All You Need to Know About Checking Accounts

Checking Accounts

Checking accounts offer easy and convenient access to your funds, and most financial institutions also allow an unlimited amount of monthly transactions.

Accessing your funds 

Checking accounts are designed to be used for everyday expenses. You can access the funds in your account via debit card, paper check, ATM or in-branch withdrawals, online transfer or through online bill payment.

Maintenance fees 

Many banks charge a monthly maintenance fee for checking accounts; sometimes as high as $25 a month. Fortunately, as a member of a credit union, you never have to worry about steep fees. Olean Area Federal Credit Union checking accounts have no fee as long as you have a monthly direct deposit, or maintain a $300 minimum balance. In the absence of a monthly direct deposit or a minimum balance of $300, there is a $3/month service charge.

For those who utilize electronic banking options and write fewer than five checks per month, the myE-Checking is an ideal choice. This account has no monthly fee as long as you have a debit card, E-teller and receive E-statements.

Interest rates

Most checking accounts offer a very low Annual Percentage Yield (APY) on deposited funds, or none at all. Institutions offering checking accounts with interest or dividends generally charge a monthly fee, which is higher for accounts having higher rates. They also generally require that a minimum balance be kept in the account at all times and/or a minimum number of monthly debit card transactions.

Click here to explore current Olean Area Federal Credit Union checking account rates.


Funds kept in a checking account at a bank are federally insured by the FDIC for up to $250,000. Credit unions feature similar protection, with all federal credit unions offering government protection through the National Credit Union Share Insurance Fund (NCUSIF). State and private credit unions may be insured by the NCUSIF as well, or through their own state or private insurance. Olean Area Federal Credit Union is federally insured by the National Credit Union Administration (NCUA) to offer you complete protection for your funds.

Managing your checking account 

Managing a checking account is as simple as 1-2-3:

1 – Know your balance at all times to avoid an overdrawn account.

2 – Automate your finances. Set up automatic bill payment through your checking account and you’ll never be late for a payment again. You can also consider automatic monthly transfers from your checking account to savings, so you never forget to do so.

3 – Keep your account funded with one to two months’ worth of living expenses at all times. This way, you’ll always have enough funds to cover your transactions without fear of your account being overdrawn.

You can learn more about our checking and other accounts at Not yet a member? Learn about our membership and apply online by clicking here.

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