All you need to know about checking accounts
How much do you really know about your checking account? Many people don’t think about how their account works and how best to manage it.
Here’s all you need to know about checking accounts:
Accessing your funds
Checking accounts are designed to be used for everyday expenses. You can access the funds in your account via debit card, paper check, ATM, in-branch withdrawals, or online transfers.
Making transactions using the connected debit card, or through a linked online account, will automatically use the available balance in your account and lower the balance appropriately. A paper check is also linked directly to your account but will generally take up to two business days to clear.
Maintenance fees
Many banks charge a monthly maintenance fee for checking accounts (sometimes as high as $25 a month.) Chief Financial’s checking accounts have no monthly maintenance fees if you enroll in eStatements.
Interest rates
Most checking accounts offer a very low Annual Percentage Yield (APY) on deposited funds. Chief’s Free Kasasa Cash Checking account offers 5% APY* on balances up to $5,000, which is over 125x the national average.
Institutions offering interest-earning checking accounts sometimes charge a monthly service fee, but Chief’s checking accounts do not. Members with a Chief checking account can also receive up to $25 refunds on ATM withdrawal fees nationwide.
Security
Funds kept in a checking account at a bank are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
At Chief Financial funds up to $250,000. are safe and secure, backed by the National Credit Union Administration (NCUA), an independent United States government agency dedicated to protecting credit unions and their members.