Alliant Credit Union is an Illinois-based financial cooperative that offers personal banking products and loans to a wide membership consisting of hundreds of thousands of members. The credit union offers depository banking products, retirement and investing services, and various types of mortgage and personal loans.
In the way of depository banking products, Alliant offers checking, savings, Certificate (CD), and IRA accounts. The free checking account option has no monthly service fee, no minimum balance requirement, no check writing fees, and comes with a free Visa debit card and free checks. The teen checking account similar to the free checking but comes with optional parental and spending controls for joint owners to use to provide account management help. Savings account options feature competitive dividend rates, and a children’s savings account provides a way for parents to help their kids under age 12 to start saving early. Both health and education savings accounts are also available and provide tax incentives to save for medical expenses and educational costs, respectively. Certificates (CDs) and IRA accounts are offered in term lengths ranging from 12 to 60 months and come with fixed dividend rates.
On the lending side, the credit union offers student, mortgage, home equity, vehicle, and various personal loans to provide financial assistance to members for various needs.
Alliant Credit Union online banking provides personal financial management capabilities for members to digitally perform tasks like transferring money, paying bills, electronically depositing checks, creating account alerts, and integrating account transactions into financial management software for budgeting and planning purposes. Mobile banking is also available through smartphone apps that are capable of mobile deposit as well as all of the aforementioned online banking functions.
Alliant Credit Union was originally established in 1935 by a group of United Airlines employees, who named it United Airlines Employees’ Credit Union. It opened its field of membership up to organizations outside of the airline in 2003, and has expanded its criteria considerably since then. The credit union is headquartered in Chicago, Illinois, and operates branch locations all across the United States.
Alliant membership is an exclusive benefit available to individuals who meet one of the following eligibility requirements: * Any member of Foster Care to Success (anyone can be a member for $10, see page) * Any employee or member of a Qualifying Organization * Any person who lives or works in a qualifying Chicagoland Community * Any person related by blood or law to an existing member * Domestic partners of unmarried members - See Details
This CU is so highly regarded here at depositaccounts and at FW that it hardly needs a review (which makes me wonder why I'm writing one, lol) I've had savings and checking accounts with them for about three and a half years. When I was doing the 0% BT game I had several hundred thousand dollars on deposit with them. I've never once had a problem. They always answer my emails the same day - often within an hour! As BankingGuy's weekly rate summaries show, their deposit account rates are always near the top of the list. They provide your credit score for free, and update it every 3 months. Your first order of checks is free. ACH transfers, both push and pull, are free. If you schedule a transfer before noon Central Time, the money will be in the requested account by the following day. There were 2 instances that they charged me fees for reversed transactions that weren't my fault. Both times I emailed them about it and both times they waived the fees immediately, no questions asked. They're big on education - an easy way to qualify for membership is to belong to your local or the national PTA. Every year they award scholarships to undergraduate college students who have accounts with them and computer certificates to children and highschoolers that are Alliant customers. Alliant CU is the former United Airlines Employees CU, which is why over half of their branches are located at airports. They have >80,000 surcharge-free ATM's and you can call them about your account 24/7. I've never seen them run a bonus offer for opening a new account, but with all the positive word of mouth advertising that they receive, they probably don't see any need to. The only reason that I'm giving them five stars is that I can't give them six!
If you are looking for a good rate saving account so that you can freely take money out or deposit in, Alliant Credit Union is one of the best choices. the interest rate is 1.50% APY.
Or, if you can set up a direct deposit, or reoccurance of monthly transfer from another bank/credit Union, you can get the high interest rate checking account with the same interest rate 1.50% APY, which is even better, as you are not limited to 6 withdraws as the saving account is.
Alliant Credit Union has kept their interest rate competitive over the years. Even though the interest rate dropped a lot compare to 2007 or 2008, it's still very competitive among all the banks and credit unions.
Among best rates historically on paying/receiving sides. 1-day transfers savings to checking usually to avoid running out of funds. Bill pay by mail service, low-cost paper checks. Responsive customer service which has actually been helpful in the main.
Good collection/payment hub for stockbroker transactions. Computer deposits of checks not working for me, deposits by mail with holds take a week+, the only difficulties. Join by PTA connection.
If you have plenty of cash on deposit with Alliant, then their service is better than any bank's. But, if you miss a payment, their good service ends immediately.
Their practices at that point include:
-revoking self-service-telephone and internet access to your account so can no longer see your balances or track your due dates.
-restricting you from 24-hour telephone customer service so that you cannot attempt to reconcile your account in the evenings or on weekends.
-holding ALL your deposits 10 days, even cash ATM deposits, to minimize your ability to make timely payments, and to maximize their excuses to pile on maximum late fees.
-revoke your ATM access to prevent you making any cash payments or deposits.
Don't take my word for any of this. Ask Alliant yourself and be forewarned about how they handle missed payments.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Alliant Credit Union had $30.64 million in non-current loans and owned real-estate with $890.99 million in equity and loan loss allowances on hand to cover it. This gives Alliant Credit Union a Texas Ratio of 3.44% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Alliant Credit Union decreased slightly from 4.63% as of March 31, 2013 to 3.44% as of March 31, 2014, resulting in a positive change of 25.66%.This indicates that the balance sheet and financial strength for Alliant Credit Union has improved slightly in recent periods.
In the past year, Alliant Credit Union has decreased its total deposits by -$132.8 million, resulting in -1.89% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Alliant Credit Union has shown is average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Alliant Credit Union has $8.21 billion in assets with $890.99 million in equity, resulting in a capitalization level of 10.85%, which is above average.
|Assets and Liabilities|
|Equity Capital||$865.13 million|
|Loan Loss Allowance||$25.86 million|
|Unbacked Noncurrent Loans||$26.92 million|
|Real Estate Owned||$3.72 million|
|Historic Data - March 2013|
|Equity Capital||$853.35 million|
|Loan Loss Allowance||$27.08 million|
|Unbacked Noncurrent Loans||$26.92 million|
|Real Estate Owned||$4.84 million|
|Profit Margin - Quarterly|
|Net Interest Margin||0.65%|
|Return on Assets||0.84%|
|Return on Equity||8%|
|Interest Income||$48.02 million|
Always verify rates and promotions with the bank or credit union. We are not Alliant Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.70%||-||-||Coverdell ESA Savings|
|0.70%||-||-||Roth IRA Savings|
|0.70%||-||-||SEP IRA Savings|
|0.65%||-||-||Health Savings Account|
|0.65%||-||-||High Rate Checking|
|1.55%||$1k||-||48 - 59 Month Share CD|
|1.25%||$1k||-||36 - 47 Month Share CD|
|1.05%||$1k||-||24 - 35 Month Share CD|
|0.90%||$1k||-||18 - 23 Month Share CD|
|0.75%||$1k||-||12 - 17 Month Share CD|
|1.55%||$1k||-||48 - 60 Month Traditional IRA|
|1.55%||$1k||-||48 - 60 Month Roth IRA|
|1.55%||$1k||-||48 - 60 Month SEP IRA|
|1.55%||$1k||-||48 - 60 Month CESA|
|1.55%||$1k||-||60+ Month CESA|
|1.25%||$1k||-||36 - 47 Month Traditional IRA|
|1.25%||$1k||-||36 - 47 Month Roth IRA|
|1.25%||$1k||-||36 - 47 Month SEP IRA|
|1.25%||$1k||-||36 - 47 Month CESA|
|1.05%||$1k||-||24 - 35 Month Traditional IRA|
|1.05%||$1k||-||24 - 35 Month Roth IRA|
|1.05%||$1k||-||24 - 35 Month SEP IRA|
|1.05%||$1k||-||24 - 35 Month CESA|
|0.90%||$1k||-||18 - 23 Month Traditional IRA|
|0.90%||$1k||-||18 - 23 Month Roth IRA|
|0.90%||$1k||-||18 - 23 Month SEP IRA|
|0.90%||$1k||-||18 - 23 Month CESA|
|0.75%||$1k||-||12 - 17 Month Traditional IRA|
|0.75%||$1k||-||12 - 17 Month Roth IRA|
|0.75%||$1k||-||12 - 17 Month SEP IRA|
|0.75%||$1k||-||12 - 17 Month CESA|