A checking account helps you manage your everyday finances. You may use it to deposit your paycheck, pay bills, make debit card purchases, withdraw cash, and transfer money. Because you’ll likely use it often, finding the right checking account features is essential.
Choosing a checking account can be challenging with so many options. Banks and credit unions offer accounts with different fees, minimum balance requirements, ATM access, and other features. This checklist helps you compare accounts and find the best checking account for how you bank.
COMPARE CHECKING ACCOUNT FEES
Checking account fees can vary significantly between financial institutions, so it's important to understand what you'll be charged. Credit unions like Fibre Federal Credit Union are member-owned, not-for-profit financial institutions. This structure may allow them to offer lower fees and better rates.
Here are some fees to look for at any financial institution:
Monthly service fee: This fee may be waived if you maintain a required balance or meet other criteria.
Overdraft fee: When you spend more money than you have in your account, your financial institution may charge an overdraft fee to cover the transaction.
Out-of-network ATM fee: You may be charged a fee when you use an ATM outside your bank or credit union’s network.
Returned-item/NSF fee: You may be charged a fee when you don’t have enough money in your account to cover a transaction.
Checking accounts advertised as “free” may still charge fees for additional services, like wire transfers, stop payment orders, and replacement checks. “Free” usually means the account doesn’t have monthly service fees.
CHECK MINIMUM BALANCE REQUIREMENTS
Some checking accounts have minimum balance requirements that can determine if you are charged a monthly fee. Before opening an account, check for an opening deposit requirement and any minimum daily balance you must maintain.
Some financial institutions waive minimum balance requirements when you meet qualifying criteria, such as setting up direct deposit or maintaining a required balance across linked accounts.
CONSIDER ATM AND BRANCH ACCESS
Convenient ATM and branch availability can make a difference in how you manage your account. Before opening a checking account, consider the:
ATM network: Does the financial institution have convenient ATM locations?
ATM fee reimbursements: Does the bank or credit union reimburse fees charged for using out-of-network ATMs?
Deposit access: Can you deposit cash and checks, or can you only make withdrawals?
Withdrawal limits: How much can you withdraw each day?
If you prefer in-person banking, also check for nearby branches and hours that fit your schedule.
REVIEW OVERDRAFT OPTIONS
An overdraft is when you don't have enough money in your checking account to cover a transaction. When this happens, your bank or credit union may decline it. They may also cover it and charge you a fee.
Review the overdraft protection options available. With some financial institutions, you can link your checking account to your savings account. If an overdraft occurs, funds are automatically transferred from your savings to cover it. This service may incur a fee. Other financial institutions may offer an overdraft line of credit.
COMPARE ONLINE AND MOBILE BANKING FEATURES
Mobile and online banking make it easy to manage your checking account at home or on the go. These services let members handle many banking tasks without waiting for a branch to open. Compare these features:
Mobile check deposit: Can you deposit checks remotely with your smartphone?
Bill pay: Can you schedule and pay bills through the mobile app?
Money transfers: Can you transfer money between accounts or send money to others?
Account alerts: Can you set up text or email alerts for transactions, low balances, and other account activity?
Also, check which security features the financial institution uses to protect your account, like two-factor authentication and encryption. Some mobile banking apps also offer biometric login, which lets you sign in with your fingerprint or facial recognition.
UNDERSTAND FUNDS AVAILABILITY
Funds availability refers to when deposited money becomes available to use. The timing can vary by deposit method, so compare policies for in-person, ATM, and mobile check deposits.
Deposit cutoff times also matter. A deposit made after the daily cutoff may be treated as if it were made the next business day, which could delay access to the funds.
LOOK AT DEBIT CARD FEATURES
Most checking accounts come with a debit card for in-store and online purchases and ATM withdrawals. Since debit card features can vary, compare:
Contactless payments: Can you make transactions without inserting the debit card into a payment terminal?
Digital wallet compatibility: Can you add your debit card to Apple Pay, Google Pay, and Samsung Pay?
Card controls: Can you lock or unlock your debit card through the mobile app if it’s lost or stolen?
Transaction limits: Are there daily limits on debit card transactions or ATM withdrawals?
COMPARE CHECKING ACCOUNT DIVIDENDS
Not all checking accounts earn dividends. Because checking accounts are used for everyday transactions, their yields are generally lower than savings accounts and other dividend-bearing accounts.
If a checking account earns dividends, compare the annual percentage yield (APY). Also check for any balance, debit card transaction, or direct deposit requirements for earning the advertised rate.
CONSIDER CUSTOMER SERVICE AND CONVENIENCE
The level of customer service a financial institution offers can make the difference between good and truly great. When comparing financial institutions, consider:
Live banking support: Can you reach someone when you need assistance by phone, live chat, video call, or other convenient channels?
Shared branch access: If it’s a credit union, does it participate in shared branching so you can receive service at other credit unions?
Multilingual support: Can you talk to someone in your preferred language?
At a credit union, members are owners rather than just account holders, which can translate to more personalized service when questions come up.
FIBRE FEDERAL CHECKING ACCOUNT OPTIONS
Fibre Federal offers Choice Checking and Money Market Checking, each with different features, requirements, rates, and fees. Compare the current account details before deciding which one works best for you.
Choice Checking
Choice Checking has no monthly maintenance fee or minimum balance requirements. Members who meet the monthly requirements can earn premium dividends and receive ATM fee refunds.
Money Market Checking
Money Market Checking offers money market dividends and requires a $1,500 opening deposit.
FIND THE RIGHT CHECKING ACCOUNT
The best checking account for you depends on how you plan to use it. Compare fees, balance requirements, digital banking tools, ATM availability, and other features before you decide.
Ready to open a checking account? Compare Fibre Federal's checking accounts and choose the features that best fit your banking style.