Update on Alliant Credit Union and Their Field of Membership
For those wanting to join Alliant Credit Union so you can lock into their 5.40% APY CD, I've just received information directly from their management regarding membership qualification via MyPoints. I'm afraid MyPoints membership does NOT qualify. Below is what I received:
After extensive research, we have found that MyPoints membership is not a qualification for membership eligibility under our by-laws. The good news, however, is that Alliant Credit Union has a relationship with nearly 100 employers, a local community charter in certain Chicagoland Suburbs near O'Hare Airport (that means anyone living or working in one of these qualifying communities is eligible for membership) and several other associations, including the PTA.
To see other ways to qualify, please refer to the credit union's Eligibility page. Membership in the National PTA still seems to be an valid qualification. Unfortunately, membership is not free. The minimum PTA membership fee is $25.
For more information on Alliant Credit Union, these 5.40% CDs and their high yield savings and HSA accounts, please refer to the following posts:
There has been a lot of confusion on this MyPoints issue. Several readers including myself have received conflicting information. I'm afraid this type of confusion has been fairly common with credit unions that have field-of-memberships that include both members and employees of organizations (although it usually gets resolved quicker). It's often not clear if one needs to be an employee or a member. In one case in the past at another credit union, the issue didn't get resolved until the board of directors meeting. Unfortunately, credit unions are required to strictly follow what's in their charter so there's no room for slack. I wish credit unions would post their official charters online so everyone would have access to what's official. At the very least they need to carefully specify if members and/or employees qualify for every organization they list.
Update 1/18/08: I received some additional information from Alliant's management regarding membership and the application process:
Alliant does not review accounts on a monthly basis to ensure eligibility criteria is met. Once an applicant qualifies for Alliant membership, they can remain a member regardless of the continued status of the original qualifying relationship. Once a member becomes a member, they are always a member. However, accounts can be closed voluntarily by the member or by Alliant as a result of it not being in good standing.
Either Local or National PTA is an eligibility qualification under Alliant by-laws.
Alliant's online application process utilizes electronic Identity Verification (IDV) which can, at times, result in false declines. Anyone having difficulty with the online application can complete and mail a paper application, which can be found at the Application and Forms page. To ensure proper execution, make sure to complete all necessary fields and include a clear copy of valid U.S. Government issued ID (such as a Driver's License or Passport)
Update 1/21/08: Readers who had joined Alliant CU via MyPoints have received an email from Alliant in which they are offering to enroll them into the National PTA with one year membership paid by Alliant. The email also states that you can cancel the PTA membership at any time without affecting your Alliant membership. So it looks like Alliant realized its mistake and is trying to rectify the problem for members who had joined via MyPoints membership. It seems like a very fair resolution.
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