7 Benefits of a Checking Account

From saving on fees to ensuring your money is safe, the benefits of a checking account are priceless.

 

associate explaining to member the many benefits to having a checking account

What We'll Cover

  • How you’ll save money with a checking account
  • Why you can trust a credit union
  • What you gain from establishing a checking account with a credit union
  • Steps for opening an account

Opening a checking account comes with several benefits and perks, yet a recent survey from the FDIC shows that 4.5 percent of U.S. households – about 5.9 million people – do not have a bank account, or are “unbanked.” In addition, 14.1 percent of U.S. households are considered underbanked.

While every family or individual has their reasons for choosing not to manage their money with a financial institution, we at OneAZ take it as our responsibility to ensure our communities understand the full value of establishing a checking account. From saving money, time and frustration to ensuring your money is safe, opening a checking account is an important step in achieving financial well-being. Keep reading to learn more about the benefits of a checking account.

7 Benefits of a Checking Account

Why is a checking account important? If you don’t currently have one, here are 7 reasons to have a checking account.

 

1. Say goodbye to check-cashing fees.

Without your own checking account, you rely on check-cashing services that charge fees. When you open an account, you can cash your checks without any fees adding up. Plus, with OneAZ Free Checking, there’s no minimum balance requirement to meet to avoid maintenance fees.

2. Rest assured knowing your money is safe.

Our members’ deposits are federally insured by the National Credit Union Administration (NCUA) up to $250,000 per individual depositor. This ensures your money is protected in the unlikely event that the credit union faces financial insecurity. With NCUA insurance coverage for credit union members, the government guarantees that your deposits are safe up to $250,000 so you don’t have to worry about withdrawing your money from the credit union if it risks failure.

Keeping cash at home puts your money at risk for theft, fire, flood or other damage. With a checking account, you don’t have to carry paper money around and risk it being stolen or lost. Ensuring your money is safe is one of the biggest benefits of a checking account.

3. A checking account offers easy and convenient money management.

Your checking account comes with online and mobile banking to monitor and manage your account electronically. You’ll also receive monthly bank statements, so you have a record of your spending each month. Tracking your spending can help you get a better grasp of your finances, so you can adjust your budget as needed to hit your financial goals.

 

4. Shop in the digital world.

Another advantage of a checking account is the convenience of making digital transactions. From everyday shopping to paying for utilities and services, so many purchases are made online in our modern world. Having a checking account and a debit card makes it easier to make digital payments and utilize more merchants and services.

5. Gain access to financial education and conquer your money goals.

OneAZ provides the latest resources to help you manage your finances. Our Financial Resources Guide provides in-depth articles and videos on building credit, paying off debt, budgeting, saving for a home and much more. Our friendly associates are also here for you to help you on your journey towards financial freedom.

 

6. Easily deposit your paychecks and have immediate access to your money.

When you set up direct deposit with your employer, you don’t have to wait for your check to arrive or wait in line at a branch or ATM to make your deposit. You have access to your paycheck immediately. Plus, when you set up direct deposit with OneAZ Early Pay*, you can access your paychecks up to two days early!

7. Stay on track with bills by automating your payments.

Within your account, you can use online bill pay you can set up recurring payments for your rent, mortgage, car payment and more. This helps you keep on track with your payments, so you’ll never miss one. Just be sure you have enough funds in your account before your scheduled payment date.

Pro Tip: Using auto pay can also help you improve or build credit since paying bills on time and in full shows a healthy financial record.

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How to Open a Checking Account

Enjoy the benefits of a checking account by opening one with OneAZ Credit Union. With OneAZ’s Free Checking, you’ll have no maintenance fees or minimum balance requirement after making an initial deposit.

You can open a checking account online, over the phone, or in person at a branch.

What You’ll Need

  • Social Security number
  • Form of identification, like a driver’s license or passport
  • An initial minimum deposit
 

Key Takeaways

  • When you open your own checking account, you can cash your checks without any fees adding up.
  • Your money is federally insured in a checking account.
  • When you are a part of a credit union, you gain access to financial education and resources.
  • Having your own checking account allows you to direct deposit your paychecks and set up automatic bill pay, saving you time and ensuring you never miss a payment.

While you may have your own convictions for avoiding financial institutions, establishing a checking account is a critical step on your path to financial well-being. Not only will you save money and time on cashing checks, but you’ll rest assured knowing your money is safe, payments are being made, and you can easily monitor your account and spending to ensure you’re on track to hitting your financial goals. Contact OneAZ today if you’re ready to enjoy the benefits of a checking account.

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* Early Pay is a service offered to you (the Member) if you are a consumer (not a business) who has a checking account with the Credit Union and receives your paycheck through direct deposit. You may be automatically enrolled in Early Pay after 2-3 pay periods. The Credit Union will make your payroll funds available as soon as your verified employer/payor notifies the Credit Union of the payment, which can be 1-2 days before most financial institutions make the funds available. If there is a weekend or bank holiday, Early Pay will be posted on the next business day after the weekend or bank holiday. Employers/payors must be verified by the Credit Union. If they cannot be verified, the Credit Union will not make the payment available early. You will receive a notification of the payment and the available funds will be indicated in online or mobile banking.

If funds from a paycheck are not available early to you, it may be due to one of the following: (i) You do not have a consumer checking account (you only have a savings or business account with the Credit Union), (ii) You did not sign up for direct deposit, (iii) It has not been 1-2 pay periods, which is needed for the Early Pay service to begin, (iv) Direct deposits are not made in your name or in the name of a signee on your checking account, (v) We cannot verify your employer/payor, (vi) Your employer/payor did not notify us of the deposit 1-2 days early.

You agree the Credit Union may reverse any funds deposit transaction to your account that is made in error.

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Fraud Alert

Beware of rising payment credential theft. Fraudsters use stolen details in mobile wallets for unauthorized store purchases. OneAZ will never ask for your card information or request your One Time Password (OTP)/Multi Factor Authentication (MFA). Stay secure with us. If you suspect fraudulent activity, connect with us at 844.663.2928.

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