8 Benefits To Look for When Choosing a Checking Account
Are you looking for a new checking account but overwhelmed by the options? You’re not alone! Navigating the world of personal finance can be tricky, but finding a checking account that meets your needs doesn’t have to be.
This article covers eight key benefits to look for when choosing a checking account.
1. No Monthly Maintenance Fees
Many financial institutions charge monthly maintenance fees in exchange for their services. While some will waive these fees if you meet certain requirements, finding a financial institution that doesn’t charge these fees is possible.
Connexus is one of them. We offer three checking account options with zero monthly maintenance fees—no strings attached. Learn more about our checking accounts.
2. No Transaction Limitations
To ensure you have access to your money when you need it most, you should open a checking account with no limits on the number or method of transactions you can perform per day or month.
At Connexus, our members can withdraw, deposit, or transfer money without worrying about fees. Plus, our checking accounts offer a free contactless Visa® debit card so you can easily access your money.
3. Free ATM Access
According to an article by Bankrate, the average out-of-network ATM fee is almost $5 per transaction. However, you can avoid these fees by choosing a financial institution that offers free access to a large ATM network.
Did you know Connexus offers its members nationwide access to thousands of fee-free* ATMs?
Learn more about our ATM network.
4. Digital Banking
When choosing a checking account, having 24/7 access is a must. Whether you need to check your balance, pay a bill, deposit funds, or pay a loan, Digital Banking allows you to complete transactions quickly and easily.
With Connexus Digital Banking, you can access your account anytime, anywhere. You can also manage your account on the go with the Connexus App. The app offers convenient features such as debit card management, biometric login, account alerts, and more.
5. Overdraft Protection
When it comes to overdraft protection, it’s important to understand the difference between an overdraft fee and a nonsufficient funds (NSF) fee. While many believe they are the same, they are different.
A financial institution may charge an overdraft fee when it allows a transaction to go through even though there aren’t enough funds in the account. While the financial institution covers the difference up front, it must be paid back, along with the overdraft fee. According to an article by Bankrate, the average overdraft fee in 2023 was nearly $27.
A financial institution usually charges an NSF fee when an account doesn’t have enough funds to cover the transaction and is declined. An example would be a check that bounces, and you’re then charged an NSF fee. Bankrate’s article states that the average NSF fee in 2023 was nearly $20.
Watching your account closely is one way to avoid overdraft and NSF fees. However, it’s also wise to choose a financial institution that offers protection.
Learn more about protection at Connexus.
6. Nationwide Availability
Banking with a local financial institution has its perks, but what if you don’t live near one of its branches or you’re traveling? Before opening a checking account, determine how easy it is to access your account and complete transactions if you don’t have a branch nearby.
Connexus is part of a nationwide Shared Branch network that allows members to make select transactions in another participating credit union’s branch. From making loan payments to depositing checks or withdrawing money, you can easily perform these transactions at a Shared Branch location.
Learn more about the convenience of Shared Branching and see if there’s a location near you.
7. Exceptional Member Experiences
When you eat out, you expect to enjoy the food and receive excellent service. If the wait staff is inattentive or treats you rudely, it doesn’t matter how good your meal tastes—you’ll probably never eat there again.
The same is true for your bank or credit union. If something goes wrong or you have a question, you want to rest assured that the people you work with will be knowledgeable and eager to help.
Connexus promotes exceptional member experiences at every touch point. Whether you work with our Member Contact Center, use online chat support, or visit one of our branches, you can expect friendly and personalized service.
8. Values & Ethics
It may be important to you to choose a financial institution that shares your values. While many national mega-banks give their profits to shareholders, credit unions return them to members, resulting in fewer fees, lower rates, and higher yields.
At Connexus, we strive to make a positive difference in our members’ lives. We also invest in the communities we serve because we believe in supporting one another. See the ways we give back through our philanthropic program, Connexus Cares.
Ready to change the way you bank? Take the first step by opening a Simply Free Checking Account with Connexus. With this hassle-free account, you’ll enjoy all the benefits mentioned throughout this article and more. You can also contact us, and we’ll help you get started.