• May 13, 2022
  • Posted by General Electric Credit Union
  • 2 read

What to Consider When Opening a Checking Account

So, you’re looking for a new checking account with features that are easy to love. There’s a lot of competition out there, which can sometimes make it overwhelming to narrow down your choices. Take note of the following while you cut back the competition to find your perfect match. 

3 considerations for checking accounts 

1. Access to your money

How you prefer to access your money is unique to you. If you still like the old-fashioned way of doing things (i.e. visiting a branch), it’s important for the financial institution you choose to have a brick-and-mortar location near you, where you can take care of checking account needs. Or, if you appreciate the convenience of digital services, you’ll need to verify whether or not you’ll have access to online banking or a mobile app with the features and functionality you are looking for. For example, Debit Card Controls you can customize, mobile check deposit, and personalized alerts among other options. 

Many institutions have enabled their debit cards for use in a digital wallet on your device. This allows you to make contactless, secure payments in-store, online, or in-app.

Did you know?: General Electric Credit Union (GECU) cardholders can choose from: Apple Pay®, Google Pay™, or Samsung Pay™. 

2. Your balance 

Your average daily balance may guide you to the right checking account option. Some checking products have minimum balance requirements that, when left unsatisfied, trigger a fee. It may be advantageous to look elsewhere if you can’t reasonably keep this amount in an account. Instead, look for a free checking account with no balance requirement. 

There are also checking account options that reward you through interest earned. These high-yield accounts sometimes operate under tiers that let you earn more as your balance grows. Keep this in mind if your average daily balance is significant. 

3. Existing relationship 

If you already have a savings account or credit card with your financial institution, consider expanding this banking relationship by opening a checking account with them. You may already know your closest local branch and have mobile or online banking set up. Plus, you’ve built a relationship with the institution that may work in your favor when you apply for credit. That’s because they have first-hand experience with your credit habits and can better gauge your creditworthiness as a result.  

Our local feel isn’t the only benefit of a GECU checking account. After you open a bank account online, you’ll benefit from a wide range of perks and features: 

We offer three checking account options: Simply Free Checking,3 Choice Checking,4 and Amplified High-Yield Checking.5 You can compare them online by visiting our checking page and selecting Compare instead of the default List view. Once you have a better idea of which new checking account you want, you have the option to open a bank account online. It’ll only take up 10 minutes of your time!

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