Credit Union in Memphis
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June 15, 2026
Unlike a publicly traded bank that answers to outside shareholders, a credit union is a member-owned, not-for-profit financial cooperative: depositors are the owners, and earnings are returned to them through better rates, lower fees, and expanded services rather than distributed to investors. Memphis is Tennessee’s second-largest city, with a population of roughly 619,000 as of 2024 (U.S. Census Bureau), and the Shelby County market supports a mix of large regional credit unions, community-development institutions, and employer-based cooperatives. For residents deciding where to keep a checking account, finance a vehicle, or apply for a mortgage, a local credit union branch combines in-person service with the cooperative ownership structure that sets it apart from a commercial bank.
Every credit union operating in Memphis is chartered one of two ways. A federal credit union is chartered and regulated by the National Credit Union Administration (NCUA), an independent federal agency. A state-chartered credit union is organized under Tennessee law and supervised by the Tennessee Department of Financial Institutions through its Credit Union Division, under Tennessee Code Annotated Title 45, Chapter 4. Both share the same core member protections, and the distinction mainly determines which regulator examines the institution. Tennessee state-chartered credit unions remain federally insured, so a member sees little practical difference at the branch.
That insurance is a defining feature. Member deposits at federally insured credit unions are protected up to $250,000 per depositor, per ownership category, by the NCUA’s National Credit Union Share Insurance Fund (NCUSIF), the credit-union counterpart to the FDIC coverage that protects bank deposits, and the fund is backed by the full faith and credit of the United States government. Federally chartered credit unions and the great majority of Tennessee state-chartered credit unions carry this coverage, and the NCUA sign is displayed at insured branches. Members can confirm a credit union’s charter and insurance status through the NCUA’s research directory before opening an account.
The other defining feature is membership eligibility. Because a credit union is a cooperative, a person must qualify for its field of membership before joining. In Memphis those fields range widely: some institutions use a multi-state residency charter, some serve a defined set of employers and their families, and community-development credit unions extend membership to residents of underserved areas. Once eligible, members can use share draft (checking) and share savings accounts, money market accounts and share certificates, auto loans, mortgages and home equity lines, personal loans, and credit cards. Consumers who encounter a billing or account dispute can also turn to the Tennessee Division of Consumer Affairs, which administers the Tennessee Consumer Protection Act (TCA 47-18-104), in addition to the credit union’s own regulator. The profiles below cover three established credit unions with branches in Memphis.
Top Credit Union Providers in Memphis
1. Orion Federal Credit Union
Address: 400 Monroe Avenue, Memphis, TN 38103
Phone: (901) 385-5200
Website: https://www.orionfcu.com
Services: share savings and checking accounts, credit cards, auto loans, home loans and HELOC, personal loans, business banking and commercial real estate loans, digital banking
Description: Orion Federal Credit Union, which operates under the trade name Orion Financial, is a federally chartered, NCUA-insured credit union established in 1957 and headquartered in downtown Memphis. It reports more than $1.3 billion in assets and serves over 69,600 members, making it one of the larger credit unions based in the city. Orion operates eleven locations across the Memphis and Little Rock areas, including its Monroe Avenue headquarters and Memphis branches in Midtown, the Medical District, Germantown, Collierville, Raleigh, Whitehaven, White Station, and on Kate Bond and Hacks Cross. Its field of membership is residency-based: applicants must be a resident of Tennessee, Arkansas, or Mississippi, which makes it broadly accessible across the Mid-South. As a federal credit union it is regulated and insured by the NCUA, and it offers a full range of consumer and business products, including checking and savings accounts, auto loans, home loans and home equity lines, personal loans, credit cards, and commercial lending.
2. Memphis City Employees Credit Union
Address: 2608 Avery Avenue, Memphis, TN 38112
Phone: (901) 321-1200
Website: https://www.memphiscu.org
Services: savings and checking accounts, certificates of deposit, money market accounts, IRAs, auto loans, mortgages, debt consolidation and personal loans, debit cards, digital banking, bill pay, wire transfers
Description: Memphis City Employees Credit Union is an NCUA-insured credit union established in May 1959, originally as the City of Memphis Credit Union, and it operates under NCUA charter number 60239. It reports more than $450 million in assets and serves over 43,000 members from its main office on Avery Avenue, with additional branches in the Memphis area. Its field of membership is employer- and group-based: it serves employees of the City of Memphis, the City of Bartlett, the Memphis-Shelby County Airport Authority, the Memphis and Shelby County libraries, Memphis Light Gas and Water, Smith and Nephew, the IRS Service Center in Memphis, and MCR Safety, along with retirees, surviving spouses, and immediate family or household members of eligible employees. Members can also extend eligibility to relatives. The credit union offers savings and checking accounts, certificates of deposit, money market accounts, IRAs, auto loans, mortgages, debt consolidation and personal loans, debit cards, and digital banking with bill pay and wire transfers.
3. Hope Credit Union
Address: 1451 Madison Avenue, Memphis, TN 38104
Phone: (901) 721-8124
Website: https://www.hopecu.org
Services: checking and savings accounts, money market accounts, IRAs, certificates, personal, auto, and home equity loans, mortgages, credit cards, business financing, digital banking
Description: Hope Credit Union (HOPE Federal Credit Union) is a federally chartered, NCUA-insured credit union and a certified community development financial institution organized in 1995 by members of Anderson United Methodist Church in Mississippi. It is now headquartered in Jackson, Mississippi, and operates branches across the Deep South, including several in Memphis, where it expanded significantly after the American Savings Credit Union of Memphis became part of HOPE on January 1, 2009. Its Memphis branches include the Madison Avenue location in Midtown along with branches at Crosstown, on Ridgeway Road, and on Harvester Lane. As a community development credit union, HOPE focuses its mission on serving residents and communities in economically distressed areas, and its field of membership extends to people across its service region who share that community-development purpose. As a federal credit union it is insured by the NCUA, and it offers checking and savings accounts, money market accounts, IRAs and certificates, personal, auto, and home equity loans, mortgages, credit cards, and business financing.
Frequently Asked Questions About Credit Union in Memphis
Q: What is the difference between a federal and a Tennessee state-chartered credit union?
A federal credit union is chartered and regulated by the National Credit Union Administration (NCUA), while a Tennessee state-chartered credit union is organized under Tennessee Code Annotated Title 45, Chapter 4 and supervised by the Tennessee Department of Financial Institutions through its Credit Union Division. Both types can carry the same federal share insurance, so for most Memphis members the protections and everyday experience are the same; the main difference is which agency examines the institution.
Q: Are deposits at a Memphis credit union insured?
Member deposits at federally insured credit unions are protected up to $250,000 per depositor, per ownership category, by the NCUA’s National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the U.S. government. This is the credit-union equivalent of FDIC insurance at a bank. Federally chartered credit unions and the great majority of Tennessee state-chartered credit unions carry this coverage, and insured branches display the NCUA sign.
Q: Who can join a credit union in Memphis?
Each credit union has a field of membership that defines who is eligible. In Memphis, some institutions use a multi-state residency charter open to residents of Tennessee, Arkansas, or Mississippi, some serve a defined group of employers and their families, and community-development credit unions extend membership to residents of underserved areas. Because the rules differ by institution, prospective members should confirm eligibility with the specific credit union before applying.
Q: What products and services do credit unions in Memphis offer?
Most full-service credit unions in Memphis offer share draft (checking) and share savings accounts, money market accounts, certificates, auto loans, mortgages and home equity lines, personal loans, and credit cards, along with online and mobile banking. Larger institutions may add business lending and commercial real estate financing. Because credit unions return earnings to members rather than outside shareholders, they often advertise competitive loan and savings rates.
Q: How can I verify that a Memphis credit union is legitimate and insured?
You can confirm a credit union’s charter type and federal insurance status through the NCUA’s online research directory, which lists every federally insured credit union by name and charter number. State-chartered institutions are also recorded with the Tennessee Department of Financial Institutions. Insured branches display the official NCUA sign, and members can ask staff directly whether the institution is federally insured.
Q: What can I do if I have a dispute with a credit union in Memphis?
A member can first raise the issue with the credit union and, if unresolved, file a complaint with the institution’s regulator: the NCUA for federally chartered credit unions or the Tennessee Department of Financial Institutions for state-chartered ones. Disputes involving deceptive or unfair practices can also be reported to the Tennessee Division of Consumer Affairs, which administers the Tennessee Consumer Protection Act (TCA 47-18-104). Keeping account statements and written correspondence strengthens any complaint.