With so much happening during the wedding planning season, it's easy to overlook the less "enjoyable" decisions that come next - like your financial institution. We’re here to help make it easy with five things to look for in a checking account after saying "I Do."
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1. Monthly Fees
Who wants to pay for access to their own money? (We'd assume the answer is no one) However, some checking accounts may charge various fees to access your money. Some common fees include: monthly service/maintenance fee, overdraft fee, non-sufficient (NSF) fee and ATM fee. These fees could range from a couple dollars to $35 per occurrence, making repeat fees costly.
Thankfully, many common checking account fees are avoidable if you responsibly manage your account and always maintain a positive balance. However, you should also consider accounts with minimal fees so you don’t need to keep track of too many requirements. Consider no-fee checking accounts, like our "worry free" CareFree checking, that will never charge a monthly service fee.
2. ATM Accessibility
If you often pay with cash, you’ll need to use an ATM or visit a branch to withdraw money. Thankfully, as a credit union member you have surcharge free access to our CO-OP 30,000+ ATM Network. However, this isn't always the case. If you're relocating after tying the knot, check to ensure you'll have access to your funds without paying the hefty fees.
3. Minimum Balance Requirements
Many checking accounts require you to maintain a certain balance in order to avoid fees. If you don’t meet the balance requirements, you incur a monthly maintenance fee - sometimes up to $15. If you open an account that charges monthly service fees, make sure you meet any minimum balance requirements to waive the fee. Otherwise, opt for a checking account that doesn’t require you to maintain a certain balance to benefit from $0 monthly service fees.
At Azura, we pride ourselves on manageable account requirements, with no minimum balance requirements, for our Beyond Checking account, including:
- 15 debit card transactions with a minimum amount of $5 each per month (Piece of CAKE)
- At least one Direct Deposit or ACH a month (That's it, just bring your paychecks over!)
- Sign up and receive monthly E*Statements (Who wants it in their mail anymore, anyway?)
The $5 monthly fee is waived and Bonus Rate is paid when requirements are met. $12 in ATM surcharges are refunded monthly if requirements are met. How's that for Above & Beyond?
4. High-Yield
Though checking accounts aren't typically used for long-term savings goals, high-yield checking accounts offer the ideal combination of easy access to your money with the earning potential of a savings account. When looking to grow, both as newlyweds and financially, what better way than with a little extra each month?
As mentioned before, our Beyond Checking account has manageable account requirements and offers a 3% bonus rate - one of the best in the industry! On average, our members earn $175 through the Beyond Checking 3.00% bonus!++ So, what are you waiting for?
5. Innovation
Choosing the right checking account is about more than just the financial terms. You should also consider what innovating technology and mobile features are offered. With mobile deposit becoming more common, other forms of innovation are needed to stay "up-to-date."
Interactive Teller Machines (ITM) are a way for financial institutions to provide faster, safer and more convenient services. With virtually any transaction available through video tellers during business hours, and self-serve with deposit access 24/7, you'll never want to go back to a standard ATM again.
