Appliance Credit Union is a member-owned financial institution offering checking, savings, loans, and credit cards with 24/7 digital access via mobile app and online banking.
Data compiled from public sources · Rating from CreditDoc methodology
Appliance Credit Union has served its members since 1972 as a federally insured credit union committed to providing financial benefits to members. The institution operates as a traditional credit union with physical branches and digital-first services, emphasizing member convenience and competitive rates.
ACU offers a comprehensive suite of financial products including share draft (checking) accounts, savings accounts, VISA credit cards, vehicle loans (new and used), mortgage loans, personal loans up to $15,000, and signature loans. Members can access accounts through Internet Teller (online banking), the ACU Mobile App available on iOS and Android, and in-person at branches. Digital services include remote deposit capture, fund transfers between ACU and external accounts, e-statements, account alerts, and secure messaging.
Appliance CU differentiates itself through member-centric features like Courtesy Pay service (automatic overdraft protection for qualifying members), a loan skip payment option ($25/month to skip up to 2 payments annually), and a rewards program. The institution emphasizes security with industry-standard encryption and biometric login options (Touch ID/Face ID), plus purchase protection on credit cards. As a credit union rather than a bank, ACU provides member governance and typically lower fees.
The main limitation is that membership appears restricted (likely to specific employee groups or geographic areas based on the name), and the website provides limited detail on specific loan rates, APRs, or account fee structures. The institution closed Friday hours effective January 1, 2024, requiring members to use mobile app services for weekend banking needs.
Yes. Appliance is a registered company, headquartered in Cleveland, TN, founded in 1972.
Membership approval and account opening typically takes 1-3 business days. Loan decisions are usually faster than traditional banks.
CreditDoc Diagnosis
Appliance Credit Union is best for individuals who are eligible members seeking a full-service credit union with strong digital banking capabilities and competitive lending rates. The main caveat is that membership eligibility is not publicly detailed on the website, suggesting restricted access (likely employer or community-based), and specific loan rates and fee structures are not disclosed online, requiring direct contact with the institution.
FedTrust Federal Credit Union is a member-owned financial cooperative offering savings accounts, loans, and banking services to individuals in the Memphis area.
Best for: Memphis-area residents or employees with payroll deduction eligibility seeking personalized service and member-owner benefits, Individuals seeking traditional mortgage, auto, or motorcycle financing with competitive rates and personal service
Kennedy VA Employees FCU is a federal credit union serving employees of the Memphis Kennedy Veterans Administration Medical Center and their immediate family members, offering checking, savings, loans, and credit cards.
Best for: Current employees of Memphis Kennedy Veterans Administration Medical Center, Family members (parents, children, siblings) of VA Medical Center employees seeking member access
Life Credit Union, now part of Fortera, is a federally insured credit union offering checking, savings, loans, and credit cards across Tennessee and Kentucky with multiple branch locations.
Best for: Tennessee and Kentucky residents seeking local branch banking with digital convenience options, Military members and families with access to the Fort Campbell branch location
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