WHY YOU NEED A CHECKING ACCOUNT: TOP 7 ADVANTAGES

In today’s world, it’s nearly impossible to manage your money without a checking account

Without a checking account, you’ll have to rely on cash, money orders, or check-cashing services, which aren’t as convenient and come with expensive fees. Let’s break down the benefits of a checking account and why it’s a must-have for managing your money.

1. CONVENIENT ACCESS TO YOUR FUNDS

A checking account gives you convenient access to your money whenever you need it. You can access your account through paper checks, debit card purchases, your mobile device, online banking, or an ATM. This means you don’t have to carry large amounts of cash or wait for business hours to take care of everyday transactions.

A checking account also helps to simplify your finances. You can access your account online from anywhere to automate bill payments, transfer funds, set up alerts for low balances or unusual activity, and track your spending. You can even make a mobile check deposit and save a trip to deposit your paycheck. It’s a convenient way to stay on top of your finances and avoid costly late fees or overdrafts.

Learn more about our mobile check deposits.

2. NCUA INSURED

One of the most important checking account benefits is knowing your funds are federally insured by the National Credit Union Administration (NCUA) for up to $250,000 when your account is with a credit union. This government-backed protection ensures your money is safe and secure.

This is one of the many reasons why keeping your money in a checking or savings account is much better than keeping cash at home. With cash or prepaid cards, you may not have any recourse if your money is lost or stolen. If it’s stored in a credit union checking account, your money is protected.  

3. SECURELY MANAGE YOUR MONEY

Many credit unions and banks offer free money management tools and services, which make it easy to track your spending, set savings goals, and monitor your account activity in real time. 

These tools and services may include: 

• Annual credit reports 
• Regular credit score checks 
• Budgeting software 
• Financial literacy tools
• Mobile alerts
• Bill payment reminders
• Automatic savings transfers
• Mobile check deposits

With these features, your checking account is more than just a place to store your money. It’s an essential tool for managing your finances. 

Learn more about our credit score checks.

4. AVOID COSTLY FEES

One of the most important advantages of a checking account is that it allows you to avoid the costly fees of alternative financial services. Relying on check-cashing stores, money orders, or prepaid debit cards can quickly add up. A credit union checking account eliminates the need for these services by giving you direct access to your money with no hidden costs.

By taking advantage of free banking tools, like automatic payments and low balance alerts, a checking account can help you avoid late payment and overdraft fees. Setting up direct deposit allows your paycheck to be deposited directly into your account, eliminating the need for check-cashing services.

Learn more about our direct deposit.

5. EASY BILL PAY AND EXPENSE TRACKING

Need to quickly find out how much you spent on gas in the last six months? Are you having trouble remembering if you already paid the mortgage this month? Perhaps you’re looking for an easy way to track your spending while on vacation.

A checking account makes it easy to stay on top of your spending. You can view transactions in real time and track where your money goes each month with a Mobile Banking app. This also helps you stick to a budget and avoid overspending. 

By taking advantage of online bill pay and recurring payments, a checking account also ensures your bills are paid on time. You can schedule payments for utilities, rent, credit cards, and more, which eliminates the need to write checks or worry about mailing delays. 

Learn more about our online bill pay.

6. OVERDRAFT PROTECTION

When life gets busy and expenses pile up, overdraft protection is one of the most valuable benefits of a checking account. It’s a financial safety net that covers transactions when the balance in your account falls below zero. Instead of having a purchase declined, overdraft protection ensures the transaction goes through.

Overdraft protection works by linking your checking account to your savings account. If an overdraft occurs, funds are automatically transferred from your savings to cover the purchase. Although it may slow your progress toward a savings goal, it can help you avoid disruptions to your life.

Learn more about our Checking Protection Package. 

7. EARN DIVIDENDS ON YOUR BALANCE

Some checking accounts do more than just hold your money — they help it grow. Dividend-bearing checking accounts, like Fibre Federal’s Choice Checking, pay you a return on your balance just for keeping your money in the account. You can earn a competitive rate on your balance up to $20,000 when you take three easy steps per cycle:

• Make 12+ debit card transactions of $5+
• Receive E-Statements
• Have one direct deposit or automatic electronic payment, or one credit card purchase 

If you happen to miss a step in a cycle, you’ll still earn dividends, but at a lower rate.

A dividend-bearing checking account like Choice Checking lets you spend, save, and earn dividends from one account. It’s a smart way to manage your money without sacrificing convenience.

CHECKING ACCOUNT BENEFITS WITH FIBRE FEDERAL

At Fibre Federal, our checking accounts are designed to simplify your life by saving you time and money. Whether you’re looking for a simple, no-frills checking account or one that rewards you for everyday banking, we’ve got checking account options to fit your needs. 

Our Choice Checking pays dividends when you meet a few easy requirements, while our Personal Checking keeps things simple with no monthly fees or minimum balance requirements. With convenient features like Online and Mobile Banking, free E-Statements, debit card access, and bill pay, you can easily manage your money on your schedule, from anywhere. 

Open a checking account today for a better way to manage your money! 

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