Looking to open a new bank account, but not sure what type to choose? From…
Looking to open a new bank account, but not sure what type to choose? From checking and savings to money markets and CDs, the options for personal financial products can feel overwhelming. Read on to learn more about checking accounts, one of many financial services offered at Penn East Federal Credit Union, to help determine whether a checking account is the right fit for you.
Definition of Checking Accounts
A checking account is a deposit account which enables users to both safely store and quickly withdraw their money. Checking accounts are one of the most popular financial products in the US, with over 600 million reported in use in 2018.
Benefits of Checking Accounts
Checking accounts have several major benefits, including:
- Autonomy: Unlike savings accounts, checking accounts do not impose monthly transaction limits. As a result, users can freely withdraw as much money as needed. They are often used to store funds for everyday expenses.
- Accessibility: Users can access their checking account funds in a variety of ways, including by writing checks, using a debit card or making a withdrawal at an ATM or local financial institution. Many accounts offer options for online deposits and transfers as well as direct deposit from employers.
- Affordability: Most financial institutions, including Penn East, provide checking account options with no minimum opening or balance fee requirements.
Checking Products Offered at Penn East
Penn East offers three types of regular checking products:
- Free Checking: No minimum balance is needed to open this non-interest-bearing account, and it features unlimited check writing and no monthly service charge.
- Advantage Checking: A $2,500 minimum balance is required to open this interest-bearing account, unlimited free checks are provided, and there is no inactive fee.
- Premier Checking: A $15,000 combined relationship with the credit union (loans, savings, certificates) is required to open this interest-bearing account, which also offers unlimited free checks and no inactive fee.
In offering several checking options, Penn East is dedicated to providing financial services that align with the unique needs of individuals in Lackawanna, Luzerne, and Wyoming counties. To further explore checking products and other services Penn East offers, visit our website.