How-to-Guide on How a Checking Account (and Debit Card) Works
1. What Is a Checking Account?
A checking (or share draft) account is a bank account that helps you manage and spend your money easily. You can use it to save money safely, pay for things and keep track of your spending. Checking accounts are perfect for everyday transactions like buying groceries, paying bills, and getting your paycheck deposited.
2. How Do You Use a Checking Account?
Deposit Money: First, you need to put money into your checking account. This is called a deposit. You can deposit money by:
- Going to the Bank: Hand cash or checks to a bank teller.
- Using an ATM: Insert cash or checks into an ATM machine that accepts deposits.
- Direct Deposit: Set up direct deposit so your paycheck goes straight into your account.
- Mobile Deposit: Deposit checks anytime, anywhere with a Smartphone and the CSE mobile app. Apply for Mobile Deposit Here. https://www.csefcu.com/electronic-services/mobile-banking/mobile-deposit
Spend or Withdraw Money: Once you have money in your account, you can spend or take out (withdraw) money in a few ways:
- Debit Card: Use your debit card to buy things at stores or online, or digitally via mobile wallet. This takes money directly from your checking account from money you’ve saved and put in the account.
- ATM: Use your debit card at an ATM to withdraw cash.
- Online or Mobile Banking: Pay bills, transfer money, or even send cash to friends using online or mobile banking.
- Checks: Write a check to pay someone. They’ll cash or deposit it, and the money comes out of your account.
3. Keeping Track of Your Money
It’s important to check your account balance regularly to know how much money you have. Most banks offer online banking and mobile apps, so you can check your balance and see recent transactions anytime.
4. What Are The Fees?
Some banks may charge fees on your checking account. Common fees include:
- Monthly Maintenance Fee: Some banks have monthly account fees. CSE does not have monthly or minimum account balance fees!
- Overdraft Fee: If you spend more than what’s in your account, CSE might cover the amount, but you may encounter an overdraft fee.
- ATM Fees: CSE is part of an ATM network, giving you access to 30,000+ fee-free ATMs. Using ATMs that aren’t part of CSE’s ATM network can result in fees.
At CSE, we pride ourselves on a good, old-fashioned checking account. Our standard checking account is fee-free and has no minimum balances or monthly maintenance requirements!
5. Why Use a Checking Account?
- Convenience: You don’t need to carry cash everywhere, and you can pay bills or make purchases with a debit card.
- Safety: It’s safer than keeping cash at home. CSE protects your money. Check our FAQ page for more details. https://www.csefcu.com/faqs
- Record Keeping: Checking accounts keep a record of all your spending, making it easier to see where your money goes.
- Earn Rewards: CSE’s debit cards earn points with each purchase made. These points are added to our MORe Rewards program, and members who have both a debit card + a Rewards Visa card are earning points on both cards, combined into one rewards program for even faster point redemptions!
6. Tips for Using a Checking Account and Debit Card Wisely
- Keep Track of Spending: Avoid overspending by knowing how much you have. Check balances via our online or mobile app easily.
- Avoid Overdrafts: Only spend what’s in your account to skip the overdraft fees.
- Set Up Alerts: CSE allows you to set up alerts for low balances, large transactions and more to stay in control.
- Debit Card Freeze: Turn your Debit Card On/Off from CSE's eBranch or Mobile App when you’ve misplaced your CSE debit card.
A checking account is a simple, safe way to store and manage your money for everyday expenses. You can add money, spend, and track your account easily. Just remember to keep track of your balance, watch out for fees, and spend responsibly.
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