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Why do I need an account?

Bank On accounts are convenient and hassle-free

With a checking account, you can use direct deposit or go to a branch or ATM to deposit your checks or cash. You can write checks or go online to pay your bills. You can use your debit card to make purchases at stores, get cash back with some purchases, and withdraw money from ATMs or in the branch.

Bank On accounts are safe and insured

Have peace of mind knowing that your money and information is safe. When you deposit money into a bank or credit union, it is protected by the federal government – insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration – up to $250,000. If you lose your debit card, you can remotely lock the card to make sure no one uses it without your permission. Banks and credit unions safeguard your personal information and are on alert for frauds and scams to help you keep your money safe.

Bank On accounts allow you to maintain control over your balance

With a certified Bank On account, you avoid overdraft fees. There is no fee for having a low balance in the account. You can set up low-balance alerts. You can keep track of your spending online, by phone, at the ATM, or at the bank or credit union branch. The monthly fee is low, and, in many cases, it is waived if you have a direct deposit into the account each month. Bank On accounts are about having a dependable way to manage your money.

Bank On accounts help you achieve your financial goals

Having a bank account makes it much easier to save your money and reach your financial goals. Banking is a big step toward having an emergency fund and building your savings. You can earn interest on your money in your savings account. Banks and credit unions have products for building credit, saving for retirement, buying a home, financing college, and many more ways to help you achieve your financial goals.

Bank On accounts save you money

It will not cost you any money to cash your checks. A checking or savings account will help you better manage your cash flow and allow you to directly pay bills without having to buy money orders. The monthly fee is low, and often can be waived if you have a direct deposit into the account each month.

Bank On accounts can benefit everyone

Banks and credit unions cater to all types of customers, no matter how much money they make or who they are. Bank On accounts are opened for people who have had a poor banking history. If you do not have a Social Security card, consular IDs (such as the matricula consular) can be used as ID to open accounts in many banks and credit unions.

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