21 Checking Account Perks Most People Don’t Even Know About
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Checking accounts are more than just a tool for paying bills and making withdrawals. They come with hidden perks that can save you money and time. Many account holders are missing out on these valuable benefits simply because they don’t know they exist.
According to a recent report, U.S. bank and credit union customers incurred approximately $15 billion in overdraft and non-sufficient funds (NSF) fees. You could be among those facing this hefty sum, which can negatively impact your savings and overall financial health.
Curious to find out what you might be missing? Keep reading and see if these hidden perks can transform your banking experience. Leave a comment if you’ve already taken advantage of any of these perks!
Table of Contents
Overdraft Protection
Many checking accounts come with overdraft protection, a service designed to prevent your account from falling into a negative balance. Instead of having a payment declined or facing an embarrassing situation at checkout, your bank covers the shortfall.
This protection helps maintain a good financial standing, preventing bounced checks or declined transactions. The service may draw funds from another account you hold, like savings, or provide a short-term loan to cover the overdraft.
Though take note that it may incur fees or interest if funds are borrowed. While it’s not ideal to rely on overdraft protection regularly, it can be a lifesaver in certain situations. It allows you to avoid fees associated with insufficient funds and ensures your payments go through.
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No-Fee ATM Access
One of the most valuable perks offered by many checking accounts is no-fee ATM access, especially for customers who frequently withdraw cash. Banks often provide free access to their network of ATMs, but some go a step further by reimbursing fees for out-of-network ATM use.
This perk ensures that you can access your money when and where you need it without incurring extra charges. Some accounts even include unlimited ATM fee reimbursements, allowing you to use any ATM globally without worrying about costly fees.
For frequent travelers or those who live in areas with limited in-network ATMs, this perk can be a game changer, saving significant amounts on transaction fees. Though, out-of-network withdrawals may still incur fees unless specifically reimbursed by your bank.
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Mobile Banking Features
Checking accounts today often come equipped with advanced mobile banking features. These can include mobile check deposits, bill pay, and the ability to transfer funds between accounts instantly.
Banking apps let you manage your account on the go, checking balances and sending money easily. In addition, many apps offer budgeting tools that can help you track spending, set savings goals, and even alert you to suspicious activity.
These mobile features enhance your overall banking experience by making financial management simpler and more efficient.
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Interest-Bearing Accounts
While traditionally associated with savings accounts, some checking accounts offer the perk of earning interest on your balance. Interest-bearing checking accounts allow you to grow your money, even if it’s just a small amount, while keeping it accessible for day-to-day transactions.
These accounts can be particularly attractive if you maintain a higher balance in your checking account and want to make the most of your funds. Before signing up, it’s important to check the interest rate offered, as it can vary widely between banks.
Also, some accounts may require a minimum balance to earn interest, so be sure to read the terms carefully. Though take note that many traditional checking accounts still do not offer interest.
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Cash Back Rewards
Some banks now offer checking accounts that provide cash back on certain purchases, similar to credit card rewards programs. With these accounts, you can earn a percentage back on debit card purchases or specific transactions, like paying bills or making online purchases.
This perk can make everyday spending more rewarding and help you save money on purchases you’d be making anyway. These cash back programs typically don’t require any extra effort on your part, making them an easy way to accumulate rewards over time.
For those who use their debit cards regularly, this perk can result in meaningful savings throughout the year. While some banks offer this feature, it is not a standard benefit across most checking accounts.
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Free or Discounted Safe Deposit Boxes
Access to safe deposit boxes is often an additional service that may require a higher account tier. But still providing a secure place to store valuable documents, jewelry, or other items. This perk is particularly useful if you have important papers, such as a will, or irreplaceable family heirlooms that you want to protect.
Safe deposit boxes offer an added layer of security, as they are stored in a bank’s vault and require specific protocols for access. If your checking account includes this perk, it’s a cost-effective way to ensure your valuables are safe.
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Fraud Protection and Alerts
Checking accounts often come with robust fraud protection features designed to safeguard your money. Many banks offer real-time alerts for suspicious activity, notifying you immediately of any unauthorized transactions.
These alerts allow you to act quickly, preventing further unauthorized use of your account. Fraud protection services can also include monitoring your debit card for unusual patterns of activity.
For example, if a large purchase is made in a foreign country, your bank may freeze the account temporarily and contact you for verification. These features help provide peace of mind and protect your account from financial theft.
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Waived Maintenance Fees
One common perk that many checking account holders don’t realize they have is the ability to waive monthly maintenance fees. Many banks waive fees if you maintain a minimum balance or set up direct deposit.
By taking advantage of these options, you can avoid unnecessary costs and make your checking account even more affordable. It’s worth checking the fine print of your account agreement to see what you can do to keep your account fee-free.
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Early Direct Deposit
Some checking accounts now offer the perk of early direct deposit, allowing you to access your paycheck a day or two earlier than usual. This feature can be especially helpful if you’re waiting on funds to cover bills or expenses and want to avoid any delays.
Early access to direct deposits not only gives you more flexibility in managing your money but also provides a small financial cushion during times when cash flow is tight. Check with your bank to see if this feature is available and how you can set it up.
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Free Financial Counseling
Access to free financial counseling varies by bank and is not universally available. Though, banks that offer this service provide customers with the opportunity to speak with financial advisors about budgeting, saving, investing, or other financial concerns.
This perk can be invaluable for those looking to improve their financial literacy or make more informed decisions about their money. Be it planning for retirement or managing debt, financial counseling offers personalized advice for success.
If your checking account includes this benefit, it’s a resource worth utilizing.
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Charity and Donation Matching
Charity donation matching is offered by some banks but is not widely available. That is where your bank matches your contributions to selected charities. This is a great way to amplify the impact of your charitable giving and support causes you care about.
Donation matching can make a big difference for non-profits and allows you to contribute more without increasing your personal outlay. If you frequently donate to charity, checking if your bank offers donation matching can help you maximize your philanthropic efforts.
This is a unique and meaningful perk that aligns with both financial and personal values.
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Relationship Banking Perks
Customers who have multiple accounts with the same bank may be eligible for relationship banking perks. These benefits can include higher interest rates on savings, discounted loan rates, or waived fees on various services.
By consolidating your banking services, you can get additional advantages that enhance the value of your checking account. Relationship banking perks are a great way to reward loyalty and provide extra incentives for customers who maintain significant banking relationships.
If you have a mortgage, savings account, or investment account with your bank, it’s worth inquiring about any potential benefits.
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Automatic Savings Features
Though not widely available, some checking accounts now come with automatic savings tools designed to help you grow your savings effortlessly. These features allow you to round up debit card purchases to the nearest dollar, with the difference being transferred to a linked savings account.
Some banks also let you set up automatic transfers based on a schedule you create, making it easier to save without thinking about it. This perk can help you build your savings little by little, adding up over time without requiring much effort.
It’s a convenient way to establish better saving habits while keeping your financial goals on track.
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Free Identity Theft Protection
Free identity theft protection services are offered by select banks and are not standard across all institutions. But if your bank is one of those select banks, they can monitor your personal information for suspicious activity and alert you if something seems off.
This can help catch identity theft early, potentially saving you from major financial issues. Banks may also offer assistance in resolving identity theft issues, guiding you through the steps to restore your identity.
This perk is particularly valuable given the increasing rates of fraud. With identity theft protection included, you can feel more secure about your financial information.
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Fee-Free International Transactions
If you travel abroad frequently, fee-free international transactions can be a significant perk. Though not universally applicable, some banks waive foreign transaction fees on purchases made in other countries or with international retailers.
This helps you avoid costly fees that typically add up during trips. This perk is especially helpful for those who travel for work or pleasure. With fee-free international transactions, you can spend more confidently, knowing you won’t face unexpected charges on your purchases.
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Free Credit Score Monitoring
Credit score monitoring is another valuable perk offered by some checking accounts. This feature allows you to regularly check your credit score, helping you track your financial health. Many banks provide this service at no additional cost, giving you easy access to important financial information.
With credit score monitoring, you can spot changes in your score and address any potential issues early. Regular updates on your score also help you stay on top of your financial goals, especially if you’re planning to apply for a loan or mortgage.
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Free Bill Pay Services
Free bill pay is a convenient feature that helps streamline your financial tasks. This service allows you to schedule and pay bills directly through your checking account, eliminating the need to write checks or visit multiple websites.
You can set up recurring payments, making it easier to manage regular expenses like utilities and rent. Bill pay services also provide a clear record of payments, ensuring you stay organized.
Many banks offer this service for free, helping you simplify your financial routine while avoiding late payment fees.
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Bank-Specific Discounts and Offers
Some checking accounts come with exclusive discounts and offers at partner retailers. These deals can include discounts on travel, dining, entertainment, and more. You can save money on everyday purchases by using your debit card or meeting account requirements.
These discounts are often accessible through the bank’s website or mobile app. This perk can make your checking account more valuable by providing savings opportunities tailored to your spending habits.
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Personalized Financial Insights
Some checking accounts provide personalized financial insights, helping you understand your spending and saving patterns. These insights are often delivered through your bank’s mobile app or online banking platform.
They may include tips on how to save more effectively or track your financial goals. By analyzing your account activity, the bank offers tailored advice to improve your financial health.
These insights can be particularly helpful if you’re working toward a specific financial goal, like paying off debt or saving for a major purchase.
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Debit Card Controls
Checking accounts now often feature enhanced debit card controls, giving you more security and flexibility. These controls allow you to temporarily disable your card through your bank’s app if it’s lost or stolen. You can also set spending limits, helping you manage your budget or prevent fraud.
With these controls, you gain more control over how your debit card is used. This feature offers peace of mind by allowing you to take immediate action if something happens to your card, ensuring your money stays safe.
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Free Notary Services
Free notary services are available at select banks and may not be standard. Though if you bank offers this, it can be helpful for legal and financial documents. Be it you need to notarize a contract, affidavit, or other important paperwork, this service saves you time and money.
Notary fees can add up, especially if you frequently need this service. Having access to a free notary at your bank makes the process quicker and more convenient.
This perk simplifies the logistics of handling important documents, allowing you to complete tasks efficiently without the added expense.
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Make the Most of Your Checking Account Perks
Checking accounts offer so much more than just a place to hold your money. With perks like overdraft protection, free financial counseling, and fraud alerts, there are numerous ways to enhance your banking experience.
By staying informed about your account’s hidden benefits, you can save on fees, boost your financial security, and even earn rewards. Early direct deposits and discounts on services simplify and enhance your financial management experience.
Take the time to find out what your account has to offer and see how these features can work in your favor. Don’t let these valuable perks slip by, start maximizing your checking account today!
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AI was used for light editing, formatting, and readability. But a human (me!) wrote and edited this.