Alliant Credit Union

I agree with this, particularly given Alliant’s current CD rates. Their one year CD matches their savings account rate at .55%, and their five year rate is .65%.

If Alliant valued having the cash on hand without members withdrawing it, those CD rates would be higher than the savings account rate by a larger margin.

So then why are savings rates higher than checking rates?

Check writing privileges? The convenience of being able to pull from your Visa debit card without having to make a transfer? The “mindset” many have that savings isn’t supposed to be touched while checking is the “everyday” account?

I don’t think the 6 withdrawal limit was ever the reason why they more than double the interest rate for the savings account, and in fact, many institutions have almost no delta between checking and savings account rates. HMBradley’s 3% for instance is on a checking account, and it’s not a rewards account, either.

1 Like

I looked into HM bradley a bit, and their account isn’t what most people consider a “checking account”, that is, a “Demand Deposit” (DDA) account - you can have your deposits paid on your demand within 6 days or less. HM Bradley offers a “NOW” (Negotiable Order of Withdrawal) account, where HM Bradley has the right to require at least seven days written notice of a withdrawal at their discretion, though this is rarely done. It’s a minor difference, but still it is a real one and bears mentioning, since a DDA is what I believe most people assume all “checking” accounts are, which is not as true as people think, and hardly anyone reads the fine print on anything even though they agree to it.

Just my .02.

1 Like

It has happened again. And bear in mind as you read this I know not whereof I write. Except it did happen again. And that’s for certain because I just checked.

It was a small amount of money, less that a hundred bucks. The funds were dispatched from Alliant yesterday, via ACH, and were credited at Keesler yesterday. Go figure.

I’ve had other recent ACHs out of Alliant, to Keesler, that took overnight. So when I get it right I don’t know what I’m doing to get it right.

Maybe it has to do with time of day. Maybe ACH transfers initiated at Alliant VERY early in the day arrive same day, whereas transfers initiated closer to their 12:00 noon CT cutoff arrive next day. I dunno. That is pure speculation. It could, instead, be purely random.

Sure wish I had a handle on this.

It’s definitely not the time the transfer is submitted. I initiated a $3k transfer on Thursday afternoon from Alliant to Fidelity. Alliant processed this on Friday at noon CT, as I would expect. I generally do not like Friday transfers as it has inherent risk of losing a few days of interest, but in this low rate environment I wanted the data point regardless.

As I mentioned in my Fidelity thread, once they actually receive an ACH push transaction, it gets posted to the account immediately. Same day transfers work with pushes from ONE Finance irrespective of amount (or, at least up to the $5k I have tested). Unfortunately, this push from Alliant posted on Monday at Fidelity.

So my guess is this is on Alliant rather than Keesler, and that it has nothing to do with the time the transfer is initiated. Perhaps it is the amount.

2 Likes

Reminder

Just a brief reminder for Alliant Visa Signature cardholders who wish to retain Tier 1 status for their Q4 purchases:

Time is short. Starting Sunday you must maintain an average Alliant checking balance of $1000. One way to do that is simply to put $1000 into checking Sunday and leave it there permanently. There are other ways, obviously, as well. But if your average checking balance for August falls below that magical $1000 level you will screw the pooch for yourself for the entirety of Q4, falling into Tier 2 and losing that great 2.5% Alliant Visa Signature reward.

1 Like

Nice.

Alliant Credit Union
No more overdraft fees

Over the past decade, banks earned more money from fees paid by their customers than they paid them in interest.1 But we’re not a bank, and you’re way more than just a customer, so…

We’re eliminating overdraft fees on all checking and savings accounts – it’s just that simple.

checkbox\ 24x24 As of August 2, you’ll be automatically refunded within 1-2 business days for Courtesy Pay or non-sufficient funds (NSF) item fees you incur until we can program our systems to completely eliminate them!2
checkbox\ 24x24 No sweat, we’ll still have you covered in an emergency if you’ve opted into Courtesy Pay.3
checkbox\ 24x24 We won’t miss overdraft fees either, so no need to worry that we’re going to add other fees or ditch our great interest rates.

3 Likes

:crossed_fingers:

2 Likes

Pretty much my same reaction - I’d rather they keep the overdraft fees than cut something else like interest rates.

Of all of their fees though, I’ve probably paid $200 or so in outgoing wire fees over the years to fund real estate transactions and refinances. I’d rather they give you a free wire each quarter than waive the overdraft fee.

Unfortunately I think this shows the direction they’re going in and the type of customers they are trying to attract. I am no longer bullish on Alliant. Haven’t been since the old president/ceo left.

2 Likes

It seems like they’re copying Ally. That’s not really a positive role model. :slight_smile:

There’s no fee right now for new cardholders or even existing cardholders but those who have already been charged the fee are probably not getting the refund until July.
Get new card now? Yes, no fee.
Already paid fee? Probably at least several weeks before you see a prorated refund and this only for fees paid in May and June.

I have still not received a prorated refund of my fee that I paid in early May.

Has anyone else received a refund?

Sigh. I guess I will have to find time to call them.

Would my problem fit in this category. I made an ACH transfer last month and unfortunately the funds were not available in my account to cover it. I realized my mistake only minutes after the cutoff time. To late to delete the order.

I called to let Alliant know of the mistake, but again they couldn’t help me out. I told the rep to write a note on the record.

Lo and behold, sometime later, nothing said but my account showed. -$15.

This was my checking account, so I added a +$15 from my savings. Canceled out…

Do you think I should call to see if they would refund my $15. ?

Was the $15 an NSF/overdraft fee?

Assuming it was, I think you are out of luck because the email states that they are eliminating the fee from 8/2.