November 19th, 2010
The holidays and work load have reduced our postings a little, but still managed two posts this week. In addition, we’ve added another page to focus on 1-year CD Rates. So certainly keeping busy. Pages for the other terms will come, maybe at a pace of 1 a week, we shall see. Of course we can be bribed with social media mentions, link love, or even a nice comment.
Before I get to the rates just a short rant. Next Thursday is Thanksgiving. Although the retailers seem to like to gloss over this day, let us not forget why we celebrate it. Be thankful for a Loving God who through providence brought the Pilgrims to the soils of the New World. Be thankful that they found the strength, fortitude and perseverance to survive in this New World. Be thankful for the Indians who taught them much needed skills for living in the new land. Let us do our best to model the same. Find that inner strength, but don’t be afraid to ask for help. If you are in a position to be the help, do so in a mighty way. Wikipedia has a great article if you would like some history. Thanksgiving
Now for the review of Alliant Credit Union.
|Star Rating:||3 (***)|
|Contact:||Customer Service Rep|
|Penalty:||6-Month loss of interest (5-year CD)|
|Credit Inquiry:||Hard Pull|
|Membership:||$30 — $5 for share account, $25 one-time fee to join National PTA|
Alliant Credit Union has had quite competitive CD rates for a number of years now. They are quite popular on the internet because of the high interest rates plus their membership is open to all through the PTA (if you don’t qualify otherwise). I believe they have two draw backs. The first is their online application. At least 50% of the people I know have failed when trying to complete it. The process uses a service to serve up five questions from your credit report. Some of the questions are purposely presented to trip you up. If you aren’t able to complete the online process, you can still open an account through the mail, but that of course takes time and in a falling rate environment such as we’ve had for the last 3-years, time is no friend.
The other draw back is they don’t give you any grace with the rates. If you are sending a check in the mail and rates drop, you lose out. Of course if we were in a rising rate environment, that could work to your advantage.
Once a member they seem to have good customer service, but I have found them not to be very helpful during the set-up process. That is why I recommend going through the process even if you don’t have the funds. I made the same recommendation for Pentagon FCU.
One side note, our rating system gives them a 3-stars, but I’ve seen others that give them 5-stars. Frankly, when looking at the basic data, they look fine to me, so I wouldn’t let the 3-stars scare you. You are of course federally protected by the NCUA up to $250,000.00
-- By +Chris Duncan