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craig10x said: jxf011 said: I just did the math and moving money to IB makes sense if IB's rate holds 1 week or more at 1.74%. This considers a 1 day loss of interest at Alliant at 1.50%. I called IB and they said "there's no rhyme or reason to when our rate changes" which makes this all the more exciting! Will IB hold at 1.74% for 1 week plus? Or, will they drop to 1.50%? Worst, will they drop to below 1.50% making me want to move IB money back to Alliant? (in irritably small 10k chunks!) The game is afoot!

Well, if you and a lot of other fw'ers start moving in huge amounts of cash...i can tell you the odds are pretty good that IB will drop the rate and pretty fast too...
but of course, you rate chasers will do it anyway since the current .25% apy is gnawing away at you and you spend endless nights tossing and turning in your beds because you are losing a few dollars of interest

Seriously though, if you currently have money with IB and hope the rate will remain the same, i know it may sound weird to you, but the worse thing you can do is move in huge amounts of cash to try to "capture" the difference...You need to keep in mind that unlike Alliant CU, IB is a small community bank and they can't handle such huge amounts of deposits as the way Alliant (because of it's size) can...therefore, what does a bank usually do when they get over saturated with deposits, to encourage some of the money to leave, they DROP THE RATE...


I'm not so sure Alliant CAN handle huge amounts of deposits! Can you handle the truth?

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raderator said: Yeah, definitely better, especially if not going for the jumbo. I'm tired of bank hopping so I think I'll just get the Alliant one.

BTW, do CD penalties ever come out of the principle? Alliant says they don't do that.

Edit: Just found out some banks will take your principle and some won't.


This is America. No one can take our principles from us. Your principal may not be safe though.

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lol aptvictoria.....well, let me rephrase that.....Alliant Cu can handle it a lot better then IB can because they are so much bigger...They are no Chase or BOA...but let's keep in mind that they are the 8th largest Credit Union in the nation...and a much bigger operation then IB...which is just an averaged size community bank in Wisconsin...

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tripleB said: raderator said: Yeah, definitely better, especially if not going for the jumbo. I'm tired of bank hopping so I think I'll just get the Alliant one.

BTW, do CD penalties ever come out of the principle? Alliant says they don't do that.

Edit: Just found out some banks will take your principle and some won't.


This is America. No one can take our principles from us. Your principal may not be safe though.

Sorry, but they have already outlawed living The Principle.

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I think I'll pull the trigger on it. At least if I change my mind after a week all I will have lost is 7 days interest. 1.5% on Savings is just too little. I have another jumbo CD maturing in 8 months anyway. With Savingss rates so low, doing the CD staggering thing, or whatever it's called, is the way to go.

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craig10x said: lol aptvictoria.....well, let me rephrase that.....Alliant Cu can handle it a lot better then IB can because they are so much bigger...They are no Chase or BOA...but let's keep in mind that they are the 8th largest Credit Union in the nation...and a much bigger operation then IB...which is just an averaged size community bank in Wisconsin...Should also keep in mind that they may be doing this just to ramp up funds, then drop the rate hoping people will stay. Certainly a gamble.

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Argyll said: raderator said: Thinking of opening a 2 yr jumbo CD. Can anyone explain the penalty for early withdrawal? Can't seem to find any details and CS is unreliable, in my experience.

Edit: OK, called CS. Maximum penalty on a 2yr is 6 months interest. Seems like a good deal. Even if you withdraw after a yr you're still getting 1.125%. If you withdraw after 1.5 yrs you're getting 1.5%, same as if you just left it in Savings.


Delta has a 90-day withdrawal penalty. Interest rate for 2 yr is 2.25%, $1000 minimum.


https://www.deltacommunitycu.com/Personal/products/dividends.asp

Alliant CU 5y CD penalty is harsh - 1yr of interest. But some other banks have less - Ally Bank - 2mo (of 3% APY). So, you can get the deal keeping 5yr CD for 1-2-3 years better than 1-2-3 CDs.

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Ally only charges 60 days interest penalty for all CDs. So the 5yr at 2.99% is a great deal. Too bad the bank is in such bad shape. But it's insured. I just moved everything out of Ally but the account is still open. A 5yr CD closed after 2 yrs would yield 2.75%. I think I'll go with that.

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I just received a letter that gives me another reason to love Alliant - they are reducing the float time on ACH transfers. I have attached a copy of the letter showing the changes; basically, transfers between institutions will now post the next business day instead of the previous 2 day transfer time. This starts April 21.

This is a very nice enhancement to an already very nice place to bank!

Ruth

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starshiphome said: I just received a letter that gives me another reason to love Alliant - they are reducing the float time on ACH transfers. I have attached a copy of the letter showing the changes; basically, transfers between institutions will now post the next business day instead of the previous 2 day transfer time. This starts April 21.

This is a very nice enhancement to an already very nice place to bank!

Ruth


good news

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And their new Online Banking is expected to arrive in May...

They have also put the information about the new quicker ACH transfer time on the main page of their website...
Remember...you will need to get the transfer scheduled by 12 noon central time, in order to get a 1 day transfer...

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While faster transfers are welcome news all around, it's especially nice to see the annoying two-day interest loss on pushes replaced by the one-day loss that's more typical of good ACH systems.

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One-day ACH transfers will be a wonderful benefit.
Interest gained on an extra day will certain help if I am transferring money into Alliant CU. Actually I'm thinking of the days when Alliant CU paid out 2.0% interest.
This will indeed help when moving funds out of Alliant into a higher paying rate at another establishment. (I still am getting 2% on my MM at a bank, hope it continues)

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I signed up and was approved for both Savings and Checking. Unfortunately the rate dropped just as I got started but oh well, they've been consistently "up there" the entire time I've been here, so I'll stick it out.

Question: Since it seems that Savings and Checking have the exact same interest rate, is there any reason why I should put anything in the Savings at the moment, or should I just leave everything in Checking?

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I had everything in savings, but once the rates matched I transferred everything into checking.

I am assuming that the checking rate will eventually fall to 1.25% (I could be wrong). Once that happens, I'll transfer back to savings.

With the checking, there wouldn't be the 6 withdrawals per month restriction like there is with savings. So, better to keep the money in checking, as long as the rates are equal. Just remember to meet the checking's monthly requirement to keep the interest rate.

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blaze03 said: Question: Since it seems that Savings and Checking have the exact same interest rate, is there any reason why I should put anything in the Savings at the moment, or should I just leave everything in Checking?
Well, you always need to leave the $5 "share" they gave you for becoming a member in Savings. If you have less than $100 in savings, you won't get any interest on those $5. At current rates, that's $0.07 a year - it doesn't pass the Chipotle test, but it is a (very small) reason to leave $95 more in savings than you absolutely have to.

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However, also don't forget that you can exceed the 6 transfers out of savings by doing them also at an atm (as far as moving money from savings to checking that is)...
I still keep most of my money in the savings and then move into checking as needed (keeping a working balance in checking all the time though)...but with the rate the same on both...your call!

Also, don't be discouraged about the rate drop...as you know, Alliant does have a long term rep for maintaining an excellent rate...they had kept it at 2% for 8 Months straight!
You made a good decision going with Alliant Cu...

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Does anybody know if Alliant Credit Union shows pending charges on the Debit Card?

Most banks show that the "Available Balance" has dropped, but only some show the pending charges.

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eminded22 said: Does anybody know if Alliant Credit Union shows pending charges on the Debit Card?

Most banks show that the "Available Balance" has dropped, but only some show the pending charges.


Yes they do show pending debit card charges immediately...but they are listed separately at the top of the column and you click on it to see them....once they final post they appear in the normal posted transaction column...that's for signature based transactions if you do them with pin entered, they will immediately appear in the regular transaction list...

And the available balance drops immediately also (of course)...

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eminded22 said: Does anybody know if Alliant Credit Union shows pending charges on the Debit Card?

Most banks show that the "Available Balance" has dropped, but only some show the pending charges.


Why would anyone want to charge something onto a debit card?

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because they don't have a credit card? i was using a debit card until i got a credit card...

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blaze03 said: I signed up and was approved for both Savings and Checking. Unfortunately the rate dropped just as I got started but oh well, they've been consistently "up there" the entire time I've been here, so I'll stick it out.

Question: Since it seems that Savings and Checking have the exact same interest rate, is there any reason why I should put anything in the Savings at the moment, or should I just leave everything in Checking?


Some people prefer not to keep too much of their liquidity in a checking account because those funds are theoretically more accessible by "the bad guys," e.g. if your debit card is stolen or the number compromised. Of course, that example doesn't apply to anyone who makes a point of completely avoiding debit-card use for security purposes. While I highly doubt I'd have any such problem, why take even a small chance when it's easy to transfer from savings to checking, and I've already got automatic transfers of this type set up? This is especially true given two other points mentioned in recent posts: (1) There's that easy ATM-based workaround in the unlikely event I run up against the 6-monthly-withdrawal limit for savings, and (2) There's always the possibility the checking APY will drop back to its traditional 25-basis-points-below-savings position before too long.

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dejanu said: blaze03 said: I signed up and was approved for both Savings and Checking. Unfortunately the rate dropped just as I got started but oh well, they've been consistently "up there" the entire time I've been here, so I'll stick it out.

Question: Since it seems that Savings and Checking have the exact same interest rate, is there any reason why I should put anything in the Savings at the moment, or should I just leave everything in Checking?


Some people prefer not to keep too much of their liquidity in a checking account because those funds are theoretically more accessible by "the bad guys," e.g. if your debit card is stolen or the number compromised. Of course, that example doesn't apply to anyone who makes a point of completely avoiding debit-card use for security purposes. While I highly doubt I'd have any such problem, why take even a small chance when it's easy to transfer from savings to checking, and I've already got automatic transfers of this type set up? This is especially true given two other points mentioned in recent posts: (1) There's that easy ATM-based workaround in the unlikely event I run up against the 6-monthly-withdrawal limit for savings, and (2) There's always the possibility the checking APY will drop back to its traditional 25-basis-points-below-savings position before too long.

Good points, thank you. I've never heard of transferring money between accounts at an ATM. Is it easy to do, and you just do it all within the ATM interface?

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Yes...you can do that at any atm...you just select "transfers" on the atm menu...and you can then transfer between the checking and savings accounts that are linked to your card...and in either direction (checking to savings or savings to checking)...

And those don't count toward the "federal 6 rule" like they do when you do a transfer in Online Banking...

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You can protect large savings balances even more by putting them in a Supplementary Savings account, which is inaccessible at ATMs.

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tvholic said: You can protect large savings balances even more by putting them in a Supplementary Savings account, which is inaccessible at ATMs.

I noticed this and wondered if it was a glitch or the particular ATM I was using. I've only used one ATM for Alliant and cannot access my Supplementary Savings account there.

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Quick question... nobody has mentioned this weekend's upcoming upgrade... is this THE updated, all new ACU online system coming online?

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chuck75 said: Quick question... nobody has mentioned this weekend's upcoming upgrade... is this THE updated, all new ACU online system coming online?

Please say yes! I have been waiting on the sidelines for this one. I use a software client for budgeting that connects to online banking systems and downloads transactions. It works, for example, with BoA, but does NOT work with Alliant's clunky "skybranch" online banking. I hope this coming update solves my issues and brings their online system into the 21st!

FYI, I was told by a CSR I believe possibly early March that the update was due in May, FWIW.

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Argyll said: tvholic said: You can protect large savings balances even more by putting them in a Supplementary Savings account, which is inaccessible at ATMs.

I noticed this and wondered if it was a glitch or the particular ATM I was using. I've only used one ATM for Alliant and cannot access my Supplementary Savings account there.
I think you misread the post you quoted - tvholic's point was that the supplementary savings account is NOT accessible at ATM's, which shields your balance from potential fraud if someone gets ahold of your debit card even more than leaving funds in savings rather than checking.

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you can only access one primary checking account and one primary savings account on any debit/atm or atm card as far as on "network" atms... This is the case for all banks and credit unions...

Of course, on an Alliant atm you can access all of your checking and savings accounts...but most of us don't live near an Alliant branch with their atms...

rollingrock: i e-mailed them to ask about it...it is probably related to it...and i asked them if they have an official launch date yet...but i was told some time ago it would be in May...I imagine they are probably gearing up the system for the switch over...don't expect any access during the period listed on the website...and debit/atm transactions may be rather limited also during that time period...

update: they are making server changes and other stuff...but no official date on the new Online Banking launch other then they are preparing for it...

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Thanks Craig... you're the man...

craig10x said: you can only access one primary checking account and one primary savings account on any debit/atm or atm card as far as on "network" atms... This is the case for all banks and credit unions...

Of course, on an Alliant atm you can access all of your checking and savings accounts...but most of us don't live near an Alliant branch with their atms...

rolingrock: i e-mailed them to ask about it...it is probably related to it...and i asked them if they have an official launch date yet...but i was told some time ago it would be in May...I imagine they are probably gearing up the system for the switch over...don't expect any access during the period listed on the website...and debit/atm transactions may be rather limited also during that time period...

update: they are making server changes and other stuff...but no official date on the new Online Banking launch other then they are preparing for it...

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mttatkns said: Argyll said: tvholic said: You can protect large savings balances even more by putting them in a Supplementary Savings account, which is inaccessible at ATMs.

I noticed this and wondered if it was a glitch or the particular ATM I was using. I've only used one ATM for Alliant and cannot access my Supplementary Savings account there.
I think you misread the post you quoted - tvholic's point was that the supplementary savings account is NOT accessible at ATM's, which shields your balance from potential fraud if someone gets ahold of your debit card even more than leaving funds in savings rather than checking.


No, I didn't misread it and I understood the point. I didn't know until his post that it was a systemic thing.

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I just received a postcard in the mail today with a new $50 bonus for opening a high rate checking account. The new code is J592.

I can take a picture of the terms if needed, but the basics:
-New account opened between April 5 and May 28
-Needs to meet a requirement of monthly DD from outside institution by June 18. No mention of minimum.
-Bonus will be posted by June 30
-Must keep account open for 6 months or the bonus will be subtracted upon account closing (or from an attached savings account)

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Not sure if this was posted, but did anyone notice their new faster ACH transfer times?

http://www.alliantcreditunion.org/services/onlinebanking/electronictransfers/

I saw a banner on their main web page tonight.

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I had to get $30k out of Alliant last week in a hurry.

It would have been faster for me to have flown to Chicago, spent the week blowing the money on H&B and then flying back.

$10K ACH limit sucks. So does going to the 7-11 every day to stand behind drunk bums in line at the ATM to pull out my $400 daily max every day just to pay my construction workers for my remodel.

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Crazytree said: I had to get $30k out of Alliant last week in a hurry.

It would have been faster for me to have flown to Chicago, spent the week blowing the money on H&B and then flying back.

$10K ACH limit sucks. So does going to the 7-11 every day to stand behind drunk bums in line at the ATM to pull out my $400 daily max every day just to pay my construction workers for my remodel.


Didn't you get a free order of checks when you opened your account?

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Crazytree said: I had to get $30k out of Alliant last week in a hurry.

It would have been faster for me to have flown to Chicago, spent the week blowing the money on H&B and then flying back.

$10K ACH limit sucks. So does going to the 7-11 every day to stand behind drunk bums in line at the ATM to pull out my $400 daily max every day just to pay my construction workers for my remodel.


I would think that a lawyer who spends all this time on FWF would have understood the limitations to Alliant and accepted them as the cost of doing business in order to receive their higher than average rates. Thus if you anticipated needing $30k in a hurry, you would have made arrangements in advance. If you didn't anticipate needing the $30k, then don't blame Alliant, instead blame the cause of the $30k necessity.

This would be like me dating a fat girl who gave incredible... you know... and then after 6 months of amazing... you know... I complain about how fat she is.

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hapsnn said: Crazytree said: So does going to the 7-11 every day to stand behind drunk bums in line at the ATM to pull out my $400 daily max every day just to pay my construction workers for my remodel.

Didn't you get a free order of checks when you opened your account?


I somehow don't think that Jesus and Escobar that are remodeling Crazytree's home in California accept checks.

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Crazytree said: I had to get $30k out of Alliant last week in a hurry.

It would have been faster for me to have flown to Chicago, spent the week blowing the money on H&B and then flying back.

$10K ACH limit sucks. So does going to the 7-11 every day to stand behind drunk bums in line at the ATM to pull out my $400 daily max every day just to pay my construction workers for my remodel.

Domestic Wire Transfer (outgoing) $30

Source(s): http://www.alliantcreditunion.org/services/fees/
http://www.alliantcreditunion.org/pdf/services/WireTransferForm_A227R1208.pdf

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brawa said: I just received a postcard in the mail today with a new $50 bonus for opening a high rate checking account. The new code is J592.

I can take a picture of the terms if needed, but the basics:
-New account opened between April 5 and May 28
-Needs to meet a requirement of monthly DD from outside institution by June 18. No mention of minimum.
-Bonus will be posted by June 30
-Must keep account open for 6 months or the bonus will be subtracted upon account closing (or from an attached savings account)


damn, i just opened a checking and savings acct with them

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