Questions and Answers
What is the minimum age required to open an Alliance Checking Account?
Which of the following is NOT a benefit of the Alliance Checking Account?
To earn the 4.00% APY on an Alliance Checking Account, which of the following must be completed?
What is the monthly fee for an Alliance Checking Account?
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How much reimbursement can a member receive for roadside assistance expenses per occurrence?
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Which benefit of the Alliance Checking Account includes identity theft monitoring?
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What must be paired with an eligible checking account to receive cell phone protection?
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Which feature is NOT available with an Alliance Checking Account?
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What is the minimum amount required to open an Alliance Checking Account?
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Which of the following transactions qualifies as a signature-based “Credit” transaction?
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What is the minimum age required to open a Basic Checking account?
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Which feature is NOT available with the Basic Checking account?
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What is the monthly maintenance fee for the Standard Checking account?
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What additional requirement is needed to open a University Checking account?
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What benefit does the University Checking account provide regarding ATM fees?
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How often are dividends on the Standard Checking account compounded and credited?
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What unique reward can students earn with the University Checking account based on GPA?
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What is the daily limit for debit transactions in the Basic Checking account?
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Which statement about the University Checking account is correct?
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Which checking account allows for a one-time refund of a Courtesy Pay and NSF fee?
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Study Notes
Alliance Checking Account
- Earns 4.00% APY on balances up to $15,000 with monthly qualifications: Direct Deposit, 10 signature-based “Credit” transactions, and enrollment in E-statements.
- Offers pre-paid legal estate planning with complimentary will through The Legal Sentinel program.
- Provides cell phone protection covering up to $400 for repairs or replacements from eligible purchases.
- Includes IDProtect® for identity theft monitoring and resolution service.
- Features shopping rewards for cash back at various retailers with required registration.
- Access to travel discounts at thousands of local and national businesses through registration.
- Offers Buyer’s Protection & Extended Warranty for debit card purchases.
- Health discount savings on vision, dental, and prescriptions available.
- VIP concierge services and roadside assistance reimbursement (up to $80 per occurrence).
- Open with a minimum of 0;monthlyfeeis0; monthly fee is 0;monthlyfeeis6; account available for ages 18+.
Standard Checking Account
- Designed for members opting out of Alliance Checking.
- Minimum amount to open is $0; age requirement is 16+; no monthly maintenance fee.
- Includes courtesy pay available (18 and older), ATM/Debit card, and check writing privileges.
- Dividends compounded monthly, with online banking and bill pay options available.
- Monthly statements provided.
Basic Checking Account
- For members not qualifying for Alliance or Standard Checking based on ChexSystems.
- Minimum to open is 0;agerequirementis18+;monthlyfeeof0; age requirement is 18+; monthly fee of 0;agerequirementis18+;monthlyfeeof10.
- No courtesy pay; daily debit transaction limit set at $300.
- Offers ATM/Debit card, check writing privileges, online banking, and bill pay.
- No dividends compounded; monthly statements included.
University Checking Account
- Available for students at Detroit Mercy, Madonna, and Sienna Heights.
- Requires valid student email for account verification.
- Minimum to open is $0; age requirement is 18; no annual maintenance fee or inactivity fee.
- Courtesy pay allows one-time refund of a courtesy pay and NSF fee.
- Provides ATM/Debit card with no non-network withdrawal fees; check writing privileges included.
- No dividends are compounded; online banking and bill pay available; monthly statements provided.
- Funds insured by the NCUA up to $250,000.
Benefits of University Checking Accounts
- No ATM fees charged, mobile wallet compatibility (ApplePay, GooglePay).
- Financial incentives include a 50depositforaGPAof3.50+anda50 deposit for a GPA of 3.50+ and a 50depositforaGPAof3.50+anda25 deposit for a GPA of 3.00-3.49, presented annually with report card.
- Financial wellness rewards, including Visa e-gift cards for completing financial education modules.
- Scholarship opportunity for two $2,500 awards each year.
- Account automatically converts to Standard Checking after five years.
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Description
Test your knowledge about various checking accounts, focusing on the unique features and benefits of the Alliance Checking Account. Learn about dividend earnings, transaction requirements, and estate planning aspects associated with this type of account.
