Free Checking that rewards you with cash! Green money in the background.

What Is a Checking Account?

I don’t write checks, so do I need a checking account? A checking account is offered by financial institutions and is used by consumers to pay bills and expenses through debit cards, at merchants and online stores, peer to peer, and paper checks. Since there is generally no limit to the number of times you can access the money in the account, many people use them for daily expenses such as buying coffee, paying for parking or purchasing gasoline or groceries. Maybe they should call them debit accounts or transactional accounts instead! While Credit Union of Denver’s Checking Accounts come with a free debit card, you can still purchase paper checks. Checks never expire, so they can be there when you need to pay a deposit and your landlord doesn’t accept a debit card, for example. Credit Union of Denver also offers official cashier’s checks, that are printed here at the branch and you get one free each month. This is easier than getting a Money Order that will cost you a fee.

How Do You Open a Checking Account?

There are many ways to open a checking account, whether it is individual or a joint account. Going to the local branch of a credit union is one method. Bring identification issued by the government, such as a driver’s license or passport.

Another common method of opening a checking account is online. This may be a more convenient option. Just make sure you can scan or upload the necessary documents.

Before you start to open the account online or in person, have your personal information ready, such as your Social Security number or tax identification number, U.S. residential street address and birth date.

How Do You Pick the Best Checking Account?

There are various checking accounts offered by banks and credit unions. The most important factors to examine may be the fees and the rewards. Ask clarifying questions like:

  • Do they charge a monthly maintenance fee?
  • Do they have a minimum balance requirement?
  • Do they require a regular direct deposit to avoid fees?
  • Do they have an annual fee for their debit card?
  • What is their overdraft fee? Do they allow overdrafts?

Some banks may charge as much as $15, which can put a crimp into your budget. Credit Union of Denver doesn’t charge any monthly account or annual fees on our Rewards Checking Accounts, they actually pay you to use them! Without hoops to jump through, our Interest Rewards Checking account earns 3% APY* and our Cashback Rewards Checking account can earn you up to $5 a month in cashback. Both accounts will refund up to $25 a month in ATM fees charged at bank ATMs.

The monthly requirements are easy:

  • eStatements – just a good idea because it saves paper, it’s more secure than your account information hanging out in your mailbox and they are available on the first business day of the month.
  • 15 Debit Card Purchases – use your debit card 15 times for purchases – easy!
  • Direct Deposit – if you don’t have a direct deposit, a Mobile Deposit or an electronic transfer from another financial institution will also satisfy this requirement. It just has to be over $1.

That’s it! If you don’t meet the requirements for the rewards, there’s no penalty and you simply try again the next month.

Is it Hard to Switch Checking Accounts?

We realize it may take a little extra effort to change your checking account when you already have one established. But, our team came up with checking account options that are so full of benefits, we make it worth your time to make the move! We make it easy to switch your checking account over to Credit Union of Denver with our switch kit.

It takes a little time and coordination, but in the end, you’ll be glad you made the switch.

5 Reasons These Reward Checking Accounts Are Worth the Switch.

  1. If you happen to fall short of the requirements, there is not a fee and no penalties are accessed. Your monthly statement will show you exactly where you fell short of the requirements, so you can make sure to meet the requirements and enjoy the rewards next month.
  2. We offer Online Banking and Mobile Banking, which also include eStatements, Mobile Deposits and Bill Pay. You can do so much of your banking with these tools so there is very little reason to ever visit one of our branches.
  3. CUDeals is a cash reward program for purchases made with your Debit, Secured or Platinum cards at participating vendors. Reward offers are presented to you based on your individual shopping habits. You simply select the rewards you are interested in through Online Banking and then make the required purchase at the applicable store and the cash back will be deposited to your checking account the following month. Nothing to track, it just appears! It is really that easy!
  4. We belong to the Shared Branch Network, which allows our members’ access to their accounts at 5,600 other credit union branches and nearly 30,000 surcharge-free ATMs nationwide. Shared Branches allow you to make deposits, withdraws and loan payments. You can also text your zip code to 91989 to receive the address of the closest Shared Branch and free ATM to your location.
  5. You can set up Card Alerts up on your Debit, Secured, Platinum and HELOC cards that will notify you of certain types of account activity. You can elect to have alerts sent to you via email or text messaging. You can choose to receive an alert when a purchase is over a certain amount, when an online purchase or international purchase is made or an alert when a transaction is declined.

We also offer a Checking Account with Interest, no extra bells and whistles. This account does have a minimum balance requirement of $1,000. If you happen to drop below this balance at any time during the month, there is a $10.00 fee.

If you open any of our Checking Accounts and find that it isn’t living up to your expectations, we can easily change your checking account to one of our other checking options that will work better for you. All it takes is a quick phone call to 303.239.1150 or 800.279.3288.

*APY = Annual Percentage Yield

Source: https://money.usnews.com/banking/checking-accounts#how-do-you-open-a-checking-account and enhanced by Credit Union of Denver