Checking Basics

Learn how to make the most of your money.

Your checking account is often the central place where you manage your money. Knowing what type of account to open—and learning tips for how to manage it—will help you budget, spend and save more wisely.

Finding the right checking account will set you up to manage your finances better. Here is what you need to know.

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What is a checking account?

A checking account is a secure place to keep your money with easy access. You can use it for daily transactions like making a purchase with a debit card, ATM access, online and mobile banking transfers, check writing, direct deposit, automatic payments, online bill pay and even mobile banking deposits. Some checking accounts pay interest and offer more benefits by increasing your relationship. Different accounts have different benefits, and you need to consider these to determine which type of account best fits your needs.

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Types of checking accounts

There are many checking accounts that offer different benefits; however, checking accounts fall into two types: non-interest earning and interest earning.

Non-interest earning checking

A simple and convenient checking account that is great for paying daily expenses, this type of account typically offers benefits like a debit card, online bill pay, mobile deposit and direct deposit.

Interest-earning checking

An interest-earning checking account pays you interest on your money. It is ideally suited for people with higher balances to maximize interest earned and avoid monthly fees.

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Checking account options

Joint checking

A joint checking account has two account holders that have opened an account together. Often this will be a married couple, but regardless of what two people open a joint account, both parties share the same responsibilities and rights, and have complete access to the account.

Senior checking

Adults who are 60 and older are often eligible for a checking account with special discounts and benefits.

Student checking

An account that is tailored to student needs and provides online and mobile banking and a convenient debit card for everyday purchases.

Relationship checking

This type of account allows you to increase the benefits you receive by increasing your banking relationship.

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Payment methods

Once you have a checking account, your payment methods to cover expenses may include a debit card, checks, online bill pay, automatic payments and online transfers. Your debit card also allows you to withdraw cash from an ATM in addition to a banking center location.

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Direct deposit

Direct deposit is a fast, convenient service that deposits your income or government payment directly into your checking or savings account. It helps you avoid going to the bank every time you want to cash your paycheck. Even better, the money is available to you the same day it's deposited. You can set up direct deposit through your employer or through the government for payments like Social Security.

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How to choose a checking account

When you're shopping around for the best checking account, here are a few questions that will help you narrow it down:

• Does the account provide benefits based on my banking relationship?
• Is there a limit to the number of daily or monthly transactions?
• Does this account pay interest?
• What online and mobile banking services does it offer?
• Does the account include a debit card?
• Does the account have free bill pay?
• Does it require a minimum balance?

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Ways to manage your money

Overdraft protection

This optional service will transfer money from your savings account to your checking account if you spend more than your balance. Traditionally, a savings account is the preferred account to link for overdraft protection. However, sometimes other accounts, such as a money market account or a line of credit, can be linked to the checking account as well. While there is often a fee associated with the transfer of funds, it is typically much less than an insufficient funds or overdraft fee.

Minimum balance alerts

Many banks offer a minimum balance alert feature that enables you to receive an email or text message if your account balance falls below a designated amount. These alerts won't protect you from an overdraft, but they're a good reminder to help you stay on budget.

Account and fraud alerts

With account and fraud alerts, a feature many banks offer, you can set up notifications that will alert you when specified activity happens on your account. MidFirst Bank also provides continuous fraud monitoring of your card activity and notifies you with Fraud Text Alerts if suspicious activity occurs.

Bill pay reminders

Bill pay reminders are a convenient way to help you keep track of your finances by reminding you when an upcoming bill is due. MidFirst Bank offers this feature through our online banking platform, Personal Online Banking.

Easily pay family and friends

There are several banks offering a service that simplifies payments made to other people. MidFirst Bank offers a service called Zelle® that lets you send money to family and friends through the MidFirst Mobile App when enrolled in Personal Online Banking. You simply enter the recipient's email address or mobile phone number and they retrieve their payment through a secure online portal.