The Benefits of Having a Checking Account

Checking accounts offer a secure, accessible place to store funds. If you are considering opening a checking account at a bank or credit union, or you already have one, here's what you need to know about this account's benefits and how to manage it best. 

Easy access to your funds

Checking accounts offer easily accessible funds. You can withdraw your funds at your bank or credit union, get cash from an ATM or transfer funds to another account. You can also use the account's debit card to pay for purchases with the funds in the report. Finally, you can write a paper check, and the written amount will be withdrawn from your checking account when the review is deposited. This ease of access makes your checking account the ideal place to keep funds for everyday expenses. 

Minimal balance requirements 

In contrast to other financial accounts, checking accounts tend to have shallow minimum balance requirements. Often, you'll only need to meet this requirement when opening your account. You can open a checking account at many institutions for as little as $25. [At credit_union, you can open a checking account with just $XX].

Low or no maintenance fees 

Here's where checking accounts at banks and credit unions differ. It is not uncommon for banks to charge a monthly maintenance fee for checking accounts, sometimes as high as $30 a month. However, if you open a checking account at a credit union, you generally don't have to worry about steep fees. Members Choice CU checking accounts have [no fee/ a low monthly fee of just XX]. 

Interest rates

Some checking accounts offer a modest Annual Percentage Yield (APY) on deposited funds. Interest-bearing checking accounts often require a minimum monthly balance and a minimum number of monthly debit card transactions. At a credit union, the interest paid to your account is called "dividends" because it's an earnings rate paid on the shares you own in our cooperative. [Members Choice CU offers an XX% dividend rate on our checking accounts at this publication–see our website for the most current rates.]

Easy bill-pay

Checking accounts take the stress out of paying bills. Most financial institutions now offer a mobile banking app and website. Use the payment dashboard on this platform to pay your credit card, utility, and service bills directly from your checking account. Alternatively, you can have the balance automatically withdrawn from your account when the bill comes due each month. With the convenience of a bill-pay through your checking account, you'll never miss a payment again.

Convenient account management

Managing your checking account is simple. Use your financial institution's mobile banking app or website to access your account, view your balance, deposit checks remotely, transfer funds to another account, and more. In addition, checking accounts help you track your spending by providing a paper trail of all your transactions. When you use your debit card for everyday spending, you can quickly review those purchases by checking your account history. 

Budgeting just got easy!

Special promotions and sign-on benefits

Many banks and credit unions feature special promotions and benefits for new and existing members when they open a checking account. For example, you may receive a thank-you gift for opening an account and another for referring a friend. Many checking accounts also offer a complimentary order of checks when you open the report, and others provide a debit card preloaded with up to $200 in cash. Members Choice CU proudly offers X, X, and X to new and existing members when they open a new checking account.]

Security

The FDIC federally insures funds kept in a checking account at a bank for up to $250,000. Credit unions feature similar protection, with all federal credit unions offering government protection through the National Credit Union Share Insurance Fund (NCUSIF). State and private credit unions may also be insured by the NCUSIF or through their state or private insurance. Members Choice CU is guaranteed by […] to offer protection for your funds and peace of mind in knowing your savings are secure. 

Managing your checking account 

Managing a checking account is easy as 1-2-3:

1: Know your balance at all times to avoid an overdrawn account.

2: Automate your finances. Set up automatic bill payments through your checking account and consider automatic monthly transfers from your checking account to savings.

3: Always keep your account funded with one to two months' worth of living expenses. This way, you'll always have enough funds to cover your transactions.