Personal Banking 101: Understand Your Checking Account Options

At most financial institutions, you have your choice of a few different types of checking accounts. Although these accounts may have a lot in common with one another, there are subtle differences.

Here’s a look at the types of checking accounts offered by 1st United, and why each might be right for you:

Benefits of a Credit Union Checking Account

• Lower fees. Because credit unions are not-for-profit financial institutions, the fees charged for overdrafts and other banking activities are typically lower than what traditional banks offer.
  
• Better interest rates on other banking products. If you open a checking account and later need an auto loan or even a mortgage, a credit union tends to offer lower rates than banks. Having an established reputation with a credit union can expedite the process of qualifying for and receiving these financial products.
  
• Innovative banking technology. Credit unions invest in the same online and mobile tools as banks, including mobile apps, mobile check deposit and online money managers, so you can enjoy all the benefits of modern-day personal banking.
  
• A massive ATM network. Many credit unions are part of the CO-OP ATM Network, which gives credit union members free access to more than 30,000 ATMs across the country.
  
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When examining your checking account options, consider how you plan to use your account. If you expect to use it for regular ATM withdrawals, for example, the fee amount charged for those withdrawals might matter, as will the network of fee-free ATMs the institution offers.

Similarly, look at criteria like minimum balances when examining your own behavior. If you regularly maintain a low account balance, then an interest checking account might not be the best option for you.

You might also want to consider the reputation of the financial institution offering the checking account. Are you familiar with its local reputation or customer service experience? When you open a checking account, you’re establishing a long-term relationship with that institution. Make sure you trust the credit union or bank where you’re doing your essential banking.

With the right checking account, you can improve your financial health and move closer to important financial goals. Ready to get started? Open a checking account online today.