Truliant Federal Credit Union: What It Is vs a Bank

Most people open a bank account without thinking twice, but credit unions like Truliant Federal Credit Union offer a better deal with competitive rates. As a member-owned nonprofit serving NC, SC, and VA since 1952, Truliant returns profits to members.

Founded: 1952 ·
Members: 334,169 ·
Assets: $5.4 billion ·
Branches: 36 ·
Headquarters: Winston-Salem, North Carolina

Six key numbers that define Truliant’s scale and reach.

What is Truliant Federal Credit Union?

Truliant is a federally chartered credit union that operates as a not-for-profit financial cooperative. Its mission: deliver competitive rates and personalized service to members rather than profit for shareholders.

Where is Truliant headquartered?

• Truliant’s corporate headquarters are located in Winston-Salem, North Carolina (Truliant Federal Credit Union).
• The credit union has 36 branches across North Carolina, South Carolina, and Virginia (Wikipedia).

The implication: Truliant’s regional focus allows it to maintain a local, community‑oriented presence while still serving a member base that spans three states.

How many members does Truliant have?

• As of 2023, Truliant reported 334,169 members (Wikipedia).
• The credit union’s official website states it serves “over 360,000” members, suggesting continued growth (Truliant Federal Credit Union).

The catch: the exact count depends on the reporting date, but both figures place Truliant among the larger credit unions in the Carolinas.

What did Truliant used to be called?

What was Truliant’s original name?

• When founded in 1952, Truliant was known as Reynolds Employees Federal Credit Union—a name tied to its roots serving employees of R.J. Reynolds (Wikipedia).
• In 2002 the credit union rebranded to Truliant Federal Credit Union to reflect a broader membership base (Wikipedia).

Why this matters: the name change marked a strategic shift from a company‑specific credit union to a community‑oriented cooperative open to anyone who lived, worked, worshiped, or attended school near a branch.

How is Truliant different from a bank?

What are the benefits of credit unions over banks?

• Truliant is member‑owned, meaning every depositor is also a part‑owner and votes on key decisions (Truliant Federal Credit Union).
• As a nonprofit, Truliant pays no federal income taxes and passes those savings on to members through lower loan rates and higher savings yields (Bankrate).
• Truliant offers fee‑free checking, no‑penalty early withdrawal CDs, and a $5 minimum deposit to join (Truliant Federal Credit Union).

The trade‑off: while Truliant’s rates are generally more favorable than big banks, its branch network is limited to three states, and some premium checking services require a monthly minimum balance to avoid fees.

Three key differences, one pattern: credit unions consistently outperform banks on deposit rates and undercut them on loan rates.

Is Truliant a real bank?

Is Truliant a credit union or a bank?

• Truliant is a federal credit union, not a bank. It is chartered and regulated by the National Credit Union Administration (NCUA) (National Credit Union Administration).
• Deposits at Truliant are insured by the NCUA up to $250,000 per account—the credit‑union equivalent of FDIC insurance (Truliant Federal Credit Union).
• Credit unions are not subject to federal income tax because of their cooperative structure (Consumer Financial Protection Bureau).

The implication: Truliant provides the same core services—checking, savings, loans, mobile banking—as a bank, but under a different ownership and regulatory model that generally benefits the account holder.

What are the top 3 credit unions?

How does Truliant compare to other top credit unions?

• By asset size, the three largest U.S. credit unions are Navy Federal Credit Union ($170+ billion), State Employees’ Credit Union ($50+ billion), and PenFed Credit Union ($35+ billion) (Wikipedia).
• Truliant, with $5.4 billion in assets, ranks among the largest credit unions in the Carolinas and is one of the 100 biggest in the country (Wikipedia).

The pattern: while Truliant is not a national giant, its regional strength and member‑focused pricing make it a strong alternative to local banks for residents of NC, SC, and VA.

Steps to join Truliant Federal Credit Union

1. Verify eligibility: you can join if you live, work, worship, or attend school in a county near a Truliant branch, or you can join via the American Consumer Council (free for all U.S. residents) (Truliant Federal Credit Union).
2. Apply online or at a branch with two forms of government‑issued photo ID, a Social Security number or ITIN, and a utility bill showing your address (Truliant Federal Credit Union).
3. Deposit at least $5 to open a Membership Savings account. This small deposit makes you a member and owner (Truliant Federal Credit Union).
4. Choose from checking, savings, and loan products—all with no monthly maintenance fees on standard accounts (Truliant Federal Credit Union).
5. Access your accounts via online banking, mobile app, or any of 36 branch locations (Truliant Federal Credit Union).

Timeline: Truliant’s history

• 1952 – Founded as Reynolds Employees Federal Credit Union in Winston-Salem (Wikipedia).
• 2002 – Renamed to Truliant Federal Credit Union to reflect a broader community focus (Wikipedia).
• 2023 – Reported $5.4 billion in assets and 334,169 members (Wikipedia).

Clarity: what we know and what remains uncertain

Confirmed facts

• Truliant is a federally chartered, member‑owned credit union based in Winston-Salem (Truliant).
• Founded in 1952 as Reynolds Employees Federal Credit Union (Wikipedia).
• Deposits are NCUA‑insured up to $250,000 (NCUA).
• Membership costs a $5 minimum deposit (Truliant).
• 36 branches in NC, SC, and VA (Wikipedia).

What’s unclear

• Exact current membership count: the official site says “over 360,000” but Wikipedia (using 2023 data) lists 334,169.
• CEO name is not publicly listed on the primary website.

What members and experts say

Truliant offers honest, personalized advice to make members’ financial futures brighter, plus higher savings rates and lower loan rates.

— Truliant Federal Credit Union

Truliant Federal Credit Union was founded in 1952 as Reynolds Employees Federal Credit Union. It changed its name to Truliant Federal Credit Union in 2002.

— Wikipedia

Credit unions are not-for-profit organizations that exist to serve their members, not to maximize profits. As a result, they often offer higher interest rates on savings and lower rates on loans.

— Consumer Financial Protection Bureau

For a consumer in North Carolina comparing banking options, Truliant’s member‑owned structure is not a marketing gimmick—it’s the reason its savings rates beat most regional banks. The trade‑off is a smaller branch network and eligibility requirements that are broader than they used to be but still exclude anyone outside the three‑state footprint who doesn’t join via the American Consumer Council. If you’re looking for a banking partner that treats deposits as part of a cooperative, not a profit center, Truliant delivers on that promise.

Related reading: what is a credit union · Truliant account information

For a closer look at membership requirements and branch locations across the Carolinas, readers can consult this detailed guide to Truliant Federal Credit Union.

Frequently asked questions