CHECKING ACCOUNTS
WHAT YOU NEED TO KNOW?
Presented by: Kellie Crawford
June 20, 2013
BASIC DEPOSIT ACCOUNTS
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Free checking
Non interest bearing checking
Fee driven checking
Interest bearing checking
Interest bearing checking with requirements
Minor savings
Regular savings
WHAT IS A CHECKING ACCOUNT?
The term checking account refers to a deposit account at a
financial institution which allows the owner of the account
the ability to withdraw funds and write checks against their
deposits. While most Checking Accounts do not pay
interest on Deposits, some Checking Accounts do pay
interest.
REASONS TO OPEN A
CHECKING ACCOUNT?
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Safekeeping
Budget
Save money
Earn interest (where applicable)
Convenience
Build a financial history
CHECKING ACCOUNT
FEATURES
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Debit card
Electronic banking
Remote deposit capture
Bill pay
Direct deposit
ACH/EFT (electronic funds transfer)
24/7 access to funds
24/7 ACCESS
Online Banking
Mobile Banking
Retail
ATM
SACU’s mobile app features
• View account history from any of your SACU accounts
• Deposit checks to your account by taking a picture
(Remote Deposit Capture)
• Locate the nearest SACU branch or ATM
• Manage bill payments, both one time and recurring
payments
• Manage transfers, both one time and recurring transfers
• PayPal
Reasons To Balance Your Account
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Avoid return items
Avoid account closure
Identify unauthorized transactions
Increase savings
Avoid retailer fees
Avoid financial institution fees
Avoid the myths
Checking Account Myths
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As long as I have checks I have money
If the transaction goes through I have money
All deposits are created equal
When I performed a balance inquiry I had money
Checks take days to clear
I am not responsible for fees if the financial institution
pays items on my behalf using overdraft services
STANDARD FEES
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Non Sufficient Funds (NSF)
Return Deposit Items (RDI)
Overdraft/Courtesy Pay
Excessive Withdrawal
ATM
HOW TO AVOID FEES?
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Balance account regularly
Monitor account for unauthorized transactions
Only use overdraft for emergencies
Use ATM’s in financial institution network
Use checking account for withdrawals
Cash checks from others at their institution
Don not share account information
Protect your identity
• Do not share your account information unless you initiated
contact and know who you’re dealing with
• Do not respond to phone or e-mail requests for your
account information
• Review your statement regularly and report suspicious
transactions
• Do not share your passwords
• Shred sensitive mail and documents
Visit www.balancepro.net/partners/sacu/for more information
AVOIDING UNECCESSARY FEES
Checking Activity
Birthday Money (deposit)
Pay cell phone bill (debit card)
Balance
Mc Donald’s (debit card)
Overdraft fee (withdrawal)
Balance
Movies (debit card)
Overdraft fee (withdrawal)
Balance
Nike Air Max Lebron (check)
Overdraft fee (withdrawal)
Balance
Payroll Check (deposit)
Balance
$ 75
($ 75)
$ 0
($ 5)
($ 25)
($ 30)
($ 20)
($ 25)
($ 75)
($165)
($ 25)
($265)
$200
($ 65)
IMPACT FEES HAVE ON YOUR
ACCOUNT
Fees Paid/Owed
Overdraft
Foot locker return check
Negative checking balance
Actual Cost of Merchandise
Mc Donald’s Burger ($5)
Movies ($20)
Nike athletic wear($165)
$75
$35
$65
$175
$ 30
$ 45
$225
SACU PRODUCTS & SERVICES
Credit & Debit Cards
Free Checking
Free Online Anytime
Savings
Free Mobile App
Investments
Loans
Thank You
For questions
www.sacu.com
SACU Toll Free #
1-800-234-SACU
Bexar County Local #
210-258-1414