According to WalletHub’s literacy report, Texas is one of the most literate states. Its popular city, Katy, boasts 40 banks and 11 credit unions, which help people safeguard their money and manage their finances. Among the various accounts, a checking account plays a significant role in different aspects of people’s lives. Checking accounts via a bank or credit union provides the speediest and simplest access to your money. Ideally, you should open a checking account in Katy, TXin a credit union that has been serving people for more than six decades. Such a credit union follows an approach of putting their members first and taking sufficient time to understand your financial needs. Only after that do they offer expert advice.

What Is a Checking Account?

It refers to a bank account type that enables users to withdraw and deposit money for routine transactions quickly. These types of accounts are the most liquid bank accounts. It implies that the user has easy access to their money. A checking account permits unlimited withdrawals and deposits though they will have a daily maximum limit from anywhere between $300 to $5000 depending on the particular bank.

The central aim of this account is to hold the user’s money in a safe place for a short period. So, the cash is readily available for the user when they need it. You have the option to send your paycheck to your checking account. It is called a direct deposit. Then, you can move a part of your earnings to an investment or savings account, where it will increase over time.

How Can You Open a Checking Account?

To open a checking account, you only need to give your personal information like your name, birthday, address, and social security number. You may need to deposit some money to start the account as per the bank. It can range anywhere from $1 to $50.

But you can also open a free checking account in Katy, TX, from a credit union without the need for any monthly fee. There’s no minimum balance, so it’s a good step to start working on your financial goals. You can also access their free mobile and online banking. Thus, it becomes easier to make mobile deposits anywhere.

Features of Checking Account

  • Direct deposit allows your employer to deposit your paycheck electronically into your bank account. It makes funds available to you immediately.
  • Electronic Funds Transfer – EFTenables you to transfer money to your bank account without waiting for a check to arrive in the mail. Many banks don’t charge to create an EFT.
  • Cashless banking – The debit card has turned integral for any person using a checking account. It offers easy usage and portability without a load of high-interest credit card bills. Many banks provide zero-liability fraud protection for debit cards to save against identity thefts if a card gets stolen.

Using Checking Accounts

After setting up your checking account, you can deposit funds using ATMs, over-dash counter deposits, and direct deposits. To gain access to their funds, they can use electronic credit or debit cards linked to their accounts. They can also use ATMs or write checks.

Checking accounts have become much more convenient for people to use due to recent advances in electronic banking. Now, people can set up automated payments of monthly expenditure and use apps on their smartphones to transfer or deposit money.