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.
Let’s keep banking simple.
Open a Free Checking Account Today
No monthly maintenance fees. No minimum balance.
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.
APR = Annual Percentage Rate
