members circle

www.alliantcreditunion.org a newsletter for Alliant Credit Union members July 2013

contents
1 Credit unions vs. banks: believe

it or not facts

Credit unions vs. banks: believe it or not facts

Thank you for doing business with Alliant. We value your membership, and youre in good company. In all, 96 million Americans belong to a credit union and 277,000 are Alliant members. Alliant, with assets of more than $8.2 billion, is the sixth largest U.S. credit union. We are also the fourth largest U.S. credit union when it comes to writing mortgages. Credit unions, compared to banks, generally offer higher yields on savings, lower interest rates on loans plus they charge fewer and less expensive fees, according to the Credit Union National Association (CUNA). Yet most people still rely on banks as their primary nancial institution. Here are some facts about the situation. Today, only 50% of the U.S. public can name a credit union thats located near their home. And only 20% of Americans know what a credit union is, according to the National Credit Union Administration. People trust credit unions more than twice as much as banks: 62% trust credit unions and 28% trust banks, according to a 2012 study by the Chicago Booth/Kellogg School. For 21 years, the American Banker newspaper conducted an annual consumer satisfaction study comparing banks, thrifts and credit unions. Guess who came out on top each year? Credit unions. Little wonder this publication stopped doing the survey in 2005. At Alliant, according to our June 2013 member service survey, 71.4% of our members are very satisfied or satisfied with us. In terms of market share, banks have 93.3% compared to 6.7% for credit unions. At year-end 2012, banks had 14x more assets than all U.S. credit unions combined, according to CUNA. (At year-end 2011, there were 7,351 credit unions operating in the U.S., according to Bankrate.com.) Put another way, the four biggest U.S. banks (JP Morgan Chase, Bank of America, Wells Fargo
i Un on s

2 Traveling with your credit card

Enjoy the benets of Alliant membership for as long as you like!

and Citigroup) Who do people trust? have more assets Credit Unions than all the U.S. 62% credit unions put together. Each of Banks these four banks 28% controls total assets in excess of $1.25 trillion. As the big banks continue their quest for market share, it is they, not credit unions, which are threatening small banks (in the same way small retailers get squeezed out when a big chain superstore comes to town), according to Economist magazine. Since the Great Recession started in 2007, nearly 24 million checking account customers have bolted from big banks to small banks and credit unions, according to the economic research firm Moebs Services. On September 29, 2011, Bank of America announced it would charge customers $5 each month for using their debit cards. (Wells Fargo, shortly afterward, announced a $3 monthly debit card fee.) Fed up with fees, a woman suggested a Bank Transfer Day, encouraging big bank customers to switch their accounts to credit unions by November 5, 2011. This call to action resonated, prompting at least 650,000 people to join credit unions during that time period, according to Hufngton Post. Unlike some banks, credit unions are careful mortgage lenders. Historically, credit unions have focused on traditional, conforming loans, and they continue that focus today. Credit unions originated comparatively few of the subprime, toxic mortgages that triggered the recession, according to CUNA. In 2008, Uncle Sam bailed out banks and other financial service providers to the tune of $259 billion, including $25 billion each for Wells Fargo, JP Morgan Chase and CitiGroup and $15 billion for Bank of America. Today, big banks are also asking for a political handout by lobbying government to remove the not-for-profit tax exemption for credit unions. If you want to learn more about the credit union tax exemption and help preserve it, then visit DontTaxMyCreditUnion.org, where you can watch an educational video and take action to email your members of Congress.
Sources: The Wall Street Journal, cuna.org, cutimes.com, creditunions.com, gobankingrates.com, dailynance.com, money.cnn.com and npr.org

DIVIDEND
August Savings Dividend DECLARED JUNE 27, 2013

The August 2013 Savings and IRA dividend, declared 06/27/2013, provides a Compounded Annual Percentage Yield of

0.70% APY

Dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more. Savings dividend is subject to change monthly.
August Checking Dividend DECLARED JUNE 27, 2013

The August 2013 High Rate Checking dividend, declared 06/27/2013, provides a Compounded Annual Percentage Yield of

0.65% APY

Who has the market share?

e Cr

di

Checking dividends are paid on the last day of each month to accountholders who meet the requirements of the account. Checking dividend is subject to change monthly.

6.7

%
s

Bank

93.3%

2 have card, will travel

Traveling with your credit card

Are you looking forward to taking a trip soon? If so, thats terric. But remember: credit card thieves may also be looking forward to your travels. Take these precautions to help ensure your travels wont be spoiled by credit card hassles. 1) Select a primary card to use for all the items you will charge. Make sure you have enough available credit on that card and that the expiration date is current. Also take one back-up card, in case you lose your primary card or if a freeze is triggered on it. Consider also taking along your Alliant VISA Debit Card so you can charge some purchases to your Alliant checking account and enjoy access to our surchargefree ATMs. Leave your other cards at home. Carry the primary card in your wallet. Hide the back-up and debit card, perhaps in a money belt. (Dont carry your cards or money in a fanny pack, which is easy pickings for thieves.) 2) Make a photocopy of the front and back of each card. Make sure your account numbers and the customer service phone numbers are legible. Take one set of the photocopies with you and leave another with a trusted family member or friend. 3) Call your credit card companies and let them know your itinerary, especially if youre traveling out of the country. Let your issuer know exactly where you plan to travel and how long youll be staying. Failure to alert your issuer can result in a hold on your account or declined transactions due to suspected fraud. Make sure the companies have your mobile phone number if they need to call you. If youre traveling out of the country, ask if youll need a customer service number thats different from the one on your card. 4) Avoid making nancial transactions via a public or shared computer in a hotel lobby or business center. Such computers are notorious for being hacked. 5) Use cash when you can, especially for small purchases, such as buying food from street vendors. 6) Save your receipts. When you return home, check your credit card statement against your receipts to ensure you werent overcharged or double charged.

Enjoy the benets of Alliant membership for as long as you like!

Did you know that once you become a member of Alliant Credit Union, youre always a member? Thats right. When you join Alliant, youll be able to enjoy the exclusive benets of Alliant membership, such as great savings rates and loan rates, for the rest of your life. Once youre a member, you wont lose your Alliant membership if your company merges with another company, if you go to work for another company, if youre between jobs, if you retire or move your place of residence. And that goes for your family members who belong to Alliant, too. Alliant is committed to help you achieve and maintain your nancial well-being, now and in the years ahead.

Sources: bankrate.com, creditcards.com, smartmoney.com and usatoday.com

ofce closings
Alliant will be closed in observance of the following holidays:

Labor Day Monday, September 2, 2013 Columbus Day Monday, October 14, 2013
Convenient 24/7/365 account access Online banking at www.alliantcreditunion.org Mobile banking app for Android , iPad , iPhone and iPod touch Member Contact Center at 800-328-1935 Self Service Telephone at 800-482-5328 Over 80,000 surcharge-free ATMs nationwide
Android is a trademark of Google, Inc. iPhone, iPad and iPod touch are registered trademarks of Apple, Inc.

dial direct: Alliant is there when you need us Mortgage Hotline Member Contact Center 800-328-1935 800-328-1935 Press option 5, then option 1 24/7 personal assistance MonFri, 8am5pm CT TDD/TTY 773-462-2300 Self Service Telephone (SST) 800-482-5328 24/7 automated account access VISA Debit Card 800-328-1935 VISA Credit Cards 24/7 Member Service/ Account Info/Lost or Stolen: 866-444-8529 VISA Gift Card Purchase: 800-328-1935 Support Center: 866-466-2362 Auto/Home Insurance 888-380-9287 MonFri, 6am10pm CT Sat, 6am8pm CT GreenPath Debt Solutions 877-337-3399 MonThur, 7am9pm CT Fri, 7am6pm CT Sat, 8am5pm CT
Alliant Headquarters 11545 W. Touhy Avenue Chicago, IL 60666

Alliant Retirement and Investment Services Financial consultants are available to serve members in all states. Call 800-328-1935, option 9. Deposits/Payments PO Box 2387 Des Plaines, IL 60017-2387 Credit Card Payments PO Box 1666 Des Plaines, IL 60017-1666 All Other Correspondence and IRA and HSA deposits PO Box 66945, Chicago, IL 60666-0945

For Alliant Branch locations, Alliant Online Banking, and product and service information, visit our website: www.alliantcreditunion.org
This newsletter is for members personal use only. Reproducing and/or selling the contents of this newsletter without prior written permission from Alliant Credit Union is prohibited. Copyright Alliant. Articles are prepared as an educational service for Alliant members. They should not be relied on as a substitute for individual nancial or legal research. Articles in this newsletter are not intended to be used (and may not be relied on) for penalty avoidance.

PO Box 66945, 11545 W. Touhy Avenue Chicago, IL 60666-0945

www.alliantcreditunion.org

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