Each financial institution has its own types of checking accounts, but what most customers want is an account that works in their favor as they pay bills, buy items, or use the features of the bank to suit their needs. A rewards checking account gives back to the customer in a similar way as rewards credit cards do. Depending on the card, customers may receive points on their purchases and cash back after accumulating a certain amount of points. They may also receive one-time sign-up bonuses, high annual percentage yields, no ATM surcharge fees or monthly maintenance/service fees, or airline miles. Here are some of the many benefits to choosing a reward checking account.
No ATM Surcharge Fees
While big banks have many ATMs, credit unions have something called the CO-OP Network, which provides over 30,400 surcharge-free ATMs across the United States and 150,000 around the world. Credit unions can pay your surcharge fees up to a certain amount a month, which can save you a lot of money in the long run.
No Minimum Monthly Account Balance Requirements
Some rewards checking accounts will not require a monthly account balance. This means if you need to purchase items that take your balance below the typical requirement amount, you won’t be penalized. This is a great feature for small businesses that have unpredictable expenses.
No Overdraft or Non-Sufficient Funds Fees
Even if overdraft is a rare occurrence for you, it does put a damper on your day. Pesky overdraft charges from your bank, on top of knowing your bill was not paid, is an experience no one enjoys. Thankfully, banks and credit unions offer rewards checking accounts that protect you from overdraft fees. This can add up to hundreds of dollars in savings over time. Some financial institutions also offer the ability to automatically link your primary savings account to the checking account. This means that if there are any Non-Sufficient Funds (NSF) fees, money from the savings account will transfer over to cover the damage.
Get a Business Savings Account or Rewards Checking Account at LUSO Federal Credit Union
Business savings accounts go above and beyond checking accounts—they pay interest on money stored in the account, increasing the value of your account. They also give you an incentive to save money, and serve as a backup for major purchases. In addition to a reward checking account, you will begin to establish your financial stability as your business grows.
At LUSO Federal Credit Union, we are dedicated to providing our members with quality financial services and products. Our professionals can help you manage your finances, get out of credit card debt, and start saving for future goals. Our services and rates are available in Wilbraham, and Ludlow, Massachusetts. Contact us at our Ludlow branch at 1(844) 587-6328 or our Wilbraham branch at 1-(800) 808-5876 to learn more.