Alabama Law Enforcement Credit Union (ALEC) is a non-profit financial institution that provides financial services to the members of the Alabama law enforcement community. Founded in 1966, ALEC has been serving its members for over 50 years, and has grown to become one of the largest credit unions in the state of Alabama.
In this article, we will discuss the history of ALEC, the financial services they offer, and the benefits of becoming a member.
History of ALEC
ALEC was founded in 1966 by a group of Alabama law enforcement officers who saw the need for a financial institution that catered to the unique needs of their profession. The credit union was initially called the Alabama State Troopers Credit Union, and it began with just a handful of members.
Over the years, the credit union has grown and expanded its services to include all branches of law enforcement, as well as their families. In 1997, the credit union changed its name to the Alabama Law Enforcement Credit Union to reflect this expansion.
Today, ALEC has over 18,000 members and assets of over $240 million. The credit union has six branches located throughout Alabama, and it continues to be governed by a volunteer board of directors made up of law enforcement officers.
Financial Services Offered by ALEC
ALEC offers a wide range of financial services to its members. These services include:
- Savings Accounts – ALEC offers a variety of savings accounts, including share savings, money market accounts, and certificates of deposit.
- Checking Accounts – Members can open checking accounts with no minimum balance requirements and no monthly fees.
- Loans – ALEC offers a variety of loans, including auto loans, personal loans, and mortgages.
- Credit Cards – Members can choose from several different credit card options, including a low-rate credit card and a rewards credit card.
- Online and Mobile Banking – Members can access their accounts online or through the ALEC mobile app.
Benefits of Becoming a Member of ALEC
There are several benefits to becoming a member of ALEC. These benefits include:
- Lower Fees and Better Rates – As a non-profit financial institution, ALEC is able to offer its members lower fees and better rates than many traditional banks.
- Community Focus – ALEC is dedicated to serving the law enforcement community, and its members can feel good knowing that their money is supporting an organization that gives back to their profession.
- Personalized Service – ALEC is a smaller financial institution, which allows its members to receive personalized service from the credit union staff.
- Access to a Wide Range of Financial Services – ALEC offers a wide range of financial services, including loans and credit cards, which can help members achieve their financial goals.
- Convenience – ALEC has six branches located throughout Alabama, as well as online and mobile banking options, making it easy for members to access their accounts and manage their finances.
ALEC has been serving the Alabama law enforcement community for over 50 years, and it continues to be a valuable resource for its members. With a wide range of financial services and a focus on community, ALEC is a great option for law enforcement officers and their families who are looking for a financial institution that understands their unique needs.