Your Guide to Checking Accounts

If you’re looking for an account for everyday banking and easy access to your money, a checking account is a must-have! It makes it easy to spend and receive money – and keep track of it all. Here’s all you need to know about the basics of a .

What is a checking account?

A checking account is a place to store your money that you can easily access every day. It’s called a “checking” account as it usually has the option to get paper checks for you to pay bills with. Not all come with checks now, because checks have mostly been replaced with newer, faster payment methods and may not be accepted at certain places.

Debit cards are more often available with checking accounts as they're much more widely accepted when you need to pay for something – and they make payments quick and easy! This has caused some places to call online checking accounts a “spending account” or “transaction account.”

How does a checking account work?

A is all about streamlining your finances, and a debit card helps make that possible. A debit card lets you easily access the money you have right in your checking account to pay for purchases and bills. That way you don't have to carry your cash around, and you can use your debit card to make purchases almost anywhere. Plus, Summit Credit Union debit cards make it easy for you to pay quickly at checkout with:

Tap to pay – Touch your card to a payment reader for fast, contactless payments and financial convenience.
Mobile wallet – Add your debit card details to Apple Pay, Google Wallet or Samsung Pay and pay easily using your phone or watch!

What are the benefits of checking accounts?

Having a checking account makes it easy to manage your money, so you have a central spot where you can keep an eye on money coming in and going out. Here are some of the key benefits Summit checking accounts have to make money management stress-free:

Direct deposit: This gives you quicker, easier access to your paychecks because the money goes straight into your account without you having to deposit your check digitally or in-person (saving you a trip to your financial institution).
Early Payday: Get your payroll deposit up to two days sooner so you're one step ahead on paying bills or adding to your savings. Plus, you're automatically enrolled in this benefit when you set up direct deposit so it's free and easy!
Automatic transfer: Set up automatic transfers to schedule certain amounts to go automatically toward your goals, such as into an emergency savings account. This makes it easy to save with every paycheck without thinking about it!
Mobile deposit: If you ever do need to deposit a check, you can make that easy with , a feature that lets you take pictures of your check with your mobile device to deposit it anytime, anywhere.
Surcharge-free ATMs: A checking account can also make it easy to get cash fast. At Summit, you have access to over 5,000 surcharge-free ATMs nationwide, so you can grab cash even if you’re not near a branch.
Zelle®: You can also use Zelle, a person-to-person payment feature available anytime in digital banking, to quickly send and receive funds between friends and family.
Spending Analysis: This tool automatically sorts transactions instantly into categories for you. It makes it easy to see your spending for easier budgeting at a glance – and it’s just one of the free financial wellness tools that come with online banking or our mobile banking app!
Cash Boomerang: Having a Summit checking account also opens up the opportunity to earn our unique cash give-back, Cash Boomerang. This patronage dividend is another way we say thank you for using Summit's products and services! Over the last 12 years, we’ve given a total of $27.6 million back to our members through Cash Boomerang.
Debit card designs: Plus, at Summit we like to make our checking account features fun – which is why we have for you to choose from for your debit card! Pick anything from a cheese card to a friendly badger to celebrate your Wisconsin spirit or a pop of bright color, whatever makes you smile.

What’s the difference between checking and savings accounts?

While your is something you want to keep money in for long-term goals, checking is where you want to accomplish your day-to-day money managing and short-term goals. Here’s how you can think about a checking vs. savings account!

Checking is a way to manage money you use every day, perfect for:

Paying bills, rent and loans
Making fast, everyday purchases for food, gas and more using your tap-to-pay debit card or mobile wallet
Depositing checks using your phone through mobile deposit
Transferring money to another account or to pay back your friend for coffee
Withdrawing cash on the go from an ATM

Savings is where you keep and build up your money long-term, best for:

Working toward specific goals like a vacation or new car
Feeling secure with an emergency fund for unexpected costs
Earning dividends (interest on your money) to grow your cash over time
Naming multiple Summit accounts for specific goals, like “Summer Getaway” or “New Wheels” to add clarity and inspiration to your saving

Are there different types of checking accounts?

Yes! For example, Summit Credit Union has five different checking accounts to choose from. Each one comes with unique benefits so you can open the one that best fits your lifestyle.

– everything you need with no monthly fees.
– save with no monthly fees and a free debit card for ages 14+.
– get extra perks and earn dividends with a balance of $2,500 or more.
– earn dividends on balances as low as $25.
– enjoy built-in protection from any overdraft or NSF (non-sufficient funds) fees and peace of mind knowing we won't allow a transaction that puts your account in the negative. Plus, lend the environment a hand with no paper checks.

All Summit checking accounts come with free digital tools to easily manage money, make fast payments, turn a lost or stolen debit card off (or on again), track your spending and more – all right from your phone.

What do I need to open a checking account?

At Summit Credit Union, all you’ll need is a valid identification document (like a driver's license or passport) and either your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN). You can open, fund and start using your account the same day – and even get a debit card issued to you instantly. It's that easy to open your new Summit Credit Union checking account!

If you want help choosing which checking is best for you, give us a call at 800-236-5560 or at your local branch. We’re here to support your financial goals!

Ready to get started? You can in just minutes. Welcome to easy, convenient checking at Summit!