Alliance Credit Union Products PDF

**Types of Share Products**: 1. Angel Savers & Aspire 2. Checking Accounts 3. Christmas Club 4. Secondary Savings & Money Market 5. Certificate of Deposit 6. Savings 101 7. Overdraft Line of Credit 8. Courtesy Pay 9. **Alliance Checking** **Aspire Savings Account** - **Designed...

**Types of Share Products**: 1. Angel Savers & Aspire 2. Checking Accounts 3. Christmas Club 4. Secondary Savings & Money Market 5. Certificate of Deposit 6. Savings 101 7. Overdraft Line of Credit 8. Courtesy Pay 9. **Alliance Checking** **Aspire Savings Account** - **Designed for young adults between 13-17 to encourage saving and financial management** - **Offers membership with ACCU, allowing for flexible saving options** - **ATM/ Debit card available for members 13+ with a Standard Checking and Aspire Savings account** - **Members transition to full adult membership with expanded management opportunities upon turning 18.** **Angel Savings Account** - **Designed for members 12 and under, featuring no monthly maintenance fee.** - **Serves as a primary savings account for younger members.** **Certificates of Deposit (CDs)** - **Savings instruments allowing members to secure interest rates for specified terms, offering higher dividends than regular savings accounts.** - **Two types of CDs available: regular share certificates and IRA certificates.** - **Terms available range from three months to five years, with guaranteed interest rates for the entire term.** - **Dividends are compounded and paid monthly.** - **Early withdrawal penalties apply, with different rates depending on CD maturity length.** - **The 13-Month Flexible CD permits one penalty-free withdrawal up to 25% of principal, with subsequent penalties assessed.** **CD Early Withdrawal Provisions** - **A penalty is applied for early withdrawal before the maturity date.** - **For CDs with a maturity of 9 months or less, the penalty is equivalent to 90 days of interest.** - **For CDs with a maturity of 12 months or more (excluding the 13-Month Flexible CD), the penalty is 180 days of interest.** - **The 13-Month Flexible CD allows one penalty-free withdrawal of up to 25% of the principal; additional withdrawals incur a penalty of 180 days of interest.** **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.** - **Monthly fee is \$6; account available for ages 18+.** **Standard Checking Account** - **Designed for members who opt out of Alliance Checking.** - **Minimum amount to open is \$0; age requirement is 13+; no monthly maintenance fee.** - **Includes courtesy pay available (18 and older), ATM/Debit card, and check writing privileges.** - **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.** - **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 provided.** **Primary Savings Account** - **Membership established with an initial \$5.00 deposit, representing one \"share.\"** - **This share grants voting rights and access to other membership benefits.** - **Minimum balance of \$250 required to earn dividends on the primary savings account.** - **No ATM/Debit Card available for accounts holding only the primary savings.** - **Single Service Fee waived for members aged 18 or younger; avoidable for others by adding eligible services.** **Products/Services Include:** - **Secondary Savings with one transaction completed each month** - **Checking account with monthly activity or direct deposit** - **Money Market** - **Loan** **Secondary Savings Account** - **Additional savings account for members wanting to separate funds from primary savings.** - **Designed for setting savings goals and designated expenses.** - **No minimum balance or monthly maintenance fee required.** - **Cannot be used for overdraft protection.** **Money Market Account** - **Offers a balance of higher dividends and access to funds.** - **No minimum balance to open; dividends compounded and paid monthly.** - **Minimum balance of \$2500 required to earn dividends.** - **Withdrawal limits include six pre-authorized transfers per month.** **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.** - **Online banking and bill pay available; monthly statements provided.** - **Funds insured by the NCUA up to \$250,000 per depositor.** **Member Eligibility** - **Membership requires individuals or entities to fulfill at least one specified criterion.** - **Eligible groups include Catholics living, working, or attending school in Michigan or the Texas dioceses of Tyler and Austin.** - **Employees or retirees associated with Michigan Catholic parishes or health care systems qualify for membership.** - **Relatives of current Alliance Catholic Credit Union members can become members.** - **Employees of affiliated Select Employer Groups (SEGs) are also eligible.** - **Students, faculty, or alumni of Catholic universities in Michigan may join.** **Christmas Club Savings Account** **With our Christmas Club account, members earn dividends throughout the year and what you've saved will automatically transfer to your spending account just in time for holiday shopping in October!** **Auto Transfer of funds to a spending account happens on October1 each year.** **Third Party Services:** 1. Commercial Loans and Commercial Alliance 2. LPL Financial 3. Members Home and Auto 1. Items found in the Spec-file a. ART relationship tool & calendar reminder b. Account Close Workflow c. Card Acknowledgement form d. Address Change form e. Checking Account Convert tool. f. Starter Checks g. CTR h. Direct Deposit i. Joint Removal Form j. Member Mini-Statement k. Reg-E Consent So the member can use their debit card to pay for debit card overdraft transactions. l. Share/Loan list m. Name Change Request form. n. EAR Account Revision. o. Wire Checklists p. Liberty Check Order to order checks for our members The Springboard system is used to complete Travel Notification and create credit cards Affiliated Services -- - Club Checking Use for Alliance Checking, can access via app or online. - Legal Sentinel provides legal services at reduced rates for our members - LPL Financial provides Financial Services, financial products, and advise for our members - Members First Mortgage provides mortgage products for our members - Members Home and Auto provides home and auto insurance for our members - TruStage is the organization ACCU uses for Debt Protection, Mechanical Repair Coverage, and GAP insurance. - Catholic Financial Life provides life insurance for our members at competitive rates. - Credit Union Travel provides discounts rates on travels plans for our members - ACCU Services - - Visa Gift Cards available for our members - Account Relationship Tool used for Referrals and tracking Desktop/ Web Programs for our employees to utilize - Cardwizard to make debit cards for our members - Microsoft TEAMS used for ACCU to have meetings with voice and video - SharePoint and Resource Center are resources ACCU employees use to obtain training and procedures needs - CUES Training is used by ACCU employees for yearly training requirements including BSA training classes - KNOW BE4 is a system used for Training ACCU employees for fraud and phishing scams. A **currency transaction report** (CTR) is a **report** that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of **currency**, or other payment or transfer, by, through, or to the financial institution which involves a **transaction** in **currency** of over \$10,000 or more. A Suspicious Activity Report (SAR) is used to report suspected violations of law or activity usually related to money laundering or fraud on a member's account. The Credit Union utilizes Verafin, a BSA/AML Compliance and Fraud Monitoring software, to monitor activity on the member's account and creates an alert to review the activity. A SAR must be filed within 30 days after the date of initial detection of the suspicious activity. The 30-day period does not begin until an appropriate review is conducted and a determination is made that the transaction warrants a SAR filing (CUNA BSA e-school, 2016). If you suspect activity that would constitute filling a SAR, contact the [**ACCU Fraud Team**](mailto:[email protected]) right away. Cashier\'s Check A Cashier's Check is a negotiable instrument that is considered guaranteed funds (in terms that the check will not be returned for Non-Sufficient Funds). Cashier's Checks can be purchased for any dollar amount (no maximum), must have a Payee (person the check is made payable to) and should have a Remitter printed on the check at the time of purchase. **Service Fee:** **\$5** ------------------------------- -------------------- **Maximum Purchase Amount:** None **Available to Non-Members:** No **Expiration:** Void after 90 days Additional Information - Stop payments are permitted at Branch Manager discretion. Must be completed by Accounting. Cash Advance A cash advance is a service that allows Mastercard cardholders to withdrawal cash from their available credit on the card. Cash advances can be completed on ***Credit Cards and Debit Cards.*** **Card Type:** **Mastercard only** ------------------------------- ----------------------------------------------- **Service Fee:** None **Withdrawal Limits:** None - but balance must be available on card. **Available to Non-Members:** Yes Additional Information - ACCU does not charge a fee for cash advances. Other financial institutions may charge a fee. The member will have to check with that financial Institution.