Should I Close My Alliant Account?

intduck2 | Jul 31, 2022 | 12 posts since 2014

I have been a customer since 2008 when they were actually competitive. I have never actually had any need for their customer service and I have never had any problems with them either. For the last couple of years I only kept the mandatory $5 in their savings account and had $0 balance with the checking account, and they close my credit card a few months ago because of inactivity.

I know it does not cost anything to keep the account open, but I have no use for it. I am not anticipating they are ever going to be competitive again, especially with the new CEO and their new drive to compete on customer service, which I have no use for.

I am certain that the next best step is to just close the accout ,but I wanted to see if there are any other opinions as to why keep an inactive Alliant account?

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Answers

Sylvia | Jul 31, 2022 | 389 posts since 2012

Alliant calls itself a “digital credit union,” https://www.alliantcreditunion.org/help/does-alliant-have-any-branches, so the Chicago address is irrelevant; they no longer have any branches you can visit. They’re not a participant in shared branching either. Many do use the CU as a hub though. What’s not changed is their ACH execution, which is always impeccable, plus funds are immediately available. That’s the primary reason why I maintain an account there.

senda | Jul 31, 2022 | 126 posts since 2015

My personal opinion: For Alliant, I'd stay a member (even with just the $5 min), just in case you want to use it again in the future. You never know.

I know Alliant's never the top tier for stuff anymore but they're at least decent for most things, low fees, decent policies, they make a good ACH hub (including for easily and automatically ACHing 5c every 6mos or 12mos to other FIs to avoid the dormant account fees at other places), you can set the precise term of their CDs by days, not years, and they're easy to use online with everything accessible, with decent customer service. Heck, I still have accounts at tiny CUs that I only ever had a one-time CD at years ago that have long since matured (who knows, I may close a few places like that in time)... but Alliant has proved its worth to keep my account there open. I actually still use Alliant for some "real" stuff, even though they're not the very top and I have stuff elsewhere as well. But even if I didn't, I'd still keep my membership with Alliant, even with just the minimum.

fred_b | Aug 1, 2022 | 172 posts since 2022

Alliant is a great hub account if you occasionally move money around. You can have up to 25 external accounts.

I never keep much money at Alliant anymore, but I do occasionally move considerable amounts through my checking account. I ACH money in from one external FI, and the next day move it out to a different external FI. Alliant allows $100K inbound ACH per day but only $25K outbound per day ( these limits apply to ACH transactions that are initiated from Alliant). Alliant has never complained about this pattern of activity. Purepoint used to freak out and had their fraud deparment call me every time I did an initial transfer from/to a newly added external account.

I never use Alliant for outgoing wire transfers. They disappointed me and failed to get my wire out the same day even though they had all the information by 10 AM. I complained and they refunded my wire transfer fee. This should not happen. They should do their security call back in plenty of time to execute the wire request the same day.

Choice | Jul 31, 2022 | 937 posts since 2020

If you live in Chicago area it may be a good safety net

Choice | Jul 31, 2022 | 937 posts since 2020

Shame on me...I had looked at the info on the DA site for brick and mortar...may still be a keeper if one is in the Chicago area

bobert456 | Aug 3, 2022 | 187 posts since 2022

some good info here.

I just happened to close mine. Just not doing anything with any of those features, and chasing yield has not happened for years. ALSO ... I'm trying to parse down the number of credit union accounts that I have not used in years. That is my focal point .... if not used for 3-5 years .... I'm closing them. I'm down to about 5-6 that I do most of my CDs with these days.

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