Alliant Credit Union eliminates overdraft fees
The $14 billion “challenger bank” continues to put members first; non-sufficient funds charges also eliminated
CHICAGO, IL (August 2, 2021) — Today Alliant, an award-winning digital credit union, announced it will eliminate overdraft fees and non-sufficient funds fees on all checking and savings accounts, making it one of the largest financial institutions to do so.
This change marks the latest in a long string of member-first initiatives by Alliant, putting the challenger bank in stark contrast with many profit-driven financial institutions that, over the past decade, have collected more in fees than they have paid out in interest.
“Alliant has never relied on fees, unlike some other banks and financial institutions. Today, we go all-in for our members and eliminate overdraft fees all together,” said Dennis Devine, president and CEO of Alliant Credit Union. “Our biggest priority is doing what’s in the best interest of our members, and that means challenging historic norms like overdraft and non-sufficient funds fees.”
Alliant has always challenged banking norms by offering its members great rates, low fees and an intuitive digital banking experience that has earned it a series of top accolades, including being named CNBC’s best no-fee checking account, Business Insider’s best banks and NerdWallet’s best online banks of 2021.
Devine, who joined Alliant last summer, noted that overdraft fees put an additional financial burden on people who are already dealing with a financial worry or accident. To solve this disparity, Alliant chose the simple, member-centered path: eliminate the fees. The credit union differs from other institutions that have merely lowered the fees or added other complex services (but ultimately still charge the overdraft fee).
“We’re proud that we are able to eliminate these fees completely on all accounts while keeping our great rates,” said Devine. “We intend to put customers first at every opportunity, and this is an important step. Alliant is unique in its simple and member-centric approach: no overdraft or non-sufficient funds fees, period.”
About Alliant Credit Union (IL)
Alliant Credit Union is a not-for-profit financial cooperative with more than 850,000 members and nearly $19 billion in assets. Alliant was named one of CNBC's Top Credit Unions for 2023 and one of Money.com's Best Banks for America. Headquartered in Chicago and founded in 1935, Alliant is the largest credit union in Illinois and one of the largest credit unions in the United States. As an all-digital credit union, Alliant's mission is to provide members with a tech-forward banking experience coupled with consistent, superior financial value while simplifying and enabling how people save, borrow and pay.
