Alliance Credit Union offers a variety of financial services helping its members. The following is an outline of the services provided by Alliance Credit Union:
## 1. Personal Banking Services
### 1.1. Checking Accounts
#### Overview
There are several checking accounts available for you based on your varying requirements for your banking needs.
#### Types
– **Basic Checking**: The most common and standard account with the basic necessary features.
– **Interest-Bearing Checking**: A checking account that will earn interest based on the balance amounts.
– **Student Checking**: Lower fees and minimum balance requirements for students.
– **Features**: Mobile banking, bill pay, and ATM access.
#### **1.2. Savings Accounts**
– **Description**: Accounts meant to save money, with attractive interest rates.
– **Types of Accounts**:
– **Regular Savings**: Simple savings account; easy to use
– **High-Yield Savings**: Higher interest rates available with higher balance requirements
– **Money Market Accounts**: High rates but with higher minimum balances.
– **Advantages**: A secure way to deposit money while earning a slightly higher return.
#### **1.3. Certificates of Deposit (CDs)**
– **Definition**: Time deposits where a fixed interest rate is offered with a fixed term.
– **Types**: Varied maturities: short-term to intermediate-term to long-term CDs
– **Advantages**: Surety of the returns and an interest rate higher even for a longer term.
#### **1.4. Individual Retirement Accounts (IRAs)**
– **Definition**: Accounts specifically meant for retirement funds and are tax-advantaged.
– **Types**:
– **Traditional** : Value added will not be taxed, but the contributions made are deducted from the income.
– **Roth IRAs**: Any growth or withdrawals are tax-free if conditions are satisfied.
– **Benefits**: Retirement planning; tax advantages.
### **2. Loan Products**
#### **2.1. Personal Loans**
– **About**: Unsecured loans for such things as debt consolidation or major expenses
– **Benefits**: Flexible term lengths and competitive APRs
#### **2.2. Auto Loans**
– **About**: Finance for new or used vehicles
– **Term Options**: It depends on both the vehicle and loan amount.
Benefits: Very competitive rates, flexible terms
#### 2.3 Home Loans
Overview: Mortgages available to purchase and refinance homes
Type
Fixed-Rate Mortgages: The monthly payment is the same every month; Interest is always at the same fixed rate
Adjustable-Rate Mortgages, or ARMs: Lower rates in the beginning, then periodic increases
FHA Loans: First-time buyer or lower credit government-backed loans
VA Loans: Available to active military members and eligible veterans.
– **Benefits**: Plenty of options available to suit various wallets or goals.
#### **2.4. Home Equity Loans and Lines of Credit (HELOCs)**
– **Description**: Loans or lines of credit that are based on the equity in your home.
– **Types**:
– **Home Equity Loans**: A lump sum at a fixed rate.
– **HELOCs**: A revolving credit line at a variable interest rate.
– **Benefits**: Use funds for home improvement, debt consolidation, or large purchases.
#### **2.5. Credit Cards
– ** Description ** : A variety of credit cards with various benefits.
– **Type**:
– **Rewards Cards** : Offers points, cash back, or other benefits on the usage of cards.
– **Low-Interest Cards** : Lower interest rates on carrying the balance in the card.
– **Benefits** : Being flexible on spending with rewards and benefits.
### **3. Business Banking Services**
#### **3.1. Business Checking Accounts**
– **Description**: Specific accounts used by businesses.
– **Type**: It ranges from accounts that offer various features, including transaction limits and interest earning.
– **Benefits**: Business-specific features.
#### **3.2. Business Savings Accounts**
– **Overview**: Interest-bearing business savings solutions.
– **Benefits**: Manage business cash flow with earnings on interest.
#### **3.3. Business Loans and Lines of Credit**
– **Overview**: Grow or run a business with the right funding solutions.
– **Varieties**:
– **Term Loans**: Satisfy specific business needs by substituting it with a fixed term for repayment.
– **Lines of Credit**: Take an advance whenever needed.
– **Benefits**: Business expansion, capital equipment, and working capital needs of a business.
### 4. Investment Services
#### 4.1. Investment Accounts
– **Description**: Accounts used for investment management—equities, bonds, mutual funds, and so on.
– **Type**: Includes individual brokerage accounts and retirement accounts.
– **Benefits**: The benefits include professional advice in gaining access to various types of investments.
#### 4.2. Financial Planning
– **Description**: Long-term financial planning, wealth management
– **Benefits**: Customized investment advice, retirement planning, and more.
### **5. Insurance Products**
#### **5.1. Auto Insurance**
– **Description**: Protection of vehicle against accidents, theft, and other damages.
– **Benefits**: Several coverage options are available at very competitive rates.
#### **5.2. Home Insurance**
– **Description**: Insurance to protect your home and personal effects against damage or loss.
Benefits include the coverage of property damage, liability, and additional living expenses.
#### 5.3. Life Insurance
Overview: This policy offers financial security for your loved ones after your death.
Type: It has the main types of the following: term life insurance and whole life insurance
Benefits: Financial security of loved ones with a possible component of building up savings
### 6. Member Benefits and Services
#### 6.1. Financial Counseling
Overview: Consulting or professional advice on the subject of budgeting, debt management, or financial planning.
– **Benefits**: Personalized guidance in achieving better financial well-being and your goals.
#### **6.2. Online and Mobile Banking**
– **Overview**: Online, mobile banking services.
– **Features**: Online and mobile accounts management, online bill payments, mobile check deposit.
– **Benefits**: A secure and convenient way to gain access to your accounts anytime.
#### **6.3. ATM and Branch Access**
– **Overview**: Thousands of ATMs and branch locations have been made accessible.
– **Benefits**: Cash accessibility is very fast and banking is also done face-to-face.
#### **6.4. Financial Education**
– **Description**: Presents resources and tools that promote an increase in financial education.
– **Benefits**: Workshops, articles, and tools for better financial management.
### **7. How to Get Started**
#### **7.1. Open an Account**
– **Description**: Either find some time to visit any of our branches or fill an online form and get the checking, savings, or investment account opened.
– **Requirements**: Identification and personal details will be required.
#### **7.2. Apply for Loans or Credit**
– **Description**: Complete a personal, auto, home, or business loan or credit application.
– **Requirements**: Submission of financial information and documents.
#### **7.3. Use Online and Mobile Services**
– **Description**: Establishing personal online and mobile banking services for self-account management and easy access to banking services.
**Alliance Credit Union** provides full-service financial products and services to meet all your personal and business needs. Be it everyday banking, loans, investment products, or insurance needs, Alliance Credit Union has customized services with personalized support in the accomplishment and realization of your financial goals.