Tennessee federal credit unions are financial institutions that provide banking services to its membership. Members of TN credit unions control the credit union and must meet a defined set of membership requirements such as living in certain areas or belonging to a non-profit group.

Federally chartered credit unions in Tennessee also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. These federal credit unions in Tennessee may be able to switch to a community charter, which allows them to serve anyone who lives, works, worships or attends school within a defined area.

There are three basic reasons why TN federal credit unions are tax-exempt:

1. Government credit unions in Tennessee must be non-profit, financial cooperatives its members own.

2. Members must elect the board of directors for a credit union and they must serve as unpaid volunteers.

3. Tennessee federally chartered credit unions provide services to members of modest means as part of their social mission. They must also place limitations on their memberships with restrictions on the products and services they provide.

Action Steps
The best contacts and resources to help you get it done

Locate specific federal credit unions in Tennessee by name

You can easily locate Tennessee federally chartered credit unions if you have some basic information about it such as its name or the location of one of its branches. A credit union's name will normally give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.

I recommend: The National Credit Union Administration can locate a credit union by charter number and also is able to find a credit union by using a word in the credit union's name. Manta displays federally chartered credit unions in Tennessee alphabetically by name and allows the list to be further narrowed by city.

Find federally chartered credit unions in Tennessee by location

Resources are available to locate a federal credit union in Tennessee based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.

I recommend: Credit Unions US has a credit union locator on its home page that allows you to specify your city and zip code. Credit Union Access provides, by city, all of the registered federally chartered credit unions in Tennessee.

Join one of the local government credit unions in Tennessee for which you qualify

Examine the membership requirements of a particular federally chartered credit union and the services that it provides to know if you are eligible to join and if it will provide the services you need.

I recommend: Fort Campbell Federal Credit Union is available to residents, employees and worshipers in Montgomery and Stewart Counties. American Savings Federal Credit Union offers memberships to residents in Memphis and Shelby counties and employees of its sponsor companies.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Natural-person credit unions serve individuals and form the majority of Tennessee federal credit unions. Corporate credit unions serve natural-person credit unions by providing them with operational support, products and other services. Corporate credit unions also act as a funds clearing house for natural-person credit unions.