The Benefits of Having a Checking Account

 

Checking Accounts offer a secure, accessible place to store funds. If you are considering
opening a Checking Account at a bank or credit union, or you already have one, here’s what you
need to know about this account’s benefits and how best to manage it.

Easy access to your funds
Checking Accounts offer easily accessible funds. You can withdraw your funds at your bank or
credit union, get cash from an ATM or transfer funds to another account. You can also use the
account’s debit card to pay for purchases with the funds in the account. Finally, you can write a
paper check, and the written amount will be withdrawn from your Checking Account when the
check is deposited. This ease of access makes your Checking Account the ideal place to keep
funds for everyday expenses.

Minimal balance requirements
In contrast to other financial accounts, Checking Accounts tend to have very low minimum
balance requirements. Often, you’ll only need to meet this requirement when opening your
account. At many institutions, you can open a Checking Account for as little as $25. At
We Florida Financial, you can open a Checking Account for as low as $0.

Low or no maintenance fees
Here’s where Checking Accounts at banks and credit unions differ. It is not uncommon for banks
to charge a monthly maintenance fee for Checking Accounts; sometimes as high as $30 a
month. However, if you open a Checking Account at a credit union, you generally don’t have to
worry about steep fees. At We Florida Financial we have a range of different Checking Accounts with

low, and for some accounts, no fees.

Easy bill-pay
Checking Accounts take the stress out of paying bills. Most financial institutions now offer a
mobile banking app and website. Use the payment dashboard on this platform to pay your credit
card, utility and service bills directly from your Checking Account. Alternatively, you can have the
balance automatically withdrawn from your account when the bill comes due each month. With
the convenience of a bill-pay through your Checking Account, you’ll never miss a payment again.

Convenient account management
Managing your Checking Account is simple. Use your financial institution’s mobile banking app
or website to access your account, view your balance, deposit checks remotely, transfer funds
to another account and more. In addition, Checking Accounts help you track your spending by
providing a paper trail of all your transactions. When you use your debit card for your everyday
spending, you can easily review those purchases by checking your account history.
Budgeting just got easy!

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. We Florida Financial is insured by the National Credit Union Administration (NCUA) to offer you protection for your funds and peace of mind in knowing that your savings are secure.

Managing your Checking Account
Managing a Checking Account is easy as 1-2-3:
1: Know your balance at all times to avoid an overdrawn account.
2: Automate your finances. Set up automatic bill payments through your Checking Account and
consider automatic monthly transfers from your Checking Account to savings as well.
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.