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Connections, September 2012 Newsletter

Connections, September 2012 Newsletter

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A newsletter for Alliant Credit Union Members
A newsletter for Alliant Credit Union Members

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Categories:Business/Law, Finance
Published by: Alliant Credit Union on Oct 01, 2012
Copyright:Traditional Copyright: All rights reserved

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10/03/2012

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The trade daily
American Banker
recently ran a piece titled“Banking’s Summer of Scandal,” cataloging an epidemic of recent misconduct by banks, including:
•theLIBORratexingscandalmassivelossesfromhigh-riskproprietarytradingposing
as hedging
•extensiveviolationsofanti-moneylaunderingregulations•indicationsofracialdiscriminationinmortgagelending•deceptivecreditcardmarketingpracticesbidriggingofmunicipalinvestmentcontractsallegationsofexcessivepremiums,kickbacksandconictsofinterestinforce-placedpropertyandcasualtyinsuranceTheseoffensesfollowontheheelsofotherhighprolemisdeeds,suchas
 
“robo-signing,”excessiveoverdraftchargesandexploitivemortgagelending.
More often than not, the banks settle these cases, but “neither admit nor deny
guilt.”Ontherareoccasionswhenbankexecutivespubliclyacknowledgewrong-
doing, they usually issue statements to the effect that the practices in question are
“notareectionofourstandards.”Shouldwebuythatexplanation?I’mnotsold.
An occasional, random transgression isn’t an indictment of an entire company
culture.“Badapples”canexistinanycompanyandthebiggertherm,thegreatertheoddsareforroguebehavior.Buttherecurringnatureandcircumstancesofwrongdoingatsomebanksleadmetosuspectthatthebadbehaviorisnotan
 
aberrationthere.Rather,theseinfractionsreectafundamentalculturalbreach.Ethicalprinciplesarerootedinbeliefsandevidencedbybehavior.Whileethicalbehaviorisgoodbusinesspractice,itshouldnotsimplybeacalculatedaction,basedonassessmentofcost-benet.Ethicalcompanies–madeupofethicalpeople–believeinproprietyandconsistentlyplaybyboththeletterandspiritofthe
 
rules…becauseit’sright.AtAlliant,weoperatebythatethicalstandardinwordsanddeeds.Wehaveastrongrecordofservingtheinterestsofourmembers,sponsorsandcommunities…withfair,honestandopendealing(thatextendsalsotoemployeesandsuppliers).Wehavearigorouscomplianceprogramtoensurethatwealwaysfollowtheletterandintentoflawsandregulations.AndAlliantconsistentlyexceeds“bestpractice”levelsinourannualemployeesurveyofethicalculture.There’safamousquote
 
thatIthinkreectsAlliant’smoralc
ompass:
“The time is always right to do what is right.”
–MartinLutherKing,Jr.
At Alliant, the time is always right to dowhat is right
letter rom the president
AlliantBoardoDirectors
123456
David W. Mooney
President/CEOMarc Krohn
Chairperson 
Scott Praven
Vice Chairperson 
David W. Mooney
President & Treasurer 
Ted Davidson
Secretary 
John GeboIrwin I. GzeshShirley JonesDavid LeibAlex MarrenAnne PeaseEd Rogowski
6
our Platinum Rewards credit card gets even better
ofceclosings
AlliantmainofcesandBrancheswillbeclosedinobservanceotheollowingholidays:
ColumbusDay
 –Monday,October8,2012
VeteransDay
 –Monday,November12,2012
convenient24/7/365accountaccess
Onlinebankingat
www.alliantcreditunion.org
MobilebankingappforiPhone,
®
iPad
®
 andAndroid™
SelfServiceTelephoneat800-482-5328MemberContactCenterat800-328-1935Over80,000surcharge-freeATMs
AlliantMemberContactCenter
800-328-1935
 
24/7personalservice
 
 tdd/tty773-462-2300
SelServiceTelephone(SST)
800-482-5328
 
24/7automatedaccountaccess
VISA
®
DebitCard
Lost/Stolen:800-328-1935
VISA
®
CreditCards
TospeaktoanAlliantRepresentative
 
800-328-1935,x2302
 
Mon–Fri,7am–5pmCTAfterHours:866-444-8529
 
Lost/Stolen:866-444-8529
VISA
®
GitCard
Purchase:800-328-1935
 
SupportCenter:866-466-2362
MortgageHotline
800-328-1935
 
Pressoption5,thenoption1
 
Mon–Fri,8am–5pmCT
Auto/HomeInsurance
888-380-9287
 
Mon–Fri,6am–10pmCT
 
Sat,6am–8pmCT
GreenPath
®
DebtSolutions
877-337-3399
 
Mon–Thu,7am–9pmCT
 
Fri,7am–6pmCT
 
Sat,8am–5pmCT
20122011
 $7,918,863,964$7,386,342,891 $3,342,319,992$3,413,839,205 $7,055,247,758$6,560,294,926$797,478,266$754,020,770
 
274,437282,757
AUGUST
Net AssetsTotalLoans
TotalDeposits
TotalReservesTotalPrimaryMembers
fnancial update Alliant rate board
EFFECTIVEOCTOBER1,2012Deposits
(%ashighas) RateAPY*
Savings 0.7970.80HighRateChecking0.7470.75Certicates1.6381.65HealthSavings(HSA)1.2431.25
ASOFSEPTEMBER20,2012LoanRates
(%aslowas) RateAPR*
NewVehicle1.99UsedVehicle1.995/1ARM 2.3753.1847/1ARM 2.6253.17130Yrxedmortgage3.6253.700
*APY=AnnualPercentageYield.APR=AnnualPercentageRate
†CerticateratesasofSeptember20,2012
IMPORTANT:Ratesmayhavechangedsincethisnewsletter
waspublished.Visit
www.alliantcreditunion.org
orcall
800-328-1935
orcurrentrates.
Dividendsaresubjecttochangemonthly.
Loanapproval,APRanddownpaymentrequiredbasedoncreditworthiness,collateral,paymentmethodandabilitytorepay.Rates,termsandconditionssubjecttochange.Otherrequirementsapply.SeeourwebsiteortalktoaMemberServiceRepresentativefordetails.Thisnewsletterisformembers’personaluseonly.Reproducingand/orselling thecontentsofthisnewsletterwithoutpriorwrittenpermissionfromAlliantCreditUnionisprohibited.CopyrightAlliant.Articlesarepreparedasan
educationalserviceorAlliantmembers.Theyshouldnotbereliedonasasubstituteorindividualfnancialorlegalresearch.Articlesinthisnewsletter
arenotintendedtobeused(andmaynotbereliedon)forpenaltyavoidance.
NEW266-R09/12
Alliantheadquarters
11545W.TouhyAvenue,Chicago,IL60666
POBox66945Chicago,IL60666-0945
www.alliantcreditunion.org
AlliantRetirementandInvestmentServices
FinancialAdvisorsareavailable toservemembersinallstates.
Call800-328-1935,option“9”.
Deposits/Payments
POBox2387
 
DesPlaines,IL60017-2387
CreditCardPayments
POBox1666
 
DesPlaines,IL60017-1666
AllOtherCorrespondenceincludingIRAandHSAdeposits
POBox66945
 
Chicago,IL60666-0945
Formoreinormation,visit:www.alliantcreditunion.org.
www.alliantcreditunion.org the newsletter or Alliant Credit Union members September 2012
connections
contents
Winnersofour“ItpaystouseAlliant’sonlineBillPay”sweepstakes
Howmuchannualincomecan
yourretirementportfolioprovide?2012MembersScholarship
winners
Helpingteenstomanagetheir
moneyCheckoutourcoolnewteencheckingaccountLetterromthePresident
WantCashBack?Yougotit!
NEW
Want Cash Back? You got it!
Based on member feedback, Alliant is pleased to introduce Alliant Rewards
1
, the new re
-ward program for our Platinum Rewards VISA
®
credit card, eaturing a Cash Back
2
 
option and many more reward items to choose from.Alliant Rewards gives Alliant Platinum Rewards VISA credit cardholders the opportunity to earn points for every dollar they spend with the card.
Points can be redeemed or CashBack
or items available rom a huge selection o brand name merchandise, travel, event tickets, git cards and more.
I you already have the Alliant Credit Union Platinum Rewards card, there’snothing extra or you to do.
Just use your credit card for your purchases and watch yourpoints add up. Then, each month, your VISA statement will reect the points you’ve earned that month and the total points you’ve accumulated. In addition to exclusive bonus pointpromotions throughout the year, Alliant Rewards offers ongoing opportunities to earn extrapoints through exclusive online and in-store offers from top retailers nationwide.
Visit www.selectyourrewards.com/alliantcreditunion to browse through a current list o
rewards and their point values. At this website, you can also redeem points for Cash Backor select from over six million options in the Alliant Rewards program.
Don’t have an AlliantPlatinum RewardsVISA
®
credit card?Apply or upgrade today.
3
 Learn more atwww.alliantcreditunion.org,stop by an AlliantBranch or call usat 800-328-1935 (24/7).
DIVIDEND
October Savings Dividend
DECLAREDAUGUST16,2012
The
October 2012 Savingsand IRA dividend
,declared
08/16/12,providesaCompounded
AnnualPercentageYieldo
0.80
%
 
APY 
Dividendsarepaidonthe
lastdayothemonthtoaccountholderswhohavemaintainedanaveragedailybalanceo$100ormore.Savingsdividendissubjecttochangemonthly.
October Checking Dividend
DECLAREDAUGUST16,2012
The
October 2012 High RateChecking dividend
,declared
08/16/12,providesaCompounded
AnnualPercentageYieldo
0.75
%
 
APY 
Checkingdividendsarepaidon
 thelastdayoeachmonthtoaccountholderswhomeetthe
requirementsoftheaccount.
Checkingdividendissubjecttochangemonthly.
 
Winnersofour“ItpaystouseAlliant’s
online Bill Pay” sweepstakes
ToencourageourmemberstouseAlliantOnlineBankingtomanagetheiraccountsandto
pay their bills, Alliant offered members the opportunity to win one of three prizes in our
“ItpaystouseAlliant’sonlineBillPay”sweepstakes.ForeachbillmemberspaidwithAlliant’sBillPayfromJune1,2012,toJuly31,2012,theyearnedonefreeentryintooursweepstakes.Today,morethan100,000membersregularly
 
useAlliantOnlineBanking.
Three lucky winners were randomly selected on August 6, 2012.
1STPLACE–$1,000ALLIANT
 
SAVINGSDEPOSIT
Tim Krueger,
of 
Salem,OR,sayshe’s
won three things inlife: his career withUnited Airlines (he
retiredafter35yearsasapilot),hiswife
and now his Bill Pay
sweepstakesprize.
Tim started using
BillPayin2010.“IuseBillPayallthetimenow,”hesays.“But,whenIstarted,Iwas
cautious and paid just a couple of bills for acouple of months to make sure the system
worksandissecure.”Timstillies–private
jets, including a steady gig for his state sena
-tor–andhe’sbuildinganRV-7planefromakit.Timplanstousehiswinningsaspart
of a scholarship fund he’s established in hiswife’s name to help college undergraduates
continuetograduateschool.2NDPLACE–$500ALLIANT
 
SAVINGSDEPOSIT
Mark Franey,
aUnited Airlines pi
-lot,recentlymoved
to the Houston, TX,
area,afterlivingforseveralyearsin
 
Tokyo,Japan.“I
can’t imagine any
-
one who starts using
BillPaytostopusingit,”hesays.“It’sjust
 so much more economical, quicker and
easierthanhavingtomailcheckswith
 
envelopesandstamps.IrelyonAlliant
 
OnlineBankingtotransfermoneyfrom
 my checking account to pay my Alliant
creditcardandIrelyonBillPayeveryvedaysorsotopaymybills.”Markexpects
 
toputhalfofhiswinningsintosavings
 and use the other half to help furnish his
newhouse.3RDPLACE–$250ALLIANT
 
SAVINGSDEPOSIT
Carl Bode,
of 
Brighton,CO,isapilotforAtlasAir.“I’mnotreallyatechie.But,learning
how to use Bill Paywas really easy forme, because my wife
doesitforus,”Carlsays.TheBodeshave
set up some of their recurring bills to be auto
paidinBillPay.Otherwise,theylogintoBillPayaboutonceaweektopaytheirbills.”Anavidreader,camperandATVrider,whatwillCarldowithhiswinnings?“Idon’tknow,somethingfun,”hesays.
1Refertowww.alliantcreditunion.orgforAlliantRewardstermsandconditions.2CashBackoptionisprovidedasanaccountcredittoyourPlatinumRewardsVISAcreditcardaccount.3LoanapprovalandAPRbasedoncreditworthinessandabilitytorepay.Rates,terms,andconditionsaresubjectto
change.WemaynotextendcredittoyouiyoudonotmeetAlliantcriteria.

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