What is a checking account?
A checking account is a basic account that everyone should have. It is a go-to account for your daily finance needs, from getting direct deposits to paying bills. You want to use a checking account like a wallet – something you use daily for your daily expenses and bills. It shouldn’t be used like a piggy bank because you want to get the best interest on your savings, like a savings account.
A checking account will allow your employer to deposit your check directly into the account. You can also access your money via a bank or ATM for physical cash. A checking account will give you check writing access as well as a debit card to use your account for your daily shopping without physically having cash.
Most checking accounts do not have any limits on the withdrawals you can make on a daily or monthly basis, unlike a savings account. Most give you access to an ATM to use daily as well, either for free or with a fee.
How to use a checking account
A checking account should be used for daily purchases or bills and utilities. You want to have enough in this account for your monthly expenses to pay your bills, grocery shopping, and anything that will come up on a daily basis. You can set up automatic payments to come out of your checking account, which helps relieve stress as well as avoid any late fees on late payments. Most utility companies will require a checking account for monthly payments.
Most local and large banking institutions offer a checking account. Always look at any fees or minimum amount required to open an account with this bank. Some offer free checking options, while others have monthly fees and a certain amount required to have in your account.
Benefits of a Community Resource Federal Checking Account
Choosing the right banking institution is crucial when setting up a checking account. Many banks have monthly fees along with a minimum amount required to open an account. At Community Resource Federal, there are no hidden fees or minimum amounts, along with so many other benefits like early access to your direct deposit, overdraft protection, and access to thousands of ATMs.
One of the biggest perks to a Community Resource Federal checking account is that it is a truly free checking account. There are no hidden monthly service fees and no minimum balance required to keep an open account. Along with this, you get unlimited check writing and no fees if you use your debit card or check associated with the account. Anyone can open an account and know that they will not be surprised by any fees.
Direct Deposit & Early Access
Setting up direct deposit with a Community Resource Federal Checking account is easy to do and has the great benefit of being able to access your money early. Once we have received payment, the funds will be available for you to withdraw, usually 24 hours earlier than other banks. This will allow you to pay your bills or save your money even faster.
Our checking account has an overdraft protection feature to help you feel at ease when you are using this account. You will know if you are spending more than you have, which will help you avoid any unnecessary overdraft fees that can accumulate.
Debt Card and ATM access
With your checking account, you will also have a VISA debit card with great benefits. To prevent fraud, the debit card allows you to turn off and on purchases. There are also over 80,000 ATMs that you can use with this debit card for a fee and over 100 local fee-free ATMs.
Credit Union Branch Access
Another great perk of having a Community Resource Federal checking account is that it gives you access to over 30 local shared credit union branches. If you aren’t near a Community Resource Federal Credit Union branch, you can still get access to a credit union branch for your banking needs, like withdrawing your money.
How to get started?
Opening a checking account with Community Resource Federal Credit Union is an easy process. There are two options to open up an account. The first option is to fill out an application. The second option is to make an appointment by emailing [email protected] to speak to someone about opening an account.