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5 Reasons Why You Don't Have a Free Online Checking Account

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5 Reasons Why You Don't Have a Free Online Checking Account

The main reason why people don't have an online checking account is because they don't know about the benefits, flexibility and freedom it can provide for them.

Here are five reasons why you might not have a free online checking account and why you should consider opening one through a credit union.

1. You think your checking account will cost money.

Copper State Credit Union in Arizona offers a maintenance fee-free CashBack checking account 3 with no monthly minimum balance required. Some institutions will charge a monthly fee unless the member sets up direct deposit or maintains a minimum monthly balance. This can be frustrating if an emergency purchase near the end of the month depletes the account and then the customer suddenly learns that they have been hit with a fee. Other institutions will charge a fee unless the monthly balance stays above a minimum amount, such as $300 per month, for 30 consecutive days. This is why many Valley of the Sun customers enjoy having a credit union checking account.

According to Black Enterprise, using a no monthly minimum checking account is actually the cheapest way to manage all of your financial transactions. A 2015 study by the Federal Deposit Insurance Corporation (FDIC) found that almost one in five households in America are not taking advantage of online checking. The FDIC found that instead, families are relying on check cashing services, payday loans and other expensive options.

2. You don't think you can earn cash back.

Earning cash back on purchases only applies to credit cards, right? Not anymore! With Copper State CU's Cashback Checking account, you can earn up to 1% cash back each month.1

3. You don't think it is convenient.

A no fee checking account is all about your convenience. You can pay your bills online; there is no more need to mail a check or to pay your bills with cash. You can view your current and past account statements and print or download them. You can even set up email and text alerts2 so you'll never miss paying a bill on time.

4. You think there are no added benefits.

A maintenance fee-free checking account offers a lot of additional benefits. When you use direct deposit, your paycheck goes straight into your local checking account and you don't have to wait for the check to clear. Your Mastercard® debit card lets you make purchases at millions of stores worldwide. You can order checks, visit a variety of branch locations, and take advantage of the credit union's online banking and mobile app.

5. You don't know about the loan programs.

Once you become a member at a credit union, there are multiple loan options that you can apply for to move forward in life. You can open up a line of credit with flexible terms and competitive rates. If you're shopping for a car, your checking account could be the stepping stone to an auto loan. Credit Union members can also apply for a home mortgage loan.

1Terms and conditions apply, click here for details.

2 Data charges from your carrier may apply.

3 CashBack Checking does not carry a monthly fee if member is enrolled in eStatements. For members who prefer paper statements, a $2 monthly fee will be assessed to their account, except for those members over the age of 65 or 17 years of age and younger. Interest is paid for those that maintain an average daily balance of $5,000 or more. If interest is accrued, payment will be reflected in member’s monthly statements.