Whether you are opening your first checking account or looking for a new bank with better checking benefits, there are a few things to consider. The benefits of checking accounts vary from financial institution to financial institution, and some credit unions and banks even have multiple verification options to meet the needs of their various clients, such as service members. Things you probably haven’t considered – like service charges, ATM fee refunds, and early access to paychecks – can make a huge difference to your banking experience and your finances. Here are the main things to consider in a checking account: “Choosing a checking account can be tricky if you don’t know what to look for,” said CJ Pointkowski, assistant vice president of savings and control at Navy Federal. “We have a variety of products that appeal to members at all stages of their financial journey, and we want to help members find what is right for them. “
Discounts on ATM fees. Fees of two and three dollars (or more) each time you withdraw money from an ATM is a nuisance and can make your account appear to be slowly losing money. Some banks or credit unions reimburse ATM fees up to a certain amount each year. Federal Navy Credit Union has several checking account options with discounts on ATM fees of up to $ 120 per year and a free active duty verification account for the military with discounts of up to $ 240 per year.
Service charge. Many banks charge you a monthly service fee, also known as a maintenance fee, just for doing business with them. Often times, you can get around these monthly fees by keeping your current balance above a certain amount, but if you have a lower balance, the monthly fees can be exhausting. Usually, accounts with larger benefits have higher fees, so it’s wise to compare several options to decide what will work best for you. Navy Federal offers several verification options with no service charges or minimum balances, so you never have to worry. Discover their Free easy verification, Free daily check, and Free campus verification (if you are between 14 and 24), for completely free verification options with other great benefits.
Early access to military pay. If you are on active duty, some banks will allow you to access your paycheck one business day before payday if you are enrolled in direct deposit. Banking with a military-focused credit union like Navy Federal gives you access to this benefit through their Free active service check account, which is not restricted to members of the Active Duty service. Reservists and retired military personnel can also open one of these checking accounts and enjoy the benefit of early pay. In addition, discover their Active duty military posting schedule for 2021 to see the days you get paid for the rest of the year.
Mobile deposit. Most members of the service do not enjoy the luxury of banking at a physical institution, so being able to deposit checks and pay bills on your cell phone is imperative. All Navy Federal current accounts automatically include Mobile depots, which allow members to deposit up to $ 50,000 in personal or business checks every day 30 days after becoming one. Depending on when you make your deposit, you can have access to your money as early as the next business day.
Other benefits. Navy Federal has very good additional benefits that come with their checking accounts, in case you haven’t already been sold – monthly dividends, overdraft protection, and free checks, to name a few.
Plus, members get a plethora of additional perks such as shopping discounts, online member offers at your favorite stores when using a Navy Federal credit card, as well as support and resources. at every stage of life – in and outside the military.
If your checking account isn’t working for you, or it’s just time for a change, there are plenty of options to meet your unique needs. Not all checking accounts are equal and neither are all financial institutions, so it’s important to consider things like rewards, benefits, and fees before opening a new account. Banking with a financial institution, such as the Navy Federal Credit Union, that understands and meets the unique needs of members of the department can also be a financial game-changer.
The Navy Federal Credit Union is insured at the federal level by the NCUA.
This article is sponsored by Federal Navy Credit Union.