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Kicked Out Of Alliant CU After 13 Years

RYP
  |     |   20 posts since 2022

Is there a list of hubs on this website? If not, I welcome suggestions.

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RickZ
  |     |   168 posts since 2010
I was expelled from Alliant in 2019 due to lots of ACHs I believe. I'm quite sure that Alliant, with all of its in-house attorneys and scores of outside attorneys, would have no problem complying with a simple notice regulation? (And thank you alan1 for the information).

More importantly, what is the point of all this? I understand from personal experience that when they expel you it’s a bit of a shock and the immediate reaction is to take it as a personal affront. But when you have time to process it, you realize that it’s not that big of a deal and not worth the time and energy to worry about. I’m perfectly capable of engaging in a fight when I need to, but I have no interest in being a member of a credit union that doesn't want me as a member and the more you fight it the more they get to victimize you. For me the best course was to just understand that they’re within their rights and it’s business not personal and to just move on.
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RYP
  |     |   20 posts since 2022
RickZ... Well said. Although certificates were no mentioned in the letter, they are closing them without an EWP. Maybe it's just as well, since rates may be going higher.
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RickZ
  |     |   168 posts since 2010
RYP, With regard to your original question, there have been earlier posts discussing hub accounts. I had been using Elements Financial as my hub. They have a high interest checking account that pays 5% APY up to $20K for one year but you have to do 15 qualifying transactions per month (bill pays, checks, debit card purchases or withdrawals). If you have over $20K in deposits the ACH limits both in and outbound are $50K per day/$250K per month and they process in a day.

I recently starting using Primis as my hub but I’ve only been with them for a couple of months. They pay 4.35% APY on both their savings and checking accounts without limits. The ACHs are very fast but you’re limited to $30K per day outbound – the inbound limit is much higher. 

Marcus is another option with a decent rate and very high ACH limits ($125K+ per day) but it can be extremely frustrating to deal with Marcus’s over-the-top security requirements when linking external accounts and they only allow four linked accounts. I would stay away from Ally or Discover as ACHs can take 3-4 days. Good luck to you!
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RYP
  |     |   20 posts since 2022
RickZ...Thanks for the info, I'll take a look at them.
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jack12
  |     |   252 posts since 2021
https://www.depositaccounts.com/community/misc/52027-alliant-cu-kicking-members-watch-snail-mail-letter.html
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mffarrell
  |     |   10 posts since 2018
What do you mean by kicked-out?
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RYP
  |     |   20 posts since 2022
After 13 years Alliant CU is closing my account without giving a reason.
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CDCA
  |     |   10 posts since 2023
May I ask if you did any unusual banking practices legal but they might not like? I got kicked out in 2020. I maxed out cc some months.
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mffarrell
  |     |   10 posts since 2018
Did you do a lot of ACH transactions?
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RYP
  |     |   20 posts since 2022
mffarrell... When interest rates moved higher last year, I did do more than usual ACH transfers. It's hard to move much money with a $25000 limit.
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midas89
  |     |   521 posts since 2017
It's so unfair and frustrating that Alliant allows $100K to be pulled in but only $25K daily to be pushed out. It was $100K both ways when I first opened my Alliant account many years ago.
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JeffinEasternFL
  |     |   455 posts since 2020
Hubs???? Huh???
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GregoryInBelize
  |     |   106 posts since 2022
I think they mean banks to use as hub accounts.
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saver123
  |     |   9 posts since 2015
Was there any notice of Alliant holding it's annual meeting? If so, where was it?
Googling comes up with nothing. Did members receive notices about it?

According to someone's scanned (2019) letter where the same thing happened, it said they got kicked out because 2/3rd of those attending the recent annual meeting (2019) voted to expel them.

However, Alliant is pretty much a virtual/online CU now, isn't it? As far as I know, their brick & mortar branches are closed. So how does one "tune into" or "attend" the next scheduled annual meeting (even if it's 2024)?

Alliant members: was there an announcement in micro-print on an online statement or something? Using Google, I see NO info or announcement on any 2023 (or even 2022) Annual Meeting.

** I think the solution for this is: in the future, every Alliant member should demand to know when the yearly annual meeting is being held, and ask for instructions on how to remotely "attend". If told it's only in person, I'd definitely report it to the NCUA, CFPB, and their state regulator. Since Alliant no longer has physical "branches" and is a virtual CU, as a member, being unable to participate except to "fly in" somewhere on a secret date would most likely go against their charter with the NCUA. Being able to "attend" the annual meeting in a credit union is a right for any member. And it would not only be where the vote happens, but the reason would have to be given as well (I would doubt a CU can ask members to vote to expel other members for reasons that aren't articulated before the vote. If so, again, regulator time).

Here's a link to their Savings Account Disclosure online I found if it's helpful:
https://www.alliantcreditunion.org/images/uploads/files/AccountAgreementAndDisclosures.pdf
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RYP
  |     |   20 posts since 2022
Saver 123...Thanks for the info. I'm sure the annual meeting was virtual, but I can't remember if I received an email. The letter is identical to the 2019 letter except for the dates. I will file a complaint with the NCUA and CFPB.
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Sylvia
  |     |   384 posts since 2012
saver123, your question prompted me to search Alliant's web site, Facebook page and emails from the last three months. I came up empty on any mention of an Annual Meeting. As I think about it, in all my years with Alliant (well over a decade), I can’t remember a time when they’ve announced an annual meeting or board election. Very strange as I regularly receive notices on both subjects from other credit unions. For a co-op, they seem to forget that members are not just customers -- they're also owners.
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alan1
  |     |   805 posts since 2015
Sylvia -- Alliant Credit Union is a FISCU (Federally Insured State-Chartered Credit Union).
https://mapping.ncua.gov/CreditUnionDetails/67955

As a state-chartered institution, it is subject to the Illinois Credit Union Act. That law has detailed provisions re the methods credit unions may use to notify members of annual meetings. The methods are listed in the alternative; the credit union has the right to select which method (or methods) it wishes to use:

"Notice of all meetings must be given by the secretary of the credit union at least 7 days before the date of such meeting, either by handing a written or printed notice to each member of the credit union, by mailing the notice to the member at his address as listed on the books and records of the credit union, by posting a notice of the meeting in three conspicuous places, including the office of the credit union, by posting the notice of the meeting on the credit union's website, or by disclosing the notice of the meeting in membership newsletters or account statements."
(emphasis added)
https://casetext.com/statute/illinois-compiled-statutes/regulation/chapter-205-financial-regulation/...

I think it is likely that members were notified of the annual meeting, in a manner specified by the State of Illinois.

P.S, As a FISCU, Alliant's regulator is not the National Credit Union Administration. It's the Illinois Department of Financial and Professional Regulation. Members who have complaints about actions of Alliant Credit Union may wish to file with the IDFPR.
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Sylvia
  |     |   384 posts since 2012
alan1, thanks for the info, especially highlighting. I can see them posting notice around the credit union, no more than 7 days in advance. Since they've closed all branches, notice may be "conspicuous" to the few members who work for Alliant but not the vast majority who don't.
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Infinityy
  |     |   94 posts since 2020
I’m not convinced — if Alliant posted notice of the meeting at its corporate office, that’s one “conspicuous place.” What about the other two places?
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choice1
  |     |   37 posts since 2023
It’s in the disjunctive not conjunctive
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111
  |     |   298 posts since 2019
@infinityy - regarding "conspicuous places" - well, not to be overly flippant, but I'm guessing that:
1) the lamp-post just outside that corporate office might, just possibly, be No. 2, and
2) the posting of such a notice in the window of a Starbucks a block or so from that corporate office might in fact be No. 3!
It seems at the very least, possible...
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