Abbey Credit Union | Young Adults | Checking Accounts

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Checking Accounts :: Managing a Checking Account

Managing a Checking Account

With a checking account, you can deposit money and transfer those funds to another person or

business via written check or debit card. You can also withdrawal money by writing yourself a

check, or with your debit card at an ATM location.

The best checking account for young adults just getting acquainted with the real world is a Basic Share Draft Account. The name “Share Draft” is derived from the idea that a credit union’s members are its owners, therefore deposits made are considered a share.

The Abbey Credit Union Basic Share Draft/Checking Account features:
+	No monthly service fee.
+	No minimum balance requirements.
+	Unlimited check writing privileges.
+	No annual fee.
+	Federal deposit insurance by NCUA, an agency of the federal government.

As with any Abbey checking account, you will also enjoy:
	Carbonless Checks	Direct Deposit
	Abbey ATM/Debit Card	Payroll Deduction
	ATM (Automated Teller Machine)	Shared Branching
	Night Drop	Drive-Up Window
	Overdraft Protection	Monthly Statements

Managing Your Account

A checking account is comparable to a revolving door: funds are constantly deposited and withdrawn. It is imperative to keep track your account’s activity.

The Abbey Credit Union Basic Share Draft/Checking Account features:
	Record all transactions. Write the date, check number (if writing a check rather than using your debit card), person or business receiving your funds, and amount being transferred out of your account in the register section of your checkbook. When depositing money, write the date and amount deposited. Be sure to also subtract or add from the current balance every time a transaction occurs.
	Monitor your account. Do not wait to receive your monthly statement in the mail. Thanks to today’s modern technology, you can view your current account status with online home banking (Abbey@Home), or use the phone to keep up to date (“Otto”). This will help you to prevent unnecessary overdraft penalty costs if you forgot to record a transaction, or possibly from identity theft.
	Balance your checkbook. When you do receive your monthly statement, compare it to your records. Make sure all transactions match up, along with your current balance.
	Avoid writing ‘bad checks’ or overdrafting. A check is considered bad when written for an amount greater than what is in your account. This can accrue fees from your financial institution as well as from the organization trying to cash your check. An overdraft occurs when your debit card is used to withdraw more funds than are available. Abbey Credit Union, understanding that you can sometimes lose track, offers overdraft privilege to avoid consequent costs. This protection is not unlimited, so it’s important to do your best to manage your account appropriately. If you realize you might overdraft on your account, make a deposit as soon as possible.

The information contained in all articles, links, sponsored articles, and FAQs within this website does not necessarily represent the views of Abbey Credit Union and its affiliates. This website is designed to offer helpful hints to consumers. Please consult an attorney, CPA, or other professional for expert advice.