Checking accounts are among the most “liquid” of relationships you can have with a bank. Your employer can make payments to your account via direct deposit; you can write checks that will be cashed by the receiving party and withdraws will occur upon deposit and you can use a debit card at ATMs anywhere to take out money or get cash back at many retailers. These are just some of the reasons why it’s so important to open a checking account, but the above examples should prove that it’s pretty hard to exist without one. That’s because by attempting to get through life without a checking account, you’re essentially dooming yourself to an existence of carrying cash everywhere you go and paying for everything in paper money. It’s inconvenient to say the least; that’s why those looking to open a checking account in the near future should also consider credit unions in PA as the bank to do business with.
While a credit union might not be the financial institution that comes to mind first, there’s a reason why these places have gained so much popularity over the past years. We’ll start with the ground rules: You’ll be able to avoid a monthly services fee and the hassle of a minimum balance. Best of all, the pesky ATM fees that add up over the weeks and months will be refunded up to $25 per monthly cycle. That’s no small perk given the high price of ATM fees these days Further, when you’re paying a dollar or two every time you use an out-of-network ATM to withdraw cash, the refund up to $25 means you’ll be able to use every ATM you come across worry-free.
When you open a checking account, you’ll also get a Visa Rewards check card, as well as Visa Scorecard Rewards points. Importantly, free online banking and bill pay will become options now open to you. Given the aforementioned liquidity when it comes to how often money flows in and out of this account, it’s essential to keep tabs on your balance. Otherwise, you’ll run the risk of insufficient funds and possible overdraft fees depending on which bank youdo business with. You’ll also have the added benefit of SecurLOCK services that allows account holders to turn their bank cards on and off in case of an emergency, receive instant transaction notifications and set transaction spending limits as you see fit. Other benefits of opening a checking accountwith one of the best credit unions in PA is that you can earn 1 percent annual percentage yield (APY) on balances under $25,000 and .25 percent APY on totals above that threshold.
Credit unions are an openly member’s-first operation and the profit made at the end of the year is always re-invested in the operation. With this in mind, wouldn’t you prefer opening a checking account with an operation like this rather than a traditional bank that’s indebted to shareholders?