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Update on Alliant Credit Union's Savings and Checking Accounts

POSTED ON BY

Alliant Credit Union

I didn't expect any more rate cuts at Alliant Credit Union, and it looks like we won't see any in February, at least for the savings account and High Rate checking. A reader just reported that Alliant had their board meeting last Thursday, and they decided to keep the savings and checking rates unchanged for February. Hopefully, the next time they change, the rates will be headed up.

The savings account rate is currently 1.15% APY for balances of $100 and above, and the High Rate Checking rate is currently 1.10% APY. This checking rate requires e-statements and recurring monthly electronic deposits. There is no monthly service fee.

Please note that Alliant doesn't wait to the start of the month to change CD rates. These can change at anytime. Even though Alliant's CD rates fell in late December, the rates are still very competitive.

Account Feature Improvements

Even though Alliant is no longer a rate leader, Alliant still has some of the best online banking features, and improvements continue to be made. In addition to the enhanced online banking features that were released last October, Alliant revised its transfer limit guidelines to be more generous. In the past, ACH transfers initiated when you're logged into Alliant were limited to $10K per day. This has changed to $100K per day after the first month of membership. During the first month of membership, it's still $10K per day. According to my contact at Alliant, they can decrease the limit to $1K if any adverse action items occur on the account within a particular month.

Another nice change is scheduled to take place on March 1, 2011. Alliant will no longer charge a $1 fee after 8 ATM transactions. Currently, Alliant charges a $1 fee after 8 transactions have been performed in a month at non-Alliant ATMs, including the CO-OP Network and other networks. This is in addition to any surcharge fee that might be assessed by the ATM owner. Refer to Alliant's ATM locator to find ATMs that are surcharge free.

Remote Deposit and Free Credit Score

Two nice perks that Alliant has been offering for a while are its remote deposit service called eDepositPlus and its free credit scores. The eDepositPlus service allows you to deposit checks electronically into your account using your home scanner and eliminates the need to mail checks. Members who have maintained accounts in good standing for at least six months can qualify. One reader described his experience with this service in the comments:

the funds are usually available immediately. Sometimes I write myself a check instead of ACHing money in just because its faster and you don't have to set up a link.

The free credit score is updated quarterly. According to Alliant, it's "provided by Experian with scores ranging from 150 to a high of 950, which differs from a FICO score."

Membership

There are two easy ways to qualify for membership into Alliant. First is through the PTA (either national or local). Second is through the Orphan Foundation of America. According to Alliant's Orphan Foundation of America page:

Members of the OFA are eligible to join Alliant Credit Union and experience the Alliant Advantage [...] By making a $10 or greater donation to the Orphan Foundation of America, you will become a member of OFA, receive literature and other information from OFA, and qualify to join Alliant.

For the full details on membership, please refer to Alliant's membership page. Those who live or work in parts of Chicagoland can be immediately eligible to join.

Credit Union Overview

In addition to Chicago, Alliant has locations in the Los Angeles and San Francisco Bay areas, Denver and the Washington DC vicinity.

With $7.48 billion in assets, Alliant Credit Union is the seventh largest credit unions in the nation. It has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 4.08% (excellent) based on September 2010 data. Please refer to our financial overview of Alliant Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 67955).

  Tags: Alliant Credit Union, checking account, savings account

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Alliant System Downtime Service Notification Access to your Alliant accounts will be limited beginning this Friday, January 28 at 11:00pm CT through the morning of Monday, January 31. Please be aware:

  • Alliant VISA® debit card transactions may be limited
  • Alliant VISA credit card transactions will not be impacted
  • Alliant Online Banking and Self Service Telephone (SST) will not be available
  • Alliant 24/7 Member Contact Center will not be able to assist members with any account specific questions or transactions, but will be available for general support
During this time, we must unavoidably limit some service capabilities for existing Alliant members as we merge the members of Continental Federal Credit Union and US Airways Credit Union into Alliant. As a result of the merger, Alliant will realize increased economies of scale which will reduce unit costs, thereby strengthening Alliant’s cost advantage and further enhancing our financial value proposition to you and all our members.

We appreciate your patience and understanding. Once the integration is complete, all services will be fully restored.

Sincerely,
Alliant Credit Union

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Comment #2 by Anonymous posted on
Anonymous
A credit union's board of directors should not be involved in the setting of deposit rates.

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Comment #3 by Shawny (anonymous) posted on
Shawny
You would rather the directors -- who have a fiduciary responsibility to oversee the institutions operations --turn a blind eye and start paying 99% APR interest to their depositors, yes?  Say, the accounting firm audits and reports on the fiscal health of the credit union, isn't that report accepted by the board of directors?  Why do they need to see accounting and financial data? Might they not take action to increase fees or lower payout rates if the accounting firm told them they were losing their shirts and about to be taken over by the NCUA?  Might they need to fire managers who made foolish loan decisions?  Maybe your thought is that the board shouldn't micromanage, but let's face it -- the board most likely sits and meets for a few minutes and VOTES on whatever recommendations are provided by the underlings who work in the actuarial department, then goes to their tennis date or 3-martini luncheon. It's not so much that the board muses around and throws darts at a board and exclaims, "Hey, Let's pay 5% this month on CD's!"  They simply finalize the decision to change or not to change based on data that has already been compiled and analyzed by financial guys whose offices are a few floors below the boardroom.  I betcha that any boardmamber couldn't quote you their CD rates off the top of their head on any given day.        

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