@Anonymous wrote:I'm not sure which forum to post this in.
I'm thinking about joining Alliant CU for the checking and savings accounts. Reading old threads, it seems that some people get offered HELOCs, credit cards, and loans when applying. We just bought a house and while we don't need a HELOC at this point, I'm wondering if there is a downside to accepting one if offered. The Alliant site said there are no closing costs. Are there other fees or maintenance fees? We probably don't have enought equity in our house yet anyway, but I'm trying to plan for the future.
I think this is forum is fine for your question. 
The only downside to accepting the HELOC is that it will probably come with a new inquiry and it will create a new account on your credit report. Both of these could result in a decrease in score. As for the fees, you'd have to ask Alliant about that. Many HELOCs have no maintenance fees or annual fees, but there are others that do come with fees, including an early closing fee.
Having a HELOC might be a good source of (relatively) low-interest emergency funds. Be aware that since the interest rate on HELOCs is tied to the prime rate, and the prime rate is as low as it can go, eventually the HELOC interest rates will rise along with the prime. You'd have to have the discipline not to use it as a big credit card that you struggle to pay off. And be careful about transferring any high-interest credit card balances to the HELOC, because if you have trouble paying it off and default, your home would be at risk.