Financial well-being July 28, 2023 By
The trusty checking account.
Checking accounts are there for us when we need to deposit a paycheck, pay some bills, or make a purchase. We sometimes take the account for granted and don't always remember all the features and benefits that come with this type of account.
There are many features that come with a First United account. Want to get the most from them? Read on!
When you open a First United Bank checking account, you become a part of the Spend Life Wisely family. And we want you to get the most out of your banking experience. From online and mobile banking to account insurance, it’s essential to understand what each feature offers and the security measures in place to protect your money. To get you started, we’ll explore ten standard checking account features and the security that comes with them. Let’s dive in!
Online and Mobile Banking1,2
Feature: With online and mobile banking, you can access your account information, view transactions and their details, transfer funds, pay bills, and even deposit checks from the comfort of your own home or on the go. You can also set up alerts to notify you of any suspicious account activity.
When you download the First United Bank app, you can also access the Financial Journey Guide, which assists with budgeting, cash flow, and debt management to track your financial health.
Security: Online and mobile banking often require multifactor authentication, like a password and a code sent to your phone. Additionally, First United Bank uses encryption to protect your data. Encryption converts your personal and financial data into a code that can be deciphered only by authorized parties, preventing unauthorized access. To ensure your safety, you’ll be automatically logged off your account after a few minutes of inactivity.
Debit Card
Feature: A debit card is a convenient alternative to checks or cash. With a debit card, you can make purchases at millions of merchants worldwide and withdraw cash from ATMs. Many debit cards also offer additional benefits, such as discounts at select retailers, making using your card even more appealing.
Security: When you use your debit card, you typically need to enter a personal identification number (PIN), a unique code to help protect your account from unauthorized access, to complete a transaction. First United also offers EMV chip technology, which encrypts your card data for an extra layer of security. Additionally, contactless payments use near-field communication (NFC) technology, allowing you to pay without having to hand over your card physically. If your debit card is lost or stolen, you should immediately report it to your financial institution to halt unauthorized use and get a replacement.
Check Writing
Feature: While customers can do many transactions electronically, some businesses still require check payments. With a checking account, you can write checks and track your spending. Checkwriting also provides a paper trail for budgeting and record-keeping purposes.
Security: In addition to sequential numbering, checks come with several security features, such as watermarks, microprinting, and embedded security threads to help identify photocopied checks, and chemically sensitive paper, which causes the word VOID to appear when eradicator chemicals contact the paper for added protection against counterfeiting.
Direct Deposit
Feature: Direct deposit is a popular and convenient way to receive your paycheck. Instead of receiving a physical check, your employer can deposit your pay directly into your checking account. This means you can access your funds immediately without waiting in line to cash a check or pay check-cashing fees. Also, you can schedule electronic bill payments around your direct deposits.
Security: Direct deposit offers several security features, including multifactor authentication to access your account, encryption to protect your personal and financial data during electronic transactions, and eliminating paper checks that can get lost or stolen.
Electronic Bill Pay
Feature: With electronic bill pay, you can quickly pay your bills online and avoid the hassle of writing checks and mailing payments. Electronic bill pay allows you to schedule payments in advance, ensuring that your bills are paid on time and helping you avoid late fees. The best part? No licking envelopes or paying for stamps!
Security: Electronic bill pay removes the possibility of lost or stolen payments. First United uses encryption and other security measures to protect your account information and secure your payments. Keep your account login information secure and monitor your account for any suspicious activity to stay safe.
Automatic Transfers
Feature: You can easily set up automatic transfers from a checking to a savings account, making it easy to save money without having to think about it. With this feature, you can ensure that you meet your savings goals.
Security: Be sure to monitor your account and keep track of any automatic transfers to ensure that they are accurate and authorized. Make sure that you keep your account information secure to prevent unauthorized access and potentially fraudulent transfers.
Overdraft Protection
Feature: An overdraft occurs when you spend more money than you have in your account. Like many financial institutions, First United offers overdraft protection to help you avoid overdraft fees. Overdraft protection includes linking a savings account to your checking account to automatically transfer money when your checking balance goes below $0.
Security: Be sure to monitor your account balance regularly to avoid overdrafts. If you overdraw your account, be prepared to pay overdraft fees and other associated costs. Be sure to keep your account information secure to prevent unauthorized access and potential overdrafts.
Account Alerts1,2
Feature: Account alerts via email, text, or push notifications help you stay on top of your finances. You can customize alerts for low balances, large purchases, and unusual activity. Account alerts let you monitor your account activity in real-time for greater peace of mind.
Security: By setting up account alerts, you can quickly respond to any potential fraud and prevent unauthorized transactions. It’s imperative to keep your contact information up to date with your financial institution to ensure that you receive alerts promptly. First United takes a proactive approach to monitor your account activity for signs of fraudulent activity. We use advanced technology and techniques to detect suspicious transactions and will often freeze your account or contact you immediately if we notice any unusual activity.
FDIC Insurance
Feature: First United deposit accounts are backed by insurance from the Federal Government.
Security: Your deposits are covered dollar-for-dollar up to $250,000 per depositor.
eStatements2
Feature: With eStatements, you can view your account statements online or on your phone, reducing the risk of identity theft from stolen mail or discarded paper statements. Not only are eStatements environmentally friendly, but they are better for information security, too.
Security: First United uses encryption and other security measures to protect your account information and ensure your eStatements are secure.
Now that you have your First United checking account, be sure to fully use the most important features and security measures to protect your money.
If you have any questions or want help managing your account, reach out to a First United Bank relationship banker. We're happy to help!
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