Can someone explain the Wiki post of “don’t overdo it with ACH transfers?” I just had the idea that I could have Alliant ACH a small amount of money from my Alliant checking into 10 other mostly unused accounts at other banks, to prevent inactivity fees or closure due to dormancy. Will Alliant get mad if I do that monthly or quarterly on a recurring basis?
I do use Alliant as my primary bank and keep a large chunk of cash in the savings account as my emergency fund so I doubt Alliant will accuse me of only using them as a hub.
I have six scheduled transfers (set for ‘every two months’) to other accounts for this reason; haven’t been cancelled yet (it’s been more than two years). I keep $xx,xxx in the savings account if that’s important for “hub-only” qualification.
Alliant just sent out an e-mail linking to some changes they have made to their terms and conditions that will be effective November 1, 2017. In regards to “overdoing ACH transfers” here is a portion of the new text:
7b. Transfer Limitations. For all types of savings accounts that are
eligible for preauthorized, automatic, telephonic, electronic, or audio
response transfers, you may make up to six such transfers to an account at another financial institution or to a third party during any calendar month. A preauthorized transfer includes any arrangement
with us to pay a third party from your account upon oral or written
orders, including orders received through the automated clearing
house (ACH). You may make unlimited transfers at an ATM, in
person at an Alliant Branch, through the mail or to any Alliant Credit
Union loan. However, we may refuse or reverse a transfer that exceeds these limitations and may assess fees against, suspend, or close your account.
I understand this to mean that as long as you are not making more than six transfers in a month to the same outside account, then you should be fine.
Yeah, 6 transfer limit is just them properly implementing Reg D.to their T&C. Now if it imposed a limit from non-savings accounts that would be a different story.
Is there a reason to get an Alliant account if I already have Chase and Schwab. Was never around for FWF, so a bit unsure about what the incredible perks are. Would think eventually I’ll need a credit union for an auto loan in 3-5 years.
guys you are mixing up 2 things. The bolded text here refers to SAVINGS Accounts. It is a law. It is not Alliant arbitrarily doing it. I can’t say what the exact law is but 6 is the max number of transfer_outs from a Savings Account - these are electronic and phone transfers - these do not include check writing.
If you have Schwab, and are OK with depositing at Chase, not really. The benefits of Alliant are competitive (although never the highest, usually top tier and an order of magnitude above the Big Four banks) rates; free ATM use, both through the Co-Op network (most other credit unions in the US and many convenience and gas stations), and up to $20 a month in out of network; Co-Op Network deposits (the work credit union has a check reading ATM which works for Alliant, making money order and cash deposit easy); and fast ACH transfer times.
I did avoid closure. They should also reestablish all my family’s other accounts. The law is on my side, but time isn’t. I have a lot of my plate, but when I get a free moment, I will resume my fight against them to get everything back they’ve taken.
I don’t know for sure. I make more deposits and transfers than the average hand-to-mouth joe living paycheck to paycheck. I think they are discriminating against the wealthy. But some guy above said something about transferring in 100k. I suspect there are others who are wealthy, so maybe there is something about me personally they don’t like. I can’t tell you for sure why I got singled out. But I am fighting.
Considering Alliant is the eighth largest credit union by asset total, but only twentieth by membership, it would seem that they cater to a wealthier crowd:
True, but at least for me, they’re generous with CLs.
One thing I like about them is making it easy for MGMO deposits via scanner although I limit MO deposits to $3K or less per month. Most of my transfers to it are from my external banks. Alliant push worked well for my MTB accounts but it’s about time to close them all by the end of this month. It was a “fruitful” relationship with MTB before they closed the loophole.
FYI to Alliant HSA holders: HealthEquity, the successor custodian for Alliant HSAs, has in their HSA agreement a mandatory binding arbitration clause, including a class action waiver, with no opt-out provision. Therefore, I recommend electing not to have your HSA transferred there. To avoid the HealthEquity transfer, you will need to have your Alliant HSA closed, and the funds transferred to another custodian or withdrawn, by November 3rd.
It’s time for consumers to take a stand on this issue, especially after the disastrous Senate vote a few days ago. Companies/organizations that do business in a fair and honest manner (like Alliant, which does not use arbitration agreements) do not need to hide behind arbitration agreements. For that reason, I strongly prefer doing business with companies that do not require acceptance of such agreements, whenever possible and practical. In my opinion, a garden-variety HSA in the reasonably competitive HSA market is not sufficient to override this rule.
Has anyone ever used the Visa Purchase Alerts? Alliant doesn’t have an internal alerts system for the credit card and recommend Visa Purchase Alerts. I can’t figure out from reading about it whether SMS alerts are a must, or if I can have email-only alerts. Also their (Visa) privacy policy sucks and it seems like they can spam you with product offerings and there’s no way to opt out. Any insights?