Check if Alliant Credit Union is right for you. How can you become a member? Should you open Alliant credit union account? In 1935 a group of United Airlines employees decided to organize a credit union. Till 2003 it was a single sponsored by united airlines.
After 68 years, they decided to diversify membership.
The United Airlines Credit Union was renamed to Alliant Credit Union.
Now Alliant Credit Union offers membership to almost 150 organizations in Chicago.
If you work in one of those organizations or your spouse or your relatives work there - you are eligible automatically.
There are nearly 385k customers!
How can you join the credit union?
Without working for the limited number of employers near Chicago?
It is easy.
You need to make a $5 donation to one of the Charitable Organizations.
That's it.
The purpose of a credit union is to not make profits for shareholders.
All the profits it makes it distributes it to its customers or members.
Here are a few types of accounts Alliant Credit Union can offer to potential customers.
Alliant Credit Union High-Rate Checking has a better yield than savings account at Bank Of America or Chase.
The rate on checking account at Alliant Credit Union is 0.45%.
But, to receive the dividends, you have to qualify.
For this, you have to opt-in to receive e-statements.
And you should receive at least one direct deposit per month.
Direct deposit is your salary, social security, pension etc.
Just transfers of money from you friend are not direct deposits.
Fees
There are no monthly or minimum balance fees.
It is a Credit Union, not Bank Of America.
Overdraft fee - $28 (Courtesy Pay Fee).
There can be multiple fees on the same day.
There is also a $25 fee for insufficient funds.
The paper statement fee will cost you $1!
The next part is the High Yield Savings Account.
Alliant Credit Union has High Yield Savings Accounts.
They are not as competitive as at Fitness Bank or even Savings Account at American Express.
Alliant Credit Union Pays 1.65%!
There is no minimum balance.
But if you want to keep the savings account open - you will need to keep at least $5 there.
You can have multiple savings account.
Alliant Credit Union allows its customers to have up to 19 additional savings accounts!
You will receive a debit card that you can use in ATMs.
If you will use an ATMs that doesn’t belong to Alliant Credit Union
You will receive a rebate for up to 20 bucks per month!
Alliant Credit Union also offers Certificates Of Deposit (CDs).
The minimum is quite low - $1000.
The current rate is not too low and not too high.
Just fine.
Certificate of Deposit with term less than 2 years, has 1.93% APY.
CDs with a term less than 4 years have 1.98% APY.
And less than 5 years CDs are 2.08%
Alliant Credit Union has Credit Cards business.
And it offers a visa signature card.
It has a 3% cash back for the first year.
And 2.5% after the first year.
There is a $99 annual fee,
but it can be forgiven for the first year.
No foreign transaction fee.
There is a debt protection plan in case of death, disability, or unemployment.
There is identity protection up to $5k to cover expenses to restore identity.
There is also purchase protection and a double warranty.
When you book your trip with Alliant Credit Union credit card
it gives you travel accident insurance up to $250k.
If you pay car rental with the credit card
It adds complementary Rental Car Insurance automatically.
Auto Rental Collision Damage Waiver (ARCDW) coverage.
It covers only damage to the car you are renting.
There is free roadside assistance through visa.
Late fee is $27
A balance transfer is 3%.
Visa Platinum Card
has no annual fee and has a 0% introductory rate on purchases and balance transfers.
The balance transfer fee is 2%.
So, if you are going to pay off your credit card debt - you may want to stop interest accumulation.
If you like playing in points - there is Visa Platinum Rewards.
Two points for every dollar.
There is a nice Alliant credit union app!
Mobile banking features are quite competitive.
You can make a mobile deposit.
Pay bills.
And Track your balance to escape Courtesy Fees and Insufficient Funds Fees.
Online banking is also quite convenient.
Overall, Alliant Credit Union looks like a good idea to try.
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