Storing your hard-earned money in a credit union checking account is a responsible way to manage your finances and keep your money safe and secure. Credit union checking accounts make accessing your money on the go both quick and painless. You can even earn extra cash with your checking account if you select an interest-bearing account or one with a points or rewards program. We’ve listed below some important factors to consider when picking the perfect credit union checking account for you.
Review the Schedule of Fees Before You Select Your Checking Account
It is always a good idea to look over the schedule of fees before deciding which checking account will fit your financial needs the best. Fees can quickly add up and eat away at your available balance if you aren’t mindful of your bank’s policies and requirements for the checking account you select. For-profit financial institutions make most of their customer profits from fees charged for things like not meeting a minimum required balance each month or not having enough transactions in a month.
Each financial institution offers its own schedule of fees, so it is vital to fully review all the potential fees associated with the accounts you’re considering before making your final decision. You want an account that will work well for your banking habits. Credit unions have lower fees since they are not-for-profit financial institutions and member-focused. These institutions return profits to their members in the form of lower rates and fewer fees. This makes credit unions a great choice for opening a personal checking account.
Branch Location and ATM Access Should Be Convenient
It’s a good idea to choose a credit union that has ATM locations near you and where you typically might need to pull cash out on a regular basis, such as near your workplace, university, vacation spots, shopping centers, and so on. There may be associated fees for using an ATM that is not a part of your credit union’s network of ATMs. Using another institution’s ATMs could lead to getting charged twice, once from your credit union and once from their bank, which means you pay two separate fees for taking your money out of your account at a non-network ATM.
Try to choose a checking account with low or no associated ATM fees for using out-of-network ATMs, or make sure your bank’s ATMs are easily and readily available where you can access them on a daily basis. You can also look for a credit union that offers ATM fee refunds.
Choose an Interest-Bearing Account
Many credit unions offer checking accounts that allow you to earn money back on your available balance by just keeping your money in the checking account each month. Earning interest on your available balance is a quick and easy way to increase your funds without any extra work or thought. It’s smart to shop around before deciding which credit union is right for you. When you choose the checking account with the highest APY (annual percentage yield), you can maximize the return on your money.
If you store a large amount of money in your checking account, consider opening a high-yield checking account. These accounts offer a high rate of earned interest on your balance as a reward for keeping a large sum of money in your checking account each month.
Make Sure Your Checking Account is Easily Accessible Online and Through a Mobile App
Many people prefer to do their banking digitally these days. If you like to manage your checking account online, either through your credit union’s website or a mobile app, it is very important to make sure you select a financial institution that offers a user-friendly banking experience both on the web and through your mobile device of choice.
Not all financial institutions offer the same user experience, and when you are managing your money, the last thing you want is to mismanage your funds because the website or mobile app interface is confusing or difficult to use. If you like the ability to deposit checks using your mobile phone’s camera instead of having to find an ATM or go into a brick-and-mortar branch of your bank, make sure that feature is available for your bank’s mobile app before deciding which checking account is right for you.
Look for Checking Accounts That Offer Rewards
Similar to the rewards programs available with some credit cards, with the opportunity to earn cash back on your purchases, some credit union checking accounts offer a rewards program for just using your debit card for purchases. Earning cash back on your purchases can add up fast. There may be additional benefits offered on top of earning cash back.
You should also check with your local credit unions to see who in your area is offering rewards for the types of things you already purchase. If you travel, look for travel rewards. If you love to stream movies and binge-watch your favorite shows, look for a checking account that offers cash for downloads. There are a lot of options out there so find the one that offers the most for your needs.
Make Sure Your Credit Union Is Federally Insured
It’s important when selecting where to open your checking account that you confirm the credit union offers federal insurance. This is in case it fails while storing your hard-earned cash in one of their accounts. If the organization does not offer insurance, you risk losing all your funds. Credit union checking accounts are typically insured up to $250,000 per account by the National Credit Union Administration (NCUA), but there are other insurance organizations to confirm what the policy is.
Overall, aim to find a checking account that is convenient and offers options and services that meet your banking needs. Becoming a member of a credit union often gives you access to benefits beyond their checking accounts, such as discounts on loan fees or free financial education. Find an account that works for you.
If you are in the northeast Wisconsin area and would like to open a checking account, check out the Capital Credit Union checking account options. The high-yield Cha Ching checking account offers rewards, ATM fee refunds, overdraft protection, and more, while the MyMedia account offers cash back for streaming. Discover a checking account that fits your lifestyle today!
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