Checking accounts are some of the simplest financial products out there. However, they usually provide you with the best value if you pick the right one for you. State Department Federal Credit Union (SDFCU) offers three types of checking accounts. To help yourself determine the best checking account for you, ask yourself the following questions.

Do I want a checking account with no fees?
If you are looking for a checking account with no fees, you are in luck. SDFCU offers three checking account options – Basic, Advantage, and Privilege and all of them have no monthly fees and no minimum balance requirement.1


What will I use my checking account for?

Checking accounts are an easy vehicle for spending and managing your money day-to-day. Enjoy the convenience of a debit card for online or in-store transactions. Plus, when you need access to cash uses your SDFCU debit card to get cash out fee free at nearly 30,000 ATMs nationwide.

If you maintain a minimum balance of at least $2,000 SDFCU has dividend-earning checking accounts. Advantage and Privilege Checking, which allow you to earn dividends. If you want to earn the highest dividends for longer-term investment, look into moving some money to a Share Certificate or Money Market account.

 

Am I a minor setting up my own checking account or am I an adult looking to establish a checking account for a minor?

If you are one of SDFCU’s youngest members or a guardian of one, you might want a checking account that is created specifically for a minor.  SDFCU offers two types of checking accounts for kids – Minor and Custodian. These two checking account options help the minor learn the importance of managing money. The Minor Checking Account can be opened by a minor as long as he/she can sign their name and has someone over the age of 18 designated as the joint owner of the account. This checking account is controlled completely by the minor. The Custodian Checking Account is opened by an adult for the benefit of the minor. All aspects of this checking account are controlled by the custodian with both checks and a debit card being issued in the custodian’s name.

 

Do I maintain a balance of at least $2,000 in my checking account?

If you are a consumer that regularly maintains a minimum of $2,000 or up to $25,000 within your checking account, SDFCU’s interest-earning checking accounts, Advantage or Privilege Checking, Is a good option for you. SDFCU’s Advantage Checking allows you to earn dividends and up to $15.00 in debit card ATM and Foreign Transaction/ISA reimbursements by maintaining a minimum balance of $2,000 and a few other requirements. SDFCU’s Privilege Checking allows you to earn dividends and up to $25.00 in debit card ATM and Foreign Transaction/ISA reimbursements by maintaining a minimum balance of $25,000 and a few other requirements.

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1 There are no fees associated with not maintaining a $2,000 minimum balance for Advantage Checking and $25,000 for Privilege Checking. If your balance falls below $2,000, you will just not receive all of your dividends or debit card ATM (ISA) fee reimbursements for the month.
For earned dividends, Privilege Account Holders must maintain a $25,000 minimum checking account balance; minimum checking account balance. Minimum of $200 direct deposit monthly into member account (savings or checking); and be signed up for the month. Personal accounts only. For earned dividends, Advantage Account Holders must maintain a $2,000 minimum checking account balance; minimum checking account balance. Minimum of $200 direct deposit monthly into member account (savings or checking); and be signed up for the month. Personal accounts only.
On any given day that the balance falls below $2,000 for Advantage Checking or $25,000 for Privilege Checking, dividends will not be paid for that day. Even if the average daily balance remains at $2,000 for Advantage Checking or $25,000 for Privilege Checking, all criteria must be met to receive dividends for the month. Personal accounts only.
Minimum debit card transactions fee (ISA and /or ATM surcharge fees) reimbursement of $15 for Advantage Checking and $25 for Privilege Checking per month as long as: the average account balance does not fall below $2,000 for Advantage Checking and $25,000 for Privilege Checking for the entire month, the $200 minimum monthly Direct Deposit is met, the member is signed up for Online Banking and eStatements, and there are ten debit card transactions for Advantage Checking. Fees will not be reimbursed unless all criteria are met.
Maximum of three per month.