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Best Interest Checking Disclosure

Alliance Credit Union’s Disclosure of Interest, Fees and Account Terms


1) Rate Information: As of January, 2020 the rates are:

If your daily balance is between:your interest rate will be:with an APY of:
$0.00 - $10,0002.85%2.86%
$10,001 - $100,000+0.15%0.15%

*Qualified accounts.  Accounts that do not meet the eligibility requirements will receive 0.15%.

2) Variable Rate Account: Your interest rate and annual percentage rate yield may change monthly.  At our discretion, we may change the interest rate on your account on any given day.

3) Compounding and crediting: For this account type, the interest period is monthly.  Interest will be compounded monthly and credited to your account monthly.  Qualification Cycle is the 1st day of the beginning of the month to that last day of the end of the month.  Qualified rewards will be paid the following month.

4) Minimum balance requirement: No minimum balance is required to maintain account.

5) Balance computation method: Interest is calculated by the daily balance method.  This method applies a daily periodic rate to the principal daily balance in the account for each day.

6) Accrual of interest: Interest will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account.

7) Eligibility Requirements (Qualified Accounts): To qualify for the Best Interest Checking reward rate, you must:

  • Have 10* posted and cleared debit card point of sale transactions per month
  • Receive your monthly statement electronically **
  • Pay three bills with Bill Pay or recurring ACH, combined per month**
  • Have one direct deposit or ACH credit post to the account during the month

*Debit card transactions processed by merchants and received by the Credit Union as ATM transactions do not count towards the qualifying debit card transactions.  Only debit card transactions processed by merchants and received by the Credit Union as point of sale transactions count towards qualifying debit card transactions.  All debit transactions must be posted to the account on or before the last day of the month. For Example:  If you make a purchase with your debit card on the last day of the month that transaction may NOT post on that day.  Debit card point of sale transactions are posted to your account when the merchant sends the settlement information to us.  Alliance Credit Union has NO control over when the merchant posts the debit transaction.

**By opening a Best Interest Checking account (70 & 78), you agree to enroll in Statement Express and Bill Pay at www.alliancecu.com. You may only enroll in Statement Express, if you plan on meeting the three bills per month requirement through ACH payments. You understand that if you fail to enroll in Statement Express and Bill Pay (or pay three bills in the current month with Bill Pay or recurring ACH, combined per month in the current month) that your account will not qualify for the reward rate that given month. Any Alliance ACH is excluded for bill pay qualification purposes.

***Valid email address is required to receive monthly notification of qualification results.

8) Fees and charges: The Best Interest Checking Account assesses the following fees when applicable. Statement descriptions are in parentheses below. See the current Fee Schedule for complete list.

Closed Checking Fee$25.00 per occurrence
The credit union reserves the right to close your checking account for misuse.
Overdraft Transfer Fee$5.00 per occurrence
The credit union will transfer funds from the account you specify to clear a check. This service is limited to six per month.
Bill PayFREE
Alliance Credit Union’s Internet bill paying service.
Stop Payment Fee$30.00 per check
Stop Payment Fee for a Block of Checks $60.00 maximum
NSF (or insufficient funds) Return Fee $25.00 per item presented
Fee assessed to your checking account for checks presented that are returned for insufficient funds or uncollected funds.
Courtesy Pay Fee $25.00 per item presented
Alliance Credit Union may choose to pay a check, ACH or Bill Pay item presented rather than return it. This special service is based on Alliance’s policy and procedures and is only available to qualified members.

9) Other terms and conditions:

  1. Check Orders– Charges for check orders through the credit union are automatically debited from your account and appear on your monthly account statement. You can obtain current pricing by calling our Call Center or visiting the nearest credit union office during business hours.  Prices are subject to change without notice.  Checks should be purchased through the credit union in order to assure proper check format and encoding to meet required specifications.  Checks that do not meet required specifications may not be honored.
  2. Automatic Transfers– The credit union will automatically transfer funds from the available balance in your Share Savings Account to clear a check presented that exceeds the fully paid and collected funds balance in that account. At no time will the credit union overdraft funds to pay a check if your savings balance is less than or equal to $5.00. Automatic overdraft protection is limited to six (6) overdrafts per month.
  3. Funds Availability– You may make deposits to your account at any of the credit union’s offices or via any CO-OP ATM machine that accepts deposits. All deposits received are subject to final collection. “Your Guide to: Funds Availability” brochure is available and explains what types of holds may be placed on your deposits. The credit union may return, limit or refuse to process your deposits anytime a problem develops.
  4. Courtesy Pay– The credit union will determine if we can clear (pay) a check, ACH or Bill Pay item presented on your account that doesn’t have “available” funds on deposit. This special service is available only after all overdraft protection options have been exhausted and is only available to qualified members.  You will be notified in writing of the per item fee assessed to your account if Alliance clears a check, ACH or Bill Pay item and draws your account to a negative balance.

10) National Credit Union Share Insurance Fund– All Alliance Credit Union member accounts are federally insured by the National Credit Union Share Insurance Fund.

11) Liability For Failure to Make Transactions – If the credit union does not complete a transaction on your Account on time or for the correct amount, the credit union may be liable for losses or damages you are able to prove.  However, there are some exceptions.

The credit union will NOT be liable under the following circumstances:

  1. If you had overdraft protection with the credit union and the transaction would exceed your overdraft protection limit:
  2. If the ATM terminal or system where you were making the ATM deposit was not working properly;
  3. If circumstances beyond the credit union’s control (such as fire, flood and other acts of God) prevent the transaction;
  4. If your account is subject to legal process or other claim;
  5. As otherwise provided in regulations of the Board of Governors of the Federal Reserve System.
  6. For preauthorized transaction or EFT, if though no fault of the credit union, the payment information is not received.

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