Managing a checking account may seem pretty straightforward at first blush.
Yet, many consumers make some simple mistakes that could end up costing
them. When you open a
checking account at your local credit union, you can take advantage of the credit union
representative’s financial advice. He or she can help you choose
the right account for your needs, show you how to manage your account
online, and answer any questions you may have.
Avoid Choosing the First Checking Account Option You Find
The right checking account for your friend or family member isn’t
necessarily the best choice for you. Credit unions typically offer different
options, including no-fee checking accounts. Some credit unions may even
offer interest-bearing checking accounts to help you reach your financial
goals. Before opening a checking account, make sure you fully understand
its terms and conditions. Check whether the account requires a minimum
balance, sets maximum daily withdrawals, has a monthly service fee, or
offers perks such as free checks.
Avoid Holding Substantial Sums in Your Checking Account
Unless you choose a checking account that will earn interest, it’s
highly advisable that you avoid maintaining a high balance in your checking
account. Even if you do have an interest-bearing checking account, you
may find that you can open a savings account that offers a higher interest
rate. Keep sufficient funds in your checking account to pay your bills
and to maintain a “cushion” of funds in case of unexpected
expenses. Transfer the rest to a high-yield, interest-bearing savings account.
Avoid Neglecting to Balance Your Checkbook
Since many consumers use online banking services, they may be more likely
to pay most or all of their bills online, rather than to write out checks.
crucial to still balance your checkbook, even if that checkbook is digital. Knowing exactly how much money you
have in your account will prevent you from overspending.
At Westmark Credit Union, we offer flexible options to suit everyone’s
financial needs and goals, including interest-bearing checking accounts.
To open your free checking account near Idaho, visit us on the Web today.
Or, call our credit union at (208) 523-1071 to inquire about our bank services.