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On the surface, checking accounts are many people’s hubs for their personal finances. They help them pay their monthly bills and manage their daily expenses and purchases. That’s because checking account holders have access to online and mobile banking, nationwide ATMs and debit cards and personal checks to make purchases or withdraw funds from their account. Further, many employees find checking accounts useful for direct deposit of their paychecks. With direct deposit, the employer automatically transfers a paycheck into the employee’s account, saving time and avoiding trips to the bank to cash checks.
But checking accounts offer benefits beyond convenience and financial planning, such as safety and protection, the opportunity to build credit and raise your score, and the ability to earn interest on money you’re saving.
While many traditional banks offer checking accounts, there are often additional benefits of opening a CBC Federal Credit Union checking account. Most branches offer better options and rates than big banks, and oftentimes, they also offer more member benefits.
For example, we offer a suite of checking accounts that is designed to fit your lifestyle. The Epic Checking and Epic Premium Checking accounts offer peace-of-mind with robust identity theft protection, and other benefits such as:
If an Epic Checking account isn’t the right fit for you, CBC offers Basic Checking to keep checking simplified — all the staples of a great checking account and with no monthly fee. See a comparison of all three plans here.
What about monthly maintenance fees and overdraft protection?
Before deciding where to put your money you’ll want to investigate how much each institution charges for checking accounts, including monthly maintenance and overdraft fees.
Credit unions may be traditionally cheaper in this regard as they have few fees compared to national banks and their fee for bounced checks is typically less. In fact, many credit unions offer checks, withdrawals and electronic transactions completely free of charge. Many also offer accounts with no minimum balance and without a monthly account servicing charge. In the long run, this could save hundreds of dollars a year.
Credit unions also tend to have fewer complications with simple, easy-to-follow terms. When a credit union offers free checking, it’s just that, and it’s likely every deposit, debit card purchase and check withdrawal comes free as well. On the other hand, traditional banks may offer “free checking,” but those accounts may come with a list of rules and guidelines that, if violated, could result in penalties and fees.
*Copy and content courtesy of VC Star