Last year our members saved an average of $1,679* by having accounts with ALEC.
At ALEC, we exist to improve the financial wellbeing of Abbott and AbbVie employees, retirees and their family members. This exclusive field of membership is unique in the world of financial services and affords us the ability to provide our members with top of industry value and dedicated service.
We want to make sure you are making great use of the credit union’s products and services. Remember, the more that you use ALEC, the more you can save!
We compared the annual percentage yield (APY) on our deposit shares as of December 31, 2020, with the average APY at national retail banks to obtain a member rate benefit. We used this rate benefit to obtain an average annual deposit savings.
The rate benefit for certificates, checking and savings accounts was calculated with an average balance of $25,000. We used an average balance of $95,000 to calculate the rate benefit for money market accounts. We compared the annual percentage rate (APR) on our loan accounts as of December 31, 2020, with the average APR at national retail banks to obtain a member rate benefit. Furthermore, we used this rate benefit to obtain an average annual loan savings.
The rate benefit for new and used auto loans was calculated using an average balance of $27,500. We used an average balance of $58,000 to calculate the rate benefit for home equity loans and an average balance of $350,000 to obtain the rate benefit for our mortgage loans.
The account fee savings benefit was calculated by comparing our fees as of December 31, 2020, with the average fees charged by national retail banks. We used this difference to obtain an annual average account fee savings.
The account fee savings was calculated using an overdraft fee of $28, relationship checking account service fee of $5 and a $2 monthly ATM fee.
We partnered with FBX, an Informa Research Services, Inc. company, Calabasas, CA, www.informars.com, to conduct this research. Although the information Informa provided us has been obtained from banks themselves, neither ALEC nor Informa can guarantee absolute accuracy as rates can change without notice.