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Alternatives to Costly Overdraft Fees
Did you know that we offer two first-line defenses to help you avoid costly overdraft fees on your Alliance checking account? Here is how it works - if your checking account is short funds to clear a check and your savings account has the funds available we will automatically transfer the money (plus a nominal $5 fee) to clear the check. We will even mail you a form notifying you of the transfer. So, having emergency funds on deposit can be the difference between a costly overdraft or a nominal savings transfer fee. Members with a Line of Credit loan may authorize Alliance to make automatic cash advances to fund a check presented to their checking account -- paying daily interest on the credit advance until the principle and interest is repaid can be a money saving proposition. Here’s an example:
A Money Saving Example
Let’s say your washing machine breaks down and you will not have the money to buy a new one until you get your next paycheck which is in two weeks! If you buy a $400 washing machine that day, Alliance will cover the cost through your line of credit. You will only be charged for 14 days of interest on that $400. At a 12% interest rate, you would only pay $1.84 to use the funds instead of the more costly $25 overdraft fee. Plus, your clothes are clean!
Qualified members simply fill out an unsecured loan application
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