Last Updated: 01/21/2026
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Highlights
Welcome Offer
N/A
Cashback Rewards
N/A
APY (Annual Percentage Yield)
1.10%(Verified 06/21/2024)
Monthly Service Fee
$5(Verified 01/21/2026)
ALEC Rewards Checking Account Review
The ALEC Rewards Checking Account is offered by ALEC, a credit union founded in 1990 and based in Gurnee, IL. ALEC Rewards Checking Account is available in 50 states and Washington, DC.
Key Takeaways
- Up to 1.10% annual percentage yield (APY). This account offers an annual percentage yield of up to 1.10%, which is much higher than the average for the checking accounts that we track
- Waivable monthly maintenance fee. In order to avoid a fee, during each statement cycle (calendar month) You must: (a) have a $500.00 direct deposit post and settle into Your Rewards Checking Account; and (b) elect to receive Your statements electronically. In addition You must either: (i) have 15 signature based ALEC VISA Debit Card transactions post and settle to Your Rewards Checking Account each month, or (ii) have a combination of 5 signature based ALEC VISA Debit Card transactions or ALEC VISA Credit Card transaction post and settle each month, and an ALEC loan, in good standing.
- No ATM fees. ALEC Rewards Checking Account does not charge fees on ATM transactions within its network but there is a fee of $1.00 for out-of-network ATM transactions .
- Up to $10.00 in ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).
- Bill pay. Pay your bills to practically anyone in the United States when you enroll in ALEC mobile or online banking.
ALEC Rewards Checking Account Pros & Cons
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ALEC Rewards Checking Account FAQ
Are checking accounts from ALEC federally insured?
Yes, your checking accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
What APY does ALEC Rewards Checking Account offer?
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 1.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALEC Rewards Checking Account offers an APY of 1.10% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.
What are the account minimums for ALEC Rewards Checking Account?
ALEC Rewards Checking Account requires a minimum initial deposit of $50.00.
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $50.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What fees does ALEC Rewards Checking Account charge?
This account charges a monthly maintenance fee each statement cycle of $5.00.
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monthly Service Fee | $5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paper Statement Fee | Starting at $5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATM Fee: In-Network | Starting at $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATM Fee: Out-of-Network (within the U.S.) | $1.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NSF Fee | $29.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Overdraft Item Fee | Starting at $29.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Card Replacement Fee (Standard Delivery) | Starting at $10.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Online Bill Pay Fee | Starting at $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stop Payment Fee | Starting at $29.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Check Copy | $5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Transaction Fee (Debit Card) | Starting at 1.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wire Transfer Fee - US Domestic (Outgoing) | Starting at $25.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wire Transfer Fee - International (Outgoing) | Starting at $55.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wire Transfer Fee - International (Incoming) | Starting at $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wire Transfer Fee - US Domestic (Incoming) | Starting at $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATM Reimbursement Monthly Limit | Starting at $10.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Returned Deposited Check | $29.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Does ALEC Rewards Checking Account charge overdraft fees?
Yes, ALEC Rewards Checking Account charges a $29.00 fee for every overdraft.What features and perks does ALEC Rewards Checking Account offer?
This account includes the following features:
- ATM rebates - This account will reimburse you for domestic ATM fees up to a monthly maximum of $10.00.
- Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
- Mobile Banking Services - ALEC Rewards Checking Account allows you to manage your money online or with a mobile app. This includes depositing checks1 in your account with a mobile app on your smartphone.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:00PM
Saturday
9:00AM - 12:30PM