A Guide to Understanding Your Checking Account Options

The rise of online and mobile banking has played a central role in pushing banks to offer more convenient features and services for all of their checking accounts. These standard features include:

Online Banking

With access to your account balances and the ability to perform basic banking activities from the convenience of your computer, online banking saves you trips to your local branch and makes it easy to track your daily spending—especially if you want to connect your bank activity to a money management tool.

Mobile Banking App 

Mobile banking takes all the conveniences of online banking and pushes them even further, making it easy to monitor your accounts, view transactions, transfer money, and pay your bills on your smartphone or tablet.

Mobile Check Deposit

One of the biggest time savers of mobile banking is the ability to deposit checks virtually. A mobile banking app can scan a paper check, document its information, take a photo for your records, and use that information to fund your bank account without requiring a trip to the bank.

A Debit Card

A checking account debit card gives you all of the convenience of purchasing with a credit card. Charge purchases to your checking account with full confidence that your account information is secured against fraud and being monitored by specialists.

MoneyTrack

Connect your checking account to a MoneyTrack money management tool. This integrated tracking tool will monitor and manage your cash flow, savings goals, budget categories, and financial goal-setting to maximize the value of your banking experience.

MoneyPass

Tired of shelling out for ATM fees? When you use an FSCB debit card, MoneyPass will let you make fee-free withdrawals from more than 37,000 ATMs across the United States, keeping more of your money in your bank account—or your wallet.

Save Your Pocket Change

This easy-to-use savings program rounds up your debit card charges to the nearest dollar and deposits the change into a savings account. Even if you already make savings contributions, this simple program can increase your savings and accelerate your progress toward your financial goals.

FSCB currently offers seven types of checking accounts as part of our mission to serve every account holder’s needs. Here’s a brief overview of each of these checking accounts and which type of customer might be best suited to each option.

Preferred Checking

Our standard checking account requires only a $50 opening deposit and has no minimum balance. It also offers all of our standard checking account services, such as identity theft protection. This account comes with an $8 monthly service fee that can be waived if customers meet some basic requirements of using the account.

Best for: General banking customers seeking a simple, no-frills checking account

Horizons Club Checking

This checking account caters to customers ages 50 years and older. Horizons Club Checking expands upon the Preferred Checking option by offering the ability to earn interest on your account balance, as well as a free annual box of checks and a discount on using one of the safe deposit boxes at the bank. Fees for other services, including money orders and cashier’s checks, are also waived.

Best for: Anyone 50 years and older

Super NOW Checking

This bank account requires a minimum opening deposit of $2,500 and requires the same minimum balance to waive monthly fees for the account. Super NOW checking delivers a lot of value by letting consumers earn interest on their account balance and offering unlimited check writing.

Best for: High earners or customers who maintain a high account balance

Student Checking

Enjoy full access to standard checking account features with no monthly fees, no minimum balance, and an opening deposit requirement of just $10.

Best for: Students ages 12-22 (at age 23, this account converts into a Preferred Checking account)

Free E-Checking

This basic checking account doesn’t offer identity theft protection or other features available through other FSCB checking accounts. However, this free account only requires a $50 opening deposit, and its $4 per month fee can be waived just by signing up for electronic statements.

Best for: Young adults opening their first checking account

New Opportunity Checking

Working to rebuild from bad credit and/or closed bank accounts? This checking account option is available for just a $50 opening deposit and a $9.95 monthly fee. Both the fee and opening deposit may be reduced in exchange for signing up for government direct deposit.

Best for: Customers working to rebuild their credit

Cash Card—Debit Account

Similar to New Opportunity Checking, this debit account option gives consumers access to a debit card even if they’ve struggled to be approved for checking accounts in the past. Cash Card accounts are subject to the same fee schedule as New Opportunity Checking.

Best for: Customers with a troubled credit history in need of simple ways to spend from their checking account

In addition to comparing and contrasting these accounts against one another, you can also ask yourself the following three questions: 

1. How important is it to avoid paying monthly fees? 

Many consumers are eager to avoid banking fees whenever possible—especially when those fees aren’t connected to valuable services that improve your banking experience. In certain situations, though, the fees associated with a checking account could be well worth the monthly expense if they give you access to features or services that enhance the value of that account.

2. How much money do you plan on keeping in the account? 

Certain types of checking accounts require a minimum balance that must be maintained, whereas other accounts may allow you to maintain a low average daily balance. As you evaluate checking accounts, make sure you’ll be able to meet the minimum balance requirements for any account you consider—or else you might have to shell out money to cover monthly account fees.

3. How important is it to earn interest from your account balance? 

Certain checking accounts allow you to earn modest interest on your average daily account balance. If you want to maximize the value of your checking account, an interest-bearing account may be the right fit.