The IFCU Blog

Credit unions are popular among individuals and families. With their emphasis on community and member-driven services, credit unions offer a wide range of benefits that cater to different needs. Let's discuss the top three types of checking accounts offered by credit unions, each with its perks and benefits.

Accounts With No/Low Monthly Fees

Credit unions are known for their emphasis on community and member-driven services, which also extends to their checking account options. One of the most popular checking accounts credit unions offer is the no/low fee account. As the name suggests, this type of account does not charge a monthly maintenance fee, or provides very simple ways to avoid a monthly maintenance fee. In addition, many credit unions offer free overdraft protection and low minimum balance requirements for these accounts, making them an attractive choice for those who want to avoid additional charges and easily access their funds without worrying about maintaining an average daily balance.

For example, the IFCU Everyday Checking Account offers the following benefits and more.

• No minimum balance requirements

• Open an account with as little as $5

• Early Pay - Get paid sooner—up to 2 days early¹ with direct deposit, when your employer sends it in.

• Low/No monthly fees - easily avoid the $5 monthly maintenance fee by enrolling in eStatements or set up monthly direct deposits of $500 or more. 

Accounts with Discounts and Rewards

Many financial institutions also offer rewards in their spending accounts to incentivize customers to save and spend money with them. These rewards can come as cash back, travel points, or other discounts and rewards. 

Accounts for Families or Students

Families and students often have unique financial needs, so some banks and credit unions offer specific accounts tailored towards them. These accounts may come with special perks or benefits that cater to the needs of families or students, such as higher interest rates on savings or discounts on school supplies.

For example, the IFCU Teen Checking Account is a CUNA Diamond Award winning youth account and it offers the following benefits.

• No service fees or balance requirements

• Includes a Visa® debit card

• Access to Online and Mobile Banking

• Earn higher monthly dividends

How to Open a Credit Union Checking Account

Opening a credit union checking account is similar to opening a traditional bank account. Here is a checklist of steps to follow when opening one:

Step 1: Find a Credit Union

You can start by researching local credit unions in your area or searching online for nationwide options. Look for features you're interested in, such as low fees, high interest rates, or convenient branch locations. 

Step 2: Check Eligibility

Unlike traditional banks, credit unions have membership criteria that you must meet to join. It can include living or working in a specific area, belonging to a particular organization, or having a family member who is already a member. At Industrial Federal Credit Union, joining is easy. We are a diverse group of 30,000+ members and we want you to be one of them! Becoming a member is easy. 

Step 3: Gather Necessary Documents

Ensure you have all the necessary documents to open an account, including government-issued identification such as a driver's license or passport, proof of address, and your social security number.

Step 4: Fill Out an Application

You will be asked to fill out an application for a new account at the credit union. 

Step 5: Set Up Your Account

If your application is approved, you can now set up your account at the credit union. The staff at the credit union will guide you through this process and help you start using your new account.

Final thoughts

Choosing the right checking account can make a big difference in how you manage your money. At Industrial Federal Credit Union, we offer some of the most competitive checking accounts around—backed by great rates and personalized service you can count on. With built-in budgeting tools and convenient online banking, managing your finances has never been easier. By thinking about your current financial needs and future goals, you can find an account that fits your life today and grows with you tomorrow.