A checking account is a bank account that allows for withdrawals and deposits. A checking account is very liquid, with funds accessible through a variety of means. Money can be deposited into checking accounts at credit unions, banks and ATMs or through direct deposit or other forms of electronic transfer. Money can be withdrawn from checking accounts at credit unions, banks and ATMs or by using checks or a debit card connected to an account.

Whereas most savings accounts limit the number of deposits and withdrawals per month, most checking accounts allow for unlimited deposits and numerous withdrawals.

Checking accounts tend to offer smaller interest rates compared with savings accounts. This is considered to be a tradeoff for checking accounts’ increased liquidity.

Checking accounts may come in personal accounts, business accounts, student accounts and joint accounts, with the latter connecting two or more people, usually marital partners.

Checking Account Service Charges

Many banks do not consider checking accounts profitable. Unlike savings accounts, of which banks use the balances to earn interest through investments and loans, checking account balances are typically low and often fluctuate. To make up for this revenue-producing shortfall, banks will often require higher minimum balances and charge monthly fees to checking account holders.

With Kasasa checking accounts, you’ll enjoy the confidence in knowing that, not only are you not required to have a minimum balance to open the account, but you’ll also never pay any monthly service fees. These are two special benefits of having a Kasasa checking account.

ATMs

ATMs, or automatic teller machines, are kiosks where people may access cash from their checking accounts or savings accounts after credit union or bank hours. ATMs often charge high fees, of a few to several dollars, resulting in lost money for the exchange of the convenience ATMs provide.

With Kasasa checking accounts at Lanco FCU, you can use your debit card at any ATM without fees from Lanco FCU. Plus, each month that you meet your Kasasa rewards qualifications, you’ll get refunded up to $30.00 for any ATM fees that you paid nationwide.*

Overdraft Protection

Some checking accounts offer overdraft protection, such as drawing money from savings accounts or allowing your account balance to go negative, in the event that your withdrawals are more than your available funds.

At Lanco FCU, Kasasa checking accounts in good standing may be eligible for overdraft protection coverage, which helps you avoid returned-check charges or debit card declines. For more information, read about Lanco FCU’s Overdraft Protection Coverage.

Direct Deposit

Checking accounts are very flexible accounts, with account holders often tying their accounts to their employers’ payroll systems. If your employer offers direct deposit, you can provide your account information to your employer and receive your payment by electronic deposit into your account. This eliminates the need for a paper paycheck, offering convenience and timely availability of your payday funds. Direct deposit services may also be enjoyed by retirees receiving government and/or retirement benefits.

Electronic Funds Transfer

Just as it sounds, an Electronic Funds Transfer, or EFT, is any transfer of money into or out of your account that occurs by electronic means. EFTs enable checking account holders to receive money directly into their accounts without having to wait for checks to arrive and be cashed at your local credit union or bank. EFTs can include wire transfers, debit card point of sale (POS), automated clearing house (ACH), e-check, and ATM transactions.

Cashless Banking

In the modern world, many enjoy using their debit cards, connected to their checking accounts, as forms of payment anywhere and everywhere. Cashless banking is truly a reality for many, with debit cards providing credit cards’ ease of use and portability without shouldering the burden of interest-heavy credit card bills.

In fact, by using a Kasasa Cash Back® Checking Account debit card, you’ll receive 2.5% cash back on purchases up to $7.50 per month.* When paired with a Kasasa Saver® account, these cash-back rewards are funneled into the Kasasa Saver® account along with ATM fee refunds.*

A Kasasa checking account is a brand of checking accounts available only at select community banks and credit unions such as Lanco Federal Credit Union. Kasasa checking accounts are free, meaning there’s no monthly maintenance fees, and they offer rewards.^ At Lanco Federal Credit Union, you can choose from the Kasasa Cash® or Kasasa Cash Back® varieties. Either of these Kasasa checking accounts may be tied to a Kasasa Saver® account so you can get the most out of your money.

At Lanco Federal Credit Union, we make it all very easy for customers to open a checking account. You’re welcome to open Kasasa Cash Back®, Kasasa Cash® and Kasasa Saver® accounts online or in person at any Lanco FCU branch.

To open a checking account with Lanco Federal Credit Union, you’ll need less than 10 minutes and just a few items of information.

You’ll need your:

• Driver’s license or state-issued ID
• Social Security Number
• Current checking or savings account information to fund the new account
• Previous home address if you’ve lived at your existing residence for less than two years

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The “Kasasa” meaning is something quite a number of people want to know! Truth be told, “Kasasa” is a made-up word and can mean whatever you’d like it to mean.

At Lanco Federal Credit Union, we like to think “Kasasa” is connected with flexible, appealing checking accounts that offer cash back and ATM fee reimbursements as well as require no minimum balance or service fees. All this makes for a lot of reasons to sign up for a Kasasa checking account!

Are you ready for Kasasa?