Credit Union
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

ALEC

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About

ALEC Credit Union is a not-for-profit financial institution based in Illinois, United States. It was originally established in 1955 as the A. O. Smith Employees Federal Credit Union to serve the employees of the A.O. Smith Corporation in Milwaukee, Wisconsin. In 2001, the credit union changed its name to ALEC Credit Union and expanded its membership to include anyone who lived or worked in the state of Illinois.

Today, ALEC Credit Union has over 30,000 members and 7 branches throughout Illinois. The credit union is dedicated to providing high-quality financial products and services to its members, with a focus on education, low fees, and competitive rates.

Requirements

To become a member of ALEC Credit Union, individuals must meet at least one of the following eligibility criteria:

  1. Work for or retired from a participating employer
  2. Live or work in a qualifying Chicagoland community
  3. Have an immediate family member who is already an ALEC member

Once eligibility is established, individuals will need to open a savings account with a minimum deposit of $25. This deposit represents a share in the credit union and is required to establish membership. After opening a savings account, members can then take advantage of the credit union's full range of financial products and services.

Products and Services

ALEC Credit Union offers a range of financial products and services to its members, including:

  • Checking accounts. ALEC offers several types of checking accounts, including free checking, interest-bearing checking, and student checking, all with no monthly maintenance fees and free online banking.
  • Savings accounts. ALEC offers savings accounts, money market accounts, and certificates of deposit (CDs) with competitive interest rates.
  • Loans. ALEC offers a variety of loan products, including auto loans, personal loans, home loans, and credit cards. They also provide low-rate student loans and refinancing options.
  • Investment services. ALEC offers investment and retirement services through its partnership with CUSO Financial Services, L.P. (CFS), allowing members to access financial planning, investment management, and retirement planning.
  • Business services. ALEC provides checking accounts, loans, and merchant services to small businesses and corporations.
  • Insurance. ALEC offers a range of insurance products, including auto, home, life, and health insurance, as well as pet insurance.
  • Online and mobile banking. Members can access their accounts online and through the ALEC mobile banking app, which offers features such as mobile check deposit, bill pay, and transfer options.

Overall, ALEC Credit Union offers a comprehensive range of financial products and services to its members, with a focus on low fees, competitive rates, and personalized service.

Access on the Go

ALEC Credit Union offers mobile banking services through their mobile app, which allows members to access their accounts on-the-go. With the app, members can check account balances, transfer funds, pay bills, and deposit checks using their smartphone or tablet. Members can also access their accounts through online banking, as well as through ALEC's network of ATMs and shared branching locations. ALEC Credit Union strives to provide convenient access to their financial services to make banking easy and accessible for their members.

Which associations the ALEC FCU belongs to?

ALEC Federal Credit Union is a member of the Credit Union National Association (CUNA) and the Illinois Credit Union League.

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