Haris Ashley
Alliant Credit Union is a large, online-only credit union that was founded in 1935 in Chicago as a credit union for United Airlines employees. Alliant has grown to include 830,000 members across the nation and offers a range of financial services, including checking and savings accounts, CDs, and loans. Alliant Credit Union is federally insured by the National Credit Union Administration (NCUA), which is backed by the United States government. This insurance covers individual accounts up to $250,000 in combined balances for savings, checking, and certificates per membership.
| Characteristics | Values |
|---|---|
| Type of Institution | Credit Union |
| Year Founded | 1935 |
| Location | Chicago |
| Number of Members | 830,000 |
| Total Assets | $18.5 billion |
| Insurance Provider | National Credit Union Administration (NCUA) |
| Insurance Coverage | Up to $250,000 per depositor and account ownership category |
| Insurance Features | Federally insured, similar to FDIC insurance |
| Account Types | Individual, Joint, IRA |
| Membership Requirements | Employment/retirement in a qualifying company, membership in a qualifying organization, residence/work in a qualifying Chicagoland community, or membership in Foster Care to Success |
Explore related products
$9.99 $17.99
What You'll Learn
Alliant Credit Union is federally insured by the NCUA
Alliant Credit Union is federally insured by the National Credit Union Administration (NCUA). This means that Alliant members' money is federally protected. No member of a federally insured credit union has ever lost any insured savings. Alliant has stood financially strong since 1935 and currently has $18.5 billion in assets. With 830,000 members across the nation, it is one of the largest credit unions in the United States.
NCUA insurance is similar to FDIC insurance and is backed by the United States government. It covers an individual's deposit accounts at a credit union up to $250,000. There are also a few ways to get more coverage. For example, individual-owner Alliant accounts are insured up to $250,000 in combined balances for savings, checking, and certificates per Social Security Number and per membership. If you are a joint owner on an account, in addition to your individual account, each joint owner may be insured up to an additional $250,000.
Alliant Credit Union offers checking and savings accounts, a variety of CD options, and mortgage and auto loans. Alliant was founded in 1935 in Chicago originally as a credit union for United Airlines employees. Today, Alliant is an online-only credit union, and anyone can qualify for membership in five different ways.
The NCUA insurance coverage provides peace of mind and security for Alliant Credit Union members, knowing that their deposits are protected by the federal government.
US Bank Insurance: Is Your Money Safe?
You may want to see also
Explore related products
NCUA insurance is similar to FDIC insurance
Alliant Credit Union has been financially strong since 1935. The money in Alliant Credit Union is federally protected by the National Credit Union Administration (NCUA). The NCUA insurance is similar to the Federal Deposit Insurance Corporation (FDIC) insurance. Both the FDIC and NCUA are government agencies that protect consumers' deposits at banks and credit unions. Both agencies protect the same kinds of accounts, typically up to $250,000 per account holder, per account ownership category, per insured institution.
The FDIC insures deposits for bank customers, while the NCUA insures deposits for credit union members. Both agencies oversee the banking industry and insure accounts in federally insured banks and savings associations, backed by the full faith and credit of the US government. Both FDIC- and NCUA-insured accounts use the same ownership categories. All accounts in the same category owned by the same person at the same bank or credit union are added together, and the total is insured up to $250,000.
The FDIC was created in 1933 to maintain stability and public confidence in the nation's financial system. Similarly, Congress established the National Credit Union Insurance Fund in 1970 to provide stability and encourage public confidence in the nation's banking system. Since the introduction of the NCUA, no depositor has lost any of their insured deposits from a federally insured credit union.
Pension Insurance: What's Covered and What's Not
You may want to see also
Explore related products
FDIC insurance covers traditional deposit accounts up to $250,000
Alliant Credit Union is federally insured, but not by the Federal Deposit Insurance Corporation (FDIC). Alliant Credit Union is insured by the National Credit Union Administration (NCUA). Like FDIC insurance, NCUA insurance is backed by the United States government. It covers individual deposit accounts at a credit union of up to $250,000. This includes savings, checking, and certificate accounts.
FDIC insurance covers traditional deposit accounts of up to $250,000 per depositor, per FDIC-insured bank, for each account ownership category. This means that if you have a single ownership account at an FDIC-insured bank, you will be insured for up to $250,000 for that account. If you have a joint ownership account with one or more people at the same bank, you will be insured for up to $250,000 for that account as well. FDIC insurance is automatic when you open a deposit account at an FDIC-insured bank.
FDIC insurance covers a variety of account types, including checking, savings, and money market deposit accounts (MMDAs). Additionally, it covers Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs), which are considered a different ownership category. As of April 1, 2024, the maximum insurance coverage for a trust owner with five or more beneficiaries is $1,250,000 per owner for all trust accounts.
It is important to note that FDIC insurance does not protect against losses due to theft or fraud, as these are addressed by separate laws. However, in the unlikely event of bank failure, the FDIC acts quickly to ensure that all depositors receive prompt access to their insured deposits. Since 1934, no depositor has lost any of their FDIC-insured funds.
Understanding the Federal Insurance Contributions Act
You may want to see also
Explore related products
Alliant offers 24/7 customer service and interest checking accounts
Alliant Credit Union has been standing financially strong since 1935. It is one of the largest credit unions in the United States, with 830,000 members nationwide. Alliant offers 24/7 customer service and interest-checking accounts. It is an online-only credit union with no in-person branch locations. Alliant offers a variety of products and services, including checking and savings accounts, mortgage and auto loans, and CDs with competitive interest rates.
Alliant's checking accounts are federally insured by the National Credit Union Administration (NCUA), which is similar to FDIC insurance. The NCUA insurance covers individual deposit accounts at Alliant up to $250,000. This includes combined balances for savings, checking, and certificates per Social Security Number and per membership. If you have a joint account, each joint owner may be insured for an additional $250,000.
Alliant also provides additional security measures to protect your accounts. They offer two-factor authentication and real-time fraud text alerts to help you monitor your accounts. You can also set a travel notification for seamless use of your credit and debit cards while travelling. In case of a lost or stolen mobile device, you can remotely wipe your data to prevent unauthorized access.
Alliant Credit Union offers a range of financial products and services, backed by strong security measures and federal insurance to protect your money. With its online-only model and competitive interest rates, Alliant provides convenient and rewarding banking options for its members.
Is Your 401(k) Safe? Federal Insurance and Your Retirement
You may want to see also
Explore related products
Alliant members can enable Two-Factor Authentication for added security
Alliant Credit Union has been financially strong since 1935. The credit union is federally insured by the National Credit Union Administration (NCUA), which is backed by the United States government. This insurance covers Alliant members' deposit accounts up to $250,000.
To further enhance the security of its members' accounts, Alliant offers two-factor authentication (2FA) as an additional layer of protection. This feature was introduced in March 2019 and is highly recommended by Alliant, although it is not mandatory.
Here's how Alliant members can enable two-factor authentication:
- Log in to Alliant Online Banking.
- Select "My Profile & Settings".
- Choose "Access & Security".
- Select the option to "Protect Your Account with Two-Factor Authentication".
- Enter your U.S.-based mobile phone number in the "Mobile Number" field if the displayed number is incorrect or if the field is blank.
- Agree to the terms of service by checking the box.
- Click the "Continue" button.
- Submit a question to support if needed.
Once 2FA is enabled, a randomly generated code will be sent to your mobile phone via text message each time you attempt to log in to your Alliant account. You will need this code in addition to your password to successfully log in.
In addition to 2FA, Alliant provides other security measures such as the ability to set travel notifications, change passwords or PINs, and temporarily suspend accounts in case of suspected fraud. Alliant also recommends its members subscribe to the Federal Trade Commission (FTC) Scam Alerts and take precautions when downloading apps to protect against malicious software targeting their data.
Hedge Funds: Are They Insured Like Banks?
You may want to see also
Frequently asked questions
Yes, Alliant Credit Union has been financially strong since 1935 and is federally insured by the National Credit Union Administration (NCUA).
NCUA insurance covers an individual’s deposit accounts at a credit union up to $250,000.
Alliant Credit Union offers five different ways to qualify for membership. These include being an employee or retiree of a qualifying company or a member of a qualifying organization, living or working in a qualifying Chicagoland community, or becoming a member of Foster Care to Success.
Alliant Credit Union offers a range of security measures, including two-factor authentication, real-time fraud text alerts, and the ability to remotely wipe your data if your mobile device is lost or stolen.
To report a suspicious email or text message, forward it to Alliant Credit Union at
