Intro – Abbott Laboratories Employees Credit Union Reviews & Ranking

AdvisoryHQ recently published its list and review of the top credit unions in Illinois, a list that included Abbott Laboratories Employees Credit Union. 

Below we have highlighted some of the many reasons Abbott Laboratories Employees Credit Union was selected as one of the best credit unions in Illinois.

Click here for a detailed review of AdvisoryHQ’s selection methodology: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.

Abbott Laboratories Employees Credit Union Review

Abbott Laboratories Employees Credit Union (ALEC) was created in 1990 to serve the needs of lab employees. Since it was initially chartered, this Illinois credit union has grown to include locations at most Abbott locations. This credit union is strengthened by more than $700 million in assets, and it serves the needs of more than 31,000 members.

Abbott Laboratories Employees Credit Union Review - A word graphic that has credit union as the main focus and IRA's, Checking, Mortgage, Certificates of deposit, and savings as sub topics

Image source: Bigstock

ALEC continues to expand its service offerings to make sure members have a full range of the best products and services to select from. ALEC membership is available to employees and retirees of Abbott and AbbVie as well as family members of current Abbott and AbbVie employees.

Key Factors Leading Us to Rank This Firm as One of This Year’s Top Credit Union Firms

Upon completing our detailed review, Abbott Laboratories Employees Credit Union was included in AdvisoryHQ’s ranking of this year’s best credit unions based on the following factors. 

ALEC Review: Student Loans

This Illinois credit union offers student loans through the Smart Option Student Loan program. This program features Sallie Mae loans that can provide a financial bridge between scholarships and other forms of payment a family may be planning for higher education.

As part of the Smart Option Student Loan, there is flexibility to select between fixed or variable interest rates, and there’s the ability to borrow up to 100% of school-certified education costs.

There are multiple repayment options, and no minimum payment is required while in school. In addition, there are options for lower interest rates and simpler qualifications when applicants have a co-signer.

ALEC Review: Rewards Checking

Rewards Checking offered by ALEC features dividends paid on daily balances as well as other rewards. Perks that are available to Rewards Checking account holders include:

  • Along with dividends on balances, there are no minimum balance requirements
  • No monthly service fees if requirements are met
  • No per-check charges
  • Free box of checks every year
  • Free American Express gift checks
  • A bonus rate on certificates
  • Ten free non-ALEC ATM transactions per month
  • Free personalized debit card
  • Online banking and bill pay
  • Mobile banking
  • Visa Debit card

ALEC Review: ATMs and Shared Branches

ALEC strives to offer members the utmost in convenience and flexibility as well as accessibility and efficiency. As part of this effort, ALEC is part of a shared branching network that includes more than 5,000 locations around the country. This means that, in addition to visiting an ALEC service center, members can visit any one of these 5,000 credit union branches and do many of the same things they would do at an ALEC center.

This Illinois credit union is also part of a surcharge-free network of ATMs that includes more than 31,000 surcharge-free ATMs throughout the country.

ALEC Review: Investments

As well as offering deposit accounts and other standard products and services found at most financial institutions, ALEC also has a team of expert investment advisors that can help members plan for the future and maximize their wealth. This is offered through ALEC Investment Advisors, and services and products include everything from retirement planning to mutual funds.

The eye of providence of the one dollar bill representing the expert investment advisors at ALEC that help members maximize their wealth

Image source: Pixabay

Other Alec Investment Advisors products include:

  • 401(k) and pension rollovers
  • Annuities
  • Life insurance
  • Long-term care
  • College funding
  • Advisory services
  • Estate conservation
  • Trust services
  • Mutual funds
  • Managed accounts

In addition to reviewing the above Abbott Laboratories Employees Credit Union review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top rated banking firms & credit unions:

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AdvisoryHQ (AHQ) Disclaimer:

Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

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