What is the minimum balance for a savings account? The minimum balance is $5.
How can I keep my account from becoming inactive? You must make at least one transaction (deposit, withdrawal, or transfer) to your savings, checking or money market account within a 24 month period or ;have an open certificate, IRA or HSA or; have an open loan, mortgage or ALEC credit card or; have an active relationship with ALEC Investment Advisors. Memberships owned by minors are exempt from ALEC's Inactive Membership policy.
If any of the above criteria do not occur or exist within a 24 month period, your account will be considered inactive. An inactivity fee will be assessed each quarter the account remains inactive, as outlined in ALEC's Fee Schedule.
Do I need to have a savings account in order to apply for a loan? Yes, all members are required to deposit $5.00 into a savings account to establish an ALEC membership. Once the account is open and active, they are eligible for any of our accounts and services including loans.
When are the proceeds of the Holiday Club paid out? On the 1st of November all Holiday Club balances are transferred to a members’ Savings (Share 01) account for easy access. Deposits made on or after November 1st will be applied to the next calendar year.
Is there a fee to withdraw money from a holiday club prior to disbursal? Yes, there is a $25 fee, when withdrawing funds from a Holiday Club.
What do I do if my ALEC ATM card is lost or stolen? If your ATM card is lost or stolen, contact ALEC at 800.762.9988 or 800.472.3272.
Is there a maximum withdrawal I can make from my savings account when using my ALEC ATM card? The maximum withdrawal limit per day is $750, though the participating ATM may have lower limits.
Why is the availability balance on my savings account different from my actual balance? Because all memberships are required to maintain an active account with a minimum balance of $5.00 savings balance, the available balance will exclude the $5.00 required deposit along with any check holds from deposits.