All You Need to Know About Checking Accounts
Checking accounts offer easy and convenient access to your funds. The minimum opening balance is often as little as $25, and most financial institutions also allow an unlimited amount of monthly transactions.
Accessing your funds
Checking accounts are designed to be used for everyday expenses. You can access the funds in your account via debit card, paper check, ATM or in-branch withdrawals, online transfer or through online bill payment.
Maintenance fees
Many banks charge a monthly maintenance fee for checking accounts; sometimes as high as $25 a month. Fortunately, as a member of a credit union, you never have to worry about steep fees.
Interest rates
Most checking accounts offer a very low Annual Percentage Yield (APY) on deposited funds, or none at all. Institutions offering checking accounts with interest or dividends generally charge a monthly fee, which is higher for accounts having higher rates. They also generally require that a minimum balance be kept in the account at all times and/or a minimum number of monthly debit card transactions.
Security
Funds kept in a checking account at a bank are federally insured by the FDIC 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 be insured by the NCUSIF as well, or through their own state or private insurance. County Federal is insured by the National Credit Union Administration (NCUA) to offer you complete protection for your funds.
Managing your checking account
Managing a checking account is as simple as 1-2-3:
1 – Know your balance at all times to avoid an overdrawn account.
2 – Automate your finances. Set up automatic bill payment through your checking account and you’ll never be late for a payment again. You can also consider automatic monthly transfers from your checking account to savings so you never forget to do so.
3 – Keep your account funded with one to two months’ worth of living expenses at all times. This way, you’ll always have enough funds to cover your transactions without fear of your account being overdrawn.
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