Inquiry Routing & Information System (IRIS)
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What is an Alliance Account?
Published 08/13/2012 09:30 AM | Updated 08/13/2012 10:23 AMWhat is an Alliance Account?
An Alliance Account is an interest-bearing draft account established in the beneficiary's name with a draft book. The beneficiary can write drafts ("checks") for any amount up to the full amount of the proceeds. This gives the beneficiary time to make important financial decisions, while their funds are secure and earn continuous interest. There are no monthly service fees or per check charges and additional checks can be ordered at no cost, but fees apply for some special services including returned checks, stop payment orders and copies of statements/checks.