Union Deposit Products

The Amalgamated Clothing Workers Union formed Amalgamated Bank of Chicago (ABOC) in 1922 to meet the banking and financial needs of organized labor. A century later, local unions still own a significant share of ABOC, and a large percentage of our staff are active union members. We understand how unions work and what makes them different from other types of businesses – and are uniquely positioned to anticipate and solve your challenges.

Checking

All of our business accounts offer these features:

• Online banking
• Detailed monthly statements
• Convenient check imaging
• Direct deposit
• Night depository
• Digital banking services available

Savings

• Earn interest on your entire balance if you maintain the required minimum collected daily balance
• If the daily balance on any day falls below the amount in the chart below, no interest will accrue that day. If the account closes before the end of the calendar quarter, no interest will be paid for that quarter. The daily balance method is used to calculate the interest on the account.

Money Market ^†

Earn a competitive, floating market rate through our Money Market account.

• Unlimited deposits
• Earn interest on balances (Note: If the daily balance on any day falls below $1,500, no interest will accrue that day. If the account closes before the end of the calendar quarter, no interest will be paid for that quarter. The daily balance method is used to calculate the interest on the account.)
• Images of canceled checks returned with statements
• No fee for check imaging

^† Account opening subject to approval. Accounts that earn interest are not eligible for earnings credits.

Certificates of Deposit (CDs)

• $1,000 minimum deposit
• Terms range from 30 days to 5 years (early withdrawal not allowed)
• Fixed market rate set for a specific term
• Automatically renewable CDs are available, with interest rate set at the Bank’s daily market rate on the renewal date
• Simple interest paid monthly, quarterly, semi-annually, annually, or at maturity
• Time deposit withdrawals prior to maturity may be subject to substantial early withdrawal penalty

Certificates of Deposit (CDs) through CDARS®

With the CDARS service, you can access multi-million-dollar FDIC protection on deposits placed into CDs at participating network banks while working only with our bank. Learn more

Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and CDARS are registered trademarks, and the IntraFi logo and IntraFi hexagon are service marks, of IntraFi Network LLC.