Question 1

What is Railway Credit Union (RCU)?

Accepted Answer

Railway Credit Union (RCU) is a state-chartered credit union headquartered in Mandan, North Dakota, serving over 8,400 members across the Bismarck-Mandan metropolitan area. With approximately $194 million in assets, RCU has evolved from a railway employee cooperative into a full-service financial institution serving diverse membership groups including railway employees, union members, utility workers, telecommunications industry employees, military veterans, and members of the North Dakota Railroad Museum.

The credit union emphasizes building unique personal relationships with each member while providing comprehensive financial services and world-class member service.

Question 2

When was Railway Credit Union (RCU) founded?

Accepted Answer

Railway Credit Union's history began in March 1954 when the State Credit Union Board approved an application submitted by a group of Northern Pacific Railway employees. The founding members were Frank Schantz, Mike Knoll, M.A. Froelich, Theodore Ressler, M.J. Blandin, W.C. Block, A.F. Fitterer, and Paul Hoffman, who established what was initially a cooperative offering share accounts and loans to railway workers.

The credit union expanded through several significant mergers. In 1955, the Soo Line Employees Credit Union was chartered. In 1991, the charter was amended to include Teamster Local 123 members, and in 1993, the Soo Line Employees Credit Union merged with AFL-CIO Credit Union.

On April 2, 2001, these organizations merged into Mandan Railway Employees Credit Union to form Railway Credit Union. In October 2003, Bismarck Telco Federal Credit Union (serving telecommunications industry employees) joined RCU. In October 2013, Genie-Watt Credit Union (serving MDU Resources Group and its subsidiaries) merged with RCU, bringing the membership to over 6,700 at that time.

The credit union's field of membership was further expanded in 2022 and 2023 to include members of the North Dakota Railroad Museum and active military members and veterans.

Question 3

Where is Railway Credit Union (RCU) headquartered?

Accepted Answer

Railway Credit Union is headquartered at 1006 East Main Street in Mandan, North Dakota. The credit union purchased this office building in 2003, which serves as both the corporate headquarters and a full-service financial facility.

Question 4

Where does Railway Credit Union (RCU) operate?

Accepted Answer

Railway Credit Union operates primarily in the Bismarck-Mandan metropolitan area in south-central North Dakota. The credit union maintains two full-service branch locations:
• Mandan Branch (headquarters): 1006 E. Main Street, Mandan, ND 58554
• Bismarck Branch: 3005 Rock Island Place, Bismarck, ND 58504 (newer location next to Sam's Club)

RCU also provides access to a nationwide network of CO-OP ATMs and shared branches, allowing members to conduct transactions throughout the United States.

Question 5

What services does Railway Credit Union (RCU) offer?

Accepted Answer

Railway Credit Union provides a comprehensive suite of financial products and services:

Deposit Accounts: Share accounts (savings), checking accounts with interest options, certificate of deposit (CD) accounts with terms ranging from 12 to 60 months, individual retirement accounts (IRAs), and health savings accounts (HSAs).

Lending Services: Auto loans for new and used vehicles, mortgage loans and home equity lines of credit, personal loans, share-secured loans, and credit cards. The credit union also offers vehicle warranties for added member protection.

Digital Banking: Free mobile banking app available on Google Play and the App Store, CU Online banking platform for 24/7 account access, eStatements for paperless account management, eReceipts for digital transaction records, Bill Pay service for convenient payment management, mobile check deposit, and account alerts for monitoring transactions and balances.

Additional Services: Credit score monitoring tools, person-to-person transfers, account-to-account transfers to external financial institutions, and financial education resources.

Question 6

What makes Railway Credit Union (RCU) unique?

Accepted Answer

Railway Credit Union distinguishes itself through several notable characteristics:

Member-Focused Philosophy: RCU emphasizes that members are "not just an account number," focusing on building unique relationships with each member as they work toward their financial goals. This personalized approach has earned the credit union recognition as a "Best Credit Union to Work For" nationally.

Community Recognition: Railway Credit Union was voted Best Credit Union and Community Favorite Mortgage Lender in The Bismarck Tribune Best of the Best awards, reflecting strong local support and satisfaction.

Expanded Membership Access: The credit union significantly broadened its reach in recent years by opening membership to U.S. military veterans, active military personnel, and their families, demonstrating commitment to serving those who serve the nation.

Strong Financial Performance: RCU maintains a well-capitalized status with a net worth ratio of 12.54%, return on average assets of 0.91%, and consistent growth in assets, deposits, and membership.

Legacy of Leadership: Under the leadership of Jacob P. Brucker, who served from 1967 to 1997, the credit union grew from a few thousand dollars in assets to over $12 million. Brucker was later inducted into the RCU Hall of Fame, which honors significant contributors to the organization's success.

Question 7

What type of financial institution is Railway Credit Union (RCU)?

Accepted Answer

Railway Credit Union is a state-chartered credit union regulated by the North Dakota Department of Financial Institutions and insured by the National Credit Union Administration (NCUA). Charter number 60787 was originally approved in March 1954.

As a state-chartered natural person credit union, RCU operates as a not-for-profit financial cooperative owned by its members. The credit union serves a defined field of membership that includes railway and transportation industry employees, labor union members (including Teamster Local 123 and former AFL-CIO members), utility and telecommunications workers (through the legacy Genie-Watt and Bismarck Telco mergers), North Dakota Railroad Museum members, and U.S. military veterans and active service members along with their immediate family members.

Members have equal ownership in the cooperative and elect a volunteer board of directors to govern the credit union. This cooperative structure allows RCU to return profits to members through competitive rates, lower fees, and enhanced services rather than distributing them to external shareholders.

Railway Credit Union (RCU)

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About Railway Credit Union (RCU) in the United States