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Memphis-based credit union serving employees of CN Railroad, Illinois Central Railroad, and Amtrak since 1932. Offers savings, loans, mobile banking, and retirement accounts.
Editorially reviewed by Harvey Brooks
CN/IC Employees Credit Union was established in 1932 to serve a specific, defined membership: employees of CN Railroad, Illinois Central Railroad, and Amtrak. The credit union operates from its headquarters in Memphis, Tennessee, and maintains a member-owned, cooperative structure typical of credit unions. Over nine decades, it has positioned itself as a specialized financial institution for railroad employees seeking accessible banking services.
The credit union offers a comprehensive range of standard banking services including regular savings accounts (minimum $25), certificate accounts (6/12/24-month terms, minimum $500), and multiple IRA account types (Traditional, Roth, Coverdell Educational). Members can access loans, credit and debit cards, travel and gift cards, and share drafts (checking) accounts. The institution provides mobile banking through the CNICECU app available on iOS, Android, and iPad, enabling balance viewing, fund transfers, loan payments, and transaction searches. Shared branching and ATM access are available, along with miscellaneous financial services.
What distinguishes CN/IC Employees Credit Union is its highly specialized field of membership—limited to railroad industry employees and their families. This focused membership base allows the credit union to tailor products specifically for its members and maintain deep community relationships within the railroad employee community. The institution emphasizes member ownership and control, explicitly stating that the credit union is "owned and controlled by its members." Their slogan "All Aboard the Savings Train" reflects their railroad heritage and brand identity.
The primary limitation is accessibility: membership is restricted to employees of specific railroad companies and their families. Website content is dated (deposit rates last updated 04/01/2019), which raises questions about current rate competitiveness and service evolution. Operating hours are limited to Monday-Friday, 9:00 a.m.–4:30 p.m. CST, which may not accommodate members with non-traditional schedules. The institution appears to prioritize stability and traditional banking over digital innovation, though mobile banking is offered. Many banks offer installment loans with fixed monthly payments, giving borrowers a clear payoff timeline.
Yes. CN/IC EMPLOYEES CREDIT UNION is a registered company headquartered in 2005 Nonconnah Blvd Suite 7, Memphis, TN 38132. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
CN/IC Employees Credit Union is best for current or former employees of CN Railroad, Illinois Central Railroad, or Amtrak who value member ownership, personalized service, and traditional banking products over digital innovation. The main caveat is that membership eligibility is strictly gatekept to specific railroad employers—those outside these companies cannot join, making it inaccessible to the general public despite offering solid financial products.
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