Jessica Quindlen: [00:00:00] Welcome back to the Sound Cents podcast. I'm Jessica Quindlen. Today we're discussing all things credit union checking accounts. I have with us Ryan Cihak, our VP of Electronic Banking Operations. Hello, Ryan.
Ryan Cihak: Hello, Jessica. Thank you so much for having me today.
Jessica Quindlen: Absolutely. I'm so glad we could do this. So, let's just start out. Why is a checking account an essential financial tool?
Ryan Cihak: Yes, I really like to think about your checking and debit card as the entry points to your finances. Some businesses are really moving away from accepting cash, so oftentimes, I'm using my debit card or maybe my credit card that I have in hand to pay the merchant. Access to the checking really allows our members easy access to transactions while also being able to monitor their spending habits.
Jessica Quindlen: So, what are some of the unique benefits of having a checking account specifically with a credit union?
Ryan Cihak: As a credit union, we are member-owned and very much so member-focused. Our primary goal is to enhance our members financial quality of life. And [00:01:00] with this goal in mind, we're here to educate and support our members with their financial needs.
If our members have questions on transactions or need assistance with budgeting, we have staff willing and ready to assist them. And we're also providing products and services with member needs in mind. Making sure that we're providing products that are easily accessible and meet the needs of their financial goals.
Jessica Quindlen: So how can members make the most of their checking accounts?
Ryan Cihak: Well, Ent has a wonderful product available with our No Strings Checking®. There are no monthly maintenance fees, no minimum deposits to open, plus it actually offers the option of dividends. So, it's a wonderful product for our members to utilize for their daily spending.
Jessica Quindlen: Can you explain the importance of direct deposits specifically and how it benefits members with their checking accounts?
Ryan Cihak: Absolutely. Direct deposits provide the ability for easy access to funds without the need to wait for a check to clear or make any additional trips to deposit funds.
So once the [00:02:00] direct deposit is created, the members can monitor the funds that are coming into their account and have confidence of when those funds are going to be available for use, even monitoring that through our digital banking platform. This allows our members to have confidence in scheduling their monthly payments and setting a budget that meets their needs.
Jessica Quindlen: That's fantastic. And can you do multiple direct deposits? So maybe someone has multiple streams of income or couples. Is that possible?
Ryan Cihak: Oh, absolutely. You can even set it up to where it deposits to different shares, if you're looking to budget it differently, depending on where the funds are coming from.
Jessica Quindlen: Oh, fantastic. So, we've touched on it a little bit, but how do online and mobile banking features enhance banking experience for members?
Ryan Cihak: Yes, it's banking at your fingertips, right? So, our digital banking experience provides that ease of access to monitor balances. Obviously, look at transaction history, really the ability to take control of your finances.
We also offer a tool within our digital banking called Money Insight. [00:03:00] It's a very powerful tool that we offer our members, where they can set a customized budget. They can monitor ongoing spending. Plan for any bills that are upcoming, even plan for future life events. Maybe paying off that loan early, saving for college, saving for retirement. Wherever you are in your life, you have that ability to set your personal goals. It's great to be able to also see just where am I spending my funds? Where do I need to make those small adjustments just to better myself and my spending habits?
Jessica Quindlen: What are some financial strategies that members can use to avoid fees and keep their accounts in good standing?
Ryan Cihak: We have many options available for our members to manage their finances, watch their balances and prepare for sometimes those unexpected events that may occur. We offer overdraft protection, which is a service that will pull from additional shares you own, if the funds are not available in your checking when you're going to make that [00:04:00] purchase. We also have lines of credit available that can be utilized as an overdraft source as well.
In addition to having that set up, we already touched a little bit on digital banking, but there’s other tools available as well, such as daily balance alerts. Or you can have push notifications sent directly to your device specific to what you're wanting to monitor. Maybe a large purchase, maybe seeing if you have a balance go under a certain dollar amount.
We touched on overdraft protection and with overdraft protection, you can actually go into digital banking and set it up through that tool and select which shares or maybe lines of credit you want those funds to come from. You also can set up automatic payments or bill pay even to other merchants that you may be paying monthly. Card controls is also another great option just to know if I lose my card or I'm seeing some unfamiliar transactions on my card, I have control to freeze my card as well.
Jessica Quindlen: [00:05:00] What are some common mistakes people make with their checking account and how can they avoid them?
Ryan Cihak: Honestly, just looking into what product you're signing up for. So obviously I touched on at Ent here, we have the wonderful No Strings Checking®, We don't have any hidden fees, and that's something that you can sidestep with that product. Also, just monitoring the account with the tools, products, and services that we have available to make sure that we're not losing track of transactions and maybe overspending.
Sometimes it's easy to forget what subscriptions you're signed up for. So, utilizing our digital banking to check in on what is coming out of my account. Are there some subscriptions that maybe I don't need any longer? And I can cancel those. Our free digital banking tools can really help our members feel empowered and take control.
Jessica Quindlen: Anything else to add when it comes to checking accounts?
Ryan Cihak: No, not today. I just really appreciate the opportunity to speak to you of what products and services we have to offer and [00:06:00] can't wait to see what our members take advantage of.
Jessica Quindlen: Absolutely. Well, that brings us to the end of our show. Ryan, thanks so much for being here. It was great having you.
Ryan Cihak: Thank you. It was wonderful being here.
Jessica Quindlen: Thank you for listening to Sound Cents from Ent Credit Union. Be sure to follow our podcast as well as rate and review us. I'm Jessica Quindlen. I will see you in two weeks, same time, same place.
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