So, what is a checking account? It is a bank account used for everyday transactions. If you have a checkbook, this is also the account the book is tied to. Knowing what to look for can make it ridiculously easy to narrow your choices. Consider the most important features to keep in mind before tackling how to open a checking account.
Checking account fees was once the standard. Then, online banks entered the market and introduced fee-free banking. No good modern-day bank should still be charging fees just for banking. Fees usually take the form of monthly maintenance, but you should also look out for ATM fees. Banks generally provide some fee waiver or refund for ATM withdrawals.
Another change online banks made to the banking menu was to pay interest on checking balances. In fact, some banks have high-interest cash checking accounts. This could work well for you if you want to earn interest but don’t want to tie up your money in savings account restrictions.
Once upon a time, banks only offered rewards on credit cards. That is no longer the case. Now you can earn cash back or shopping points via your debit cards. This significantly improves the debit card experience for persons who are still building their credit scores and might not yet have access to good credit cards.
This is a relatively new feature that grew in popularity over the past year or two. Want your paycheck early? Look out for accounts that provide this feature. This could help you pay for unexpected expenses or big emergencies.
In the past, people had to walk into physical locations to open a checking account. You can still do this, but it is easier and more efficient to do it online. Each bank has its own procedures for opening an account online, but it generally begins with visiting the website and choosing the appropriate link. From there, you fill out personal information and apply. In some cases, you may need to submit proof of requested documents.
At Northpark Community Credit Union, we provide a wide range of checking accounts for you to choose from online. All of our accounts include fee-free banking, ATM reimbursements, free digital banking, free debit cards, and early payday. The differences lie in the perks:
Not sure how to open a checking account? We provide detailed instructions that take minutes to complete. Compare each account and then apply today.