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. Education savings accounts are also available and provide tax incentives to save for educational costs. 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 Credit Union is open to anyone through membership in Foster Care to Success ($10 donation). Membership is also open to those who live or work in any of the Illinois communities of Arlington Heights, Bensenville, Des Plaines, Elk Grove Village, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mount Prospect, Niles, Norridge, NorthLake, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, or Wood Dale and to employees and members of select organizations, including O'Hare International Airport.
See current membership details
My experience opening new CDs at credit unions is that they credit your deposit subject to collection of the funds. That means you start earning interest right away. Also, you don't miss the juicy rate they're offering for a "limited time only".
I sent a medium sized deposit (a bit under 100K) to Alliant CU to take advantage of a 5% APY 6-month limited time offer. I find out today that my funds may be on hold for 10 days and I can't open the new CD until then.
In all my years of banking I've never had a bank not credit my cashier’s check subject to collection. Meanwhile they probably collect interest on my deposit and my great CD deal may evaporate. This seems like bush league banking at its worst to me.
ps. This is the deal Suze Orman is touting on her and Alliant's websites.
UPDATE * UPDATE * UPDATE
I called back today and tried again through a representative instead of their online procedure and got my CD. So all is well and I can now rate them 5-stars.
Word of caution: If you deposit your funds via mail be sure to enclose a note saying you want a CD along with the term, rate, etc.
I transferred via ACH $75K cash into a new savings account with the intent of immediately opening a second CD account. However, I was denied this option because the entire deposit was placed on a general hold for about 10 days.
There was no rational logic provided to me regarding the general hold on the new cash deposit. I already have another $250K CD with Alliant, so again, I don't understand the logic of placing a general hold on new cash moved via ACH to open a second CD account.
The representative who took my call was terrific overall and placed me on hold several times to provide my different rationales to management for why the new cash deposit should be immediately used to open a new CD account.
Nevertheless, the representative wasn't successful, and I was told that I'd need to wait until the general hold was removed before I could transfer the funds from savings to a new CD account.
No cyber security or other monetary-related security issues were provided to me to substantiate the general hold policy on the funds.
Everything works great with this bank until it doesn't. I use this as a fun money account. I ordered something expensive off amazon that never arrived. I did everything that Alliant told me to do, despite it taking the better part of year. The banks response was they denied my dispute because I had actually made the purchase. the argument was NOT that I hadn't made the purchase. it was that it had not arrived and Amazon was NO help. closed my account same day and went somewhere else that offered same services. F Alliant.
I am a previous Bank of America customer, and have been using Alliant for nearly two years now.
It has been an enjoyable experience and great service.
Plaid integration DID have some issues at one point but they have come along way.
Overall | |
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NCUA # | 67955 |
Year Chartered | 1935 |
Employees | 824 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.91% |
Return on Equity - YTD | 3.15% |
Annual Interest Income | $663.4MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q4 2022vs Q4 2021 | $18.74B$15.15B |
Loans | Q4 2022vs Q4 2021 | $14.83B$10.05B |
Deposits | Q4 2022vs Q4 2021 | $13.44B$12.77B |
Equity Capital | Q4 2022vs Q4 2021 | $5.30B$1.52B |
Loan Loss Allowance | Q4 2022vs Q4 2021 | $129.1MM$68.1MM |
Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $68.9MM$39.3MM |
Real Estate Owned | Q4 2022vs Q4 2021 | $0$2.6MM |
Always verify rates and promotions with the bank or credit union. We are not Alliant Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.25% | - | - | High-Rate Checking | |
0.25% | - | - | Teen Checking |
Alliant Credit Union Locations | ||
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Branch Office | 11545 W Touhy Ave | Chicago, IL 60666 |
Branch Office | 1600 Golf Rd | Rolling Meadows, IL 60008-4263 |