Alliant changes (they’re getting even worse)

[Anonymous]

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@PutThatMoneyOnTheTable wrote:

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@coldfusion wrote:

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@PutThatMoneyOnTheTable wrote:

It's due to regulatory changes. It's beyond their control.

I also got that email from chase or BOA or it could be some other institution. I don't remember who. Sent it to trash.

The rate change, however, is a different story.

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I don't know in what context you mean that the rate change is a different story.  Here's the relevant sentence from Chase in the section discussing interest rates on checking and savings accounts, BTW:

"Your account has a variable interest rate. That means we may change the interest rate and Annual Percentage Yield as often as we choose, without limits and without notice" (emphasis mine)

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What I meant was........ I wish not say because I'm not versed on the full details of what was said or how it works actually. They are not completely bounded by regulatory restrictions when setting or changing the interest rate. It's Chase's discretion to give us .01% and credit unions can offer .05%

The amendment can be read in detail here

https://www.federalregister.gov/documents/2019/07/03/2019-13668/availability-of-funds-and-collection...

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I skimmed through about half of that and it looks to me like it's just addressing the inflation affecting early funds availability. The rest of it seems to be Alliant's doing. I don't feel like reading the rest of it but either way, Alliant lost their appeal. If my bank follows up with the same timeline, it still doesn't make Alliant any more attractive. Between their known conservative lending and now their new policies, they're not the right CU for me. 

[DaveInAZ]

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@coldfusion wrote:

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@PutThatMoneyOnTheTable wrote:

It's due to regulatory changes. It's beyond their control.

I also got that email from chase or BOA or it could be some other institution. I don't remember who. Sent it to trash.

The rate change, however, is a different story.

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I don't know in what context you mean that the rate change is a different story.  Here's the relevant sentence from Chase in the section discussing interest rates on checking and savings accounts, BTW:

"Your account has a variable interest rate. That means we may change the interest rate and Annual Percentage Yield as often as we choose, without limits and without notice" (emphasis mine)

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Yes, banks can change their interest rate as often as they choose and without notice. And as customers we can then choose to withdraw our money without notice. I have savings at Amex HYSA, HSBC & Marcus at 1.3%, a significant drop from the begining of the year but the economic conditions have also changed significantly since the begining of the year, and that rate is still well above average so I'm happy enough with them.

But I was fond of Memory Bank and their Money Market was over 2% and Checking over 1%, so I had over $7k there. In March they dropped MM to .5% and checking to .05%, so within a few days my balance dropped to just over $100. I closed MM and would close Checking but it's a decent Hub account, external ACH transfers, both incoming & outgoing, get posted to the external account the next morning if I post the transfer by 4pm ET. But they've had a notice since March: "Not currently accepting applications for new accounts in order to focus on the needs of our existing clients during these special times", so I'm not expecting them to be around much longer. 

And with Alliant don't most folks use it as a Hub account for fast unlimited transfers between external accounts? This will sure put a crimp on that, I'll pass.

[coldfusion]

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@DaveInAZ wrote:

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@coldfusion wrote:

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@PutThatMoneyOnTheTable wrote:

It's due to regulatory changes. It's beyond their control.

I also got that email from chase or BOA or it could be some other institution. I don't remember who. Sent it to trash.

The rate change, however, is a different story.

---

I don't know in what context you mean that the rate change is a different story.  Here's the relevant sentence from Chase in the section discussing interest rates on checking and savings accounts, BTW:

"Your account has a variable interest rate. That means we may change the interest rate and Annual Percentage Yield as often as we choose, without limits and without notice" (emphasis mine)

---

Yes, banks can change their interest rate as often as they choose and without notice. And as customers we can then choose to withdraw our money without notice. I have savings at Amex HYSA, HSBC & Marcus at 1.3%, a significant drop from the begining of the year but the economic conditions have also changed significantly since the begining of the year, and that rate is still well above average so I'm happy enough with them.

But I was fond of Memory Bank and their Money Market was over 2% and Checking over 1%, so I had over $7k there. In March they dropped MM to .5% and checking to .05%, so within a few days my balance dropped to just over $100. I closed MM and would close Checking but it's a decent Hub account, external ACH transfers, both incoming & outgoing, get posted to the external account the next morning if I post the transfer by 4pm ET. But they've had a notice since March: "Not currently accepting applications for new accounts in order to focus on the needs of our existing clients during these special times", so I'm not expecting them to be around much longer. 

And with Alliant don't most folks use it as a Hub account for fast unlimited transfers between external accounts? This will sure put a crimp on that, I'll pass.

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The perk is that their ACH pushes are free and in many cases the receiving institution categorizes them as being direct deposits.

[Guyatthebeach]

Saeren,

I understand your point on this, but to be honest, I have other CU's doing the exact same thing. Luckily I'm fortunate enough to keep at least a month's worth of wages saved in each CU/bank I use, so I don't have to worry about a hold on a deposit. It's just another way for a financial institution to hold our money. 

BTW, I never knew your name was Robert. 

Guyatthebeach

[Anonymous]

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@Guyatthebeach wrote:

Saeren,

I understand your point on this, but to be honest, I have other CU's doing the exact same thing. Luckily I'm fortunate enough to keep at least a month's worth of wages saved in each CU/bank I use, so I don't have to worry about a hold on a deposit. It's just another way for a financial institution to hold our money. 

BTW, I never knew your name was Robert. 

Guyatthebeach

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I had issues with Alliant before they made these changes. I mean the thread topic gives away my own personal bias. I just feel like they have now gotten to the point I don't wish to be a member. I have too many accounts, I could stand to shed a checking and savings. 

And yep, I go by Rob though.

[ocheosa]

+1 Good riddance!

Be careful, they can be vengeful when kicked to the curb. Monitor chexsystems account for a few years.

[Anonymous]

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@ocheosa wrote:

+1 Good riddance!

Be careful, they can be vengeful when kicked to the curb. Monitor chexsystems account for a few years.

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Yes I saw you mention that. I would lose it on them if they did that crap to me. I would hope that was just a system error or something. 

[M_Smart007]

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@ocheosa wrote:

+1 Good riddance!

Be careful, they can be vengeful when kicked to the curb. Monitor chexsystems account for a few years.

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Ughhhhhhh

At one time, I almost joined.

Looking at this thread and @Gmood1 's thread ..

I am very thankful something stopped me.

[Anonymous]

I got my email a few days ago that my High Rate Savings has a new rate of 0.90% 

ps Robert LOL. No more Saeren; Robbie now  jk

[Anonymous]

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@Anonymous wrote:

I got my email a few days ago that my High Rate Savings has a new rate of 0.90% 

ps Robert LOL. No more Saeren; Robbie now  jk

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Lol! Robbie actually was what my mom called me when I was little. You even spelled it right. If I got called Robert *middle* or Robert *middle* *last* *suffix*, I knew I was in trouble. 😂 I went by Robbie into my early 20s with close friends and now I always go by Rob. 

I got that email from them too. I get that their rates are still much better than banks. Maybe I'm being too hard on them. I just really got a bad impression when everyone else was sending me email for COVID-19 assistance and Alliant sent email that they were cutting the savings rates days before they emailed about their assistance efforts. Then they follow it up with these sweeping changes. 1stBank sent me an email last week and I thought it was going to be the same thing and it was really just them announcing they changed the eSave package name to Bloom and decided to waive the annual debit card fee for those under 18. Alliant is still the only one of my banks and CUs to announce changes to funds availability.