Rates

Early Share Certificate Withdrawal Penalties - If your account has an original maturity of six months or less: the penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty. If your account has an original maturity of between 12 months and 47 months: the penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty. If your account has an original maturity of more than 48 months: the penalty we may impose will equal 270 days dividends on the amount withdrawn subject to penalty.

*The Annual Percentage Yield is the rate that is earned if the funds are left to compound for one year. All dividends are paid monthly based on the daily average  balance. The nominal rate is the rate used to calculate the monthly dividend.

#A penalty may be imposed on an early withdrawal of a Holiday Club or Share Certificate.

+Rewards Checking account holders can receive up to 0.05% bonus on certificate  terms 12 to 60 months. New accounts only. Not valid on renewals. Not valid on HSA, IRA, or Variable Rate Certificates. 

**The "Index" is the 13-week Treasury Bill rate posted in the Money rates section of the Wall Street Journal on the last business day of the previous month. As of March 31, 2020, the rate is 0.00%. The rate floor is 0% APY. Due to current market environment, the credit union board of directors has approved the addition of 0.30% APY to the Variable Certificate Account rate (0.00% + 0.15% + 0.30% = 0.45%). This increase approval is for April 2020 only and does not guarantee any rate increases in the future.

*APR= Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.

1. Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount.  Discount not valid on credit cards, mortgage, Personal Lines of Credit and Home Equity Line of Credit.

5. Home Equity Loans/Lines are available in Illinois, Ohio, Wisconsin and Minnesota only and limited to owner occupied properties.  All borrowers will be required to pay a $300 appraisal fee at closing.  Maximum loan to value may be reduced due to underwriting factors. Minnesota applicants are responsible for a mortgage registration tax.

6. Home Equity Line of Credit Introductory Rate: After the initial 12 month period, the rate will be variable based on the Prime Rate. Prime Rate is "prime" as listed in the "Money Rates" section of the Wall Street Journal from the last business day of the previous month. As of March 31, 2020, the Prime Rate is 3.25%. The rate floor is 4.00%. Maximum APR during the life of the loan is 18% APR. $5,000 minimum initial draw required.

8. Home Equity Loan: The 4.00% Annual Percentage Rate is for a 60 month note loan rate. Rate displayed includes a 0.25% APR rate discount. Returning loan members who have a current loan with ALEC and is applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount. Rates subject to credit history, term, and other factors.

ALEC will waive closing costs up to $500 for fees that include property appraisal, title insurance, recording fees and flood certification. Application must be received by March 31, 2020 to be eligible to have appraisal fee waived. Property insurance required. The 2.99% introductory fixed APR is for the first 12 months for home equity lines of credit up to $2,000,000 at 80% combined loan-to-value. After the introductory period, the APR will be variable based upon The Wall Street Journal prime rate, which was 4.75% as of February 29, 2020, but will never be more than 18% or less than 4.00%. Your APR will be based on several factors, including your credit history, loan-to-value ratio and lien status. A $5,000 minimum initial draw is required. Home equity lines of credit care available on owner-occupied properties in Illinois, Ohio, Wisconsin and Minnesota.

*APR= Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.

1 APR = Annual Percentage Rate.  Disclosed rates include ALEC’s 0.25% APR discount. ALEC members will automatically earn a 0.25% APR discount if they are new members applying for a loan within the first 60 days of membership OR if they are a returning ALEC loan member. Existing members that do not meet the above criteria earn the 0.25% APR discount with a $500 monthly direct deposit into an ALEC Checking account and enrollment in E-Statements. Discount not valid on credit cards, mortgage and home equity line of credit. Your rate may be higher depending on your credit history, age of vehicle, term of your loan and services used. Maximum financing up to 115% MSRP for qualified borrowers.

2. Refinance of existing ALEC Auto Loans excluded.

3. 84 month loans are available with a minimum $25,000 loan amount.