With today’s rising cost of living, as well as banking fees that seem to never end, Travis Credit Union’s Free Checking Account is a simple, fee-free alternative to managing your money. This account has no minimum balance fees, no monthly service fee and you can get up to two days early payday with direct deposit. In this blog, we will discuss common banking fees and how a checking account with Travis Credit Union is the stress- and fee-free way to improve your financial wellness.
What Do ‘No Fees’ and ‘No Minimum Balance Fee’ Mean?
Typically, financial institutions will offer products and services that customers may need for their everyday banking needs, such as checking and savings accounts. Often, there are certain requirements that must be met with these accounts to avoid being charged a fee. Those requirements may be maintaining a minimum balance, requiring a certain number of transactions, imposing overdraft fees or requiring monthly maintenance fees if you don’t have an additional loan or other product with the bank or credit union.
Fee schedules will vary from financial institution, so it is important to understand the fees charged by your preferred bank or credit union. Let’s take a closer look at a few of the common fees charged by financial institutions.
- Monthly Maintenance Fee: This fee may be charged for not meeting a transaction requirement, not having direct deposit or not meeting the minimum amount of debit card usage or ”swipes” per month. Before opening an account, learn about the ways to avoid the fee or have it waived each month.
- Minimum Balance Fee: This fee may be imposed if you have an account that requires you to maintain a minimum monthly balance. These are typically interest-bearing accounts that offer higher dividends compared to regular savings or free checking accounts. This monthly fee can be waived if you keep the average minimum monthly balance above the required threshold.
- Overdraft Fee: If you don’t have enough funds in your account when a transaction is processed, your financial institution may still process the transaction, which will create a negative account balance or overdraft. Your account is then charged an overdraft transaction fee. This fee may be charged each time a transaction is processed with insufficient funds, and this can add up quickly. To avoid this fee, be sure you have enough funds in your account before you authorize a transaction. You may also use an account that won’t let you overdraft.
Travis Credit Union offers Free Checking and Access Checking accounts that do not have any maintenance fees or minimum balance fees. You also can turn off the overdraft feature, so you won’t be charged the overdraft fee. Instead, your transaction will be declined due to insufficient funds.
What Features enhance TCU Checking Accounts?
Both a TCU Free Checking and Access Checking account offer features and benefits that make managing your money easy, convenient and secure.
- Top-Rated Mobile App: Both accounts allow access to TCU’s top-rated mobile app, which makes online banking a breeze. For example, the app’s mobile wallet lets you register your TCU debit card, so you can use the tap-and-pay feature of Apple Pay®, Samsung Pay® or Google Pay®.
- Person-to-Person Digital Payments: Another account feature that gives you peace of mind is making person-to-person payments with Zelle®. You can pay your friends and family by email or a phone number directly from your TCU checking account. Zelle is free to use and is a great way to move money safely and quickly.
- Direct Deposit with Early Paydays: TCU checking accounts are also a great place to deposit your paycheck, pension or other payments. TCU offers up to two-day early pay, which lets you receive your direct deposit up to two days earlier compared to receiving a paper check. This service will depend on your employer and how soon they process your direct deposit each payday.
- 30,000 ATM Network: Travis Credit Union is part of the CO-OP ATM Network®, which lets you access 30,000 ATMs across the U.S. and Canada for free. You can find the nearest CO-OP ATM at TCU’s ATM finder page.
- Digital Banking: TCU’s digital banking platform offers an array of features and tools that let you improve your financial wellness. You can check your credit score, take free financial education courses through Knowledge Base, review your TCU offers without impacting your credit score and more. Get started with the TCU mobile app or on Traviscu.org.
Who Can Benefit From TCU Checking Accounts?
TCU’s checking accounts are a great fit for those who want a secure, convenient and low-cost way to manage their funds. Here are some groups of people who may benefit from them.
- Students: College students have a lot on their plate and worrying about banking shouldn’t be one of them. TCU’s Access Account lets you manage your funds without the hassle of writing checks but with all the digital conveniences of tap-to-pay, Zelle, direct deposit and more.
- Busy Families: A TCU Free Checking Account is the smart and practical way for young families to manage their day-to-day finances. For example, you can pay bills by writing checks or by using TCU’s Free Bill Pay. Also, with direct deposit, you can receive your payday up to two days earlier. Plus, you can access more than 30,000 ATMs.
- Young Professionals: TCU checking accounts let young professionals manage their funds the way they want — by debit card, mobile wallet and/or by checks. Take advantage of all the features and benefits that come with a Travis Credit Union membership. They can help you achieve all your financial goals in life.
How TCU Can Help
Travis Credit Union is committed to your financial wellness so you can better plan, save, spend and borrow. Your membership unlocks an array of products, services and online banking tools that can help you with your financial success. TCU checking and savings accounts are federally insured up to $250,000 by the National Credit Union Administration.
TCU also offers home and auto loans, credit cards, business services and financial wealth information. Open a checking account today at Traviscu.org!