raised $57,143 to $36,751 for Gutshall. Both candidates received donations from about 300 people. [Washington Post]
More People Biking to Work — The traffic woes and Metrorail headaches caused by Metro’s SafeTrack maintenance work is apparently pushing more people to commute to work via bike. On Monday, Arlington’s “Bike-o-Meter” near the Key Bridge recorded 2,325 bike trips, double the normal number for a Monday around this time of year. The pleasant weather probably helped, too. [WJLA]
Outdoor Lab Exceeds Fundraising Goal — Saturday’s fundraiser for the Arlington Outdoor Lab shattered the $50,000 fundraising goal, garnering pledges of $84,000 for the educational facility. [Falls Church News-Press]
New Chef at Water & Wall — John Leavitt, previously of Provision No. 14 in D.C., is taking over kitchen duties at Water & Wall in Virginia Square from proprietor and chef Tim Ma. Expect a new menu to roll out next month. [Northern Virginia Magazine]
Credit Union Branch Opens in Crystal City — The Lafayette Federal Credit Union has opened a branch at 2231 Crystal Drive in Crystal City. The 80-year-old local financial institution will mark the opening of its seventh branch with a grand opening celebration next Thursday, June 16 at noon. [Layfayette FCU]
Board Candidates on Bad Decisions — The Democratic candidates for Arlington County Board on Wednesday were asked to name a recent County Board decision they disagreed with. James Lander said he disagreed with the decision to cancel the streetcar. Andrew Schneider said “citizens were owed more of a process” on the streetcar decision. Katie Cristol cited the decision not to fund an extra firefighter to staff certain fire equipment. Christian Dorsey cited the decision to delay building an elementary school next to Thomas Jefferson Middle School. Bruce Wiljanen said he wasn’t happy with the development plan for Rosslyn Highlands Park. Peter Fallon disagreed with the redevelopment of the Bergmann’s dry cleaning site on Lee Highway. [InsideNova]
ACFCU Named ‘Credit Union of the Year’ — Arlington Community Federal Credit Union, an ARLnow.com advertiser, has been named “Federal Credit Union of the Year” by the Arlington-based National Association of Federal Credit Unions. ACFCU was bestowed the honor for credit unions with assets of $250 million or less.
Babe Ruth Baseball to Celebrate Anniversary — Arlington Babe Ruth (ABR) Baseball will celebrate its 30th anniversary on May 17. Reportedly the longest-running youth baseball program in the county, ABR will mark the occasion with a “Family Fun Day” for baseball families from 2:00-5:00 p.m. in Barcroft Park.
A new Arlington Community Federal Credit Union (ACFCU) branch will open in Ballston next week.
The new ACFCU will replace a White House Federal Credit Union branch (4121 Wilson Blvd) that closed last month. It will be a full-service facility with tellers and an on-site mortgage officer.
This is the third ACFCU branch, joining the one at 2130 N. Glebe Road and another just over the Arlington/Fairfax border at 5666 Columbia Pike. The Ballston branch will be the first that is Metro accessible.
“We are excited to move to the Ballston area as we have been looking for an option that is convenient to both ACFCU members and to Arlington commuters for some time,” said Karen Rosales, ACFCU Chief Operating Officer. “ACFCU members are important to us, and we want them to have access to convenient branch locations they deserve.”
The new branch is scheduled to open on Monday, April 15.
Disclosure: ACFCU is an ARLnow.com advertiser
(Updated at 12:05 p.m.) The phrase “bank fees” used to describe a commonly-accepted practice. But in the past few months, rising fees have stoked consumer frustration. As a result, fed up customers have been abandoning big banks, and credit unions — including those located in Arlington — are reaping the rewards.
During the past year, and particularly the past two months, local credit unions have experienced rapid growth. Navy Federal Credit Union, for instance, experienced a 38 percent year-over-year jump in new members in October. Navy Federal has experienced a 23 percent increase in new customers in 2011, compared to its typical annual growth of 7 percent.
The 17,000 member Arlington Community Federal Credit Union, meanwhile, saw a 34 percent increase in new customers from September to October, in addition to a 100 percent increase in new online checking accounts during the same period.
(Disclosure: Arlington Community Federal Credit Union is an ARLnow.com advertiser.)
Although some banks have since rescinded new debit card fees and other banking charges, a grassroots movement toward credit unions and away from big banks seems to be taking hold. It even prompted the creation of Bank Transfer Day, which encouraged people to move their money to credit unions on November 5.
“People are expressing frustration over being treated like a number and not a member,” said Patty Briotta, public relations manager for the Clarendon-based National Association of Federal Credit Unions (NAFCU). “When some banks recalled their debit fees, it was too little, too late.”
Arlington Community Federal Credit Union CEO Brenda Turner said that in addition to accruing new applications, there has been an increase in customers who already held an account suddenly wanting to add another one.
“We could tell they were angry with the big banks because they wanted to move everything,” Turner said. “A lot of times people come in and just want an auto loan because we have great rates. But they wanted to completely clear out of the big banks and come over.”
Previously, many new members were attracted to credit unions due to features like competitive interest rates. Now, those who answered a NAFCU survey listed fees (24 percent) and general dissatisfaction (51 percent) as reasons for making the switch.
“During this challenging financial time, people want to leverage all of their resources and opportunities,” Briotta said. “You’re the boss at a credit union because it’s member-owned and a not-for-profit financial institution.”
Navy Federal Credit Union spokesperson Donovan Fox agreed, adding: “All of our members have a vote and everything that we do is for the benefit of our members. We’re always trying to increase our services, making them better for our members.”
NAFCU has recently ramped up promotion of CUlookup.com, a website it created to help consumers locate local credit unions. The site, which also lists the membership criteria of individual credit unions, has experienced explosive growth. This October saw a 700% year-over-year increase in web traffic this year, according to Briotta.
Although the rush will likely level off, right now Arlington’s credit unions are reveling in the business boom.
“It’s a great deal,” Turner said. “It’s unfortunate that it hasn’t been as widely known the convenience that credit unions offer.”
Said Briotta: “This is an example of Main Street winning over Wall Street.”