Learn all about the features and benefits of PenFed Credit Union's Access America checking account and compare it to other options before making your decision.
One of the many services that the credit union offers is the PenFed Access America Checking Account. This checking account offers customers the chance to earn a great rate of interest.
This gives you more than 68, 000 ATMs to choose from. That’s more ATMs than even the largest banks in the country have in their networks.
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Most people turn to savings accounts when they want to earn interest, but the PenFed Access America Checking Account offers a decent interest rate.
The amount of interest you can earn will depend on the balance of your account. You’ll earn the lower interest rate if your account’s balance is less than $20, 000.
Before you open an account, you’ll want to make sure that you can meet the requirements to have the monthly fee waived.
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One is to have a $500 daily balance. If your balance falls below $500 for even a day, you’ll have to pay the fee.
The second option is to receive a direct deposit of $500 or more. If you do, you won’t owe the fee for that month, regardless of your account’s balance.
Checking accounts offer account holders the option to get a debit card. You can use that debit card to make withdrawals at ATMs in case you ever need cash while you’re on the go.
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If that happens, the money will be automatically deducted from your account and you’ll have to fight with your bank to get it back.
PenFed wants its customers to feel safe about using their debit cards for purchases. That’s why it offers a $0 liability policy for unauthorized purchases.
If someone uses your card to make a purchase without your permission, you will be reimbursed. All you have to do is report the charge as soon as you notice it.
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Your checking account is the central hub for your finances. All your income flows into the account your expenses flow out of the account.
Because money moves in and out of the account so often, it can be easy to make a mistake and try to spend more money than is available in the account.
When that happens, the bank may still approve the transaction, which will put your account into overdraft. This typically involves huge fees, with more fees for keeping your account balance in the negatives for an extended period of time.
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PenFed offers overdraft protection for its checking accounts. You can sign up for a line of credit, and if approved, will be protected from overdrafts for certain types of transactions.
You can then pay back that loan without incurring overdraft fees. ATM and point of sale transactions on your debit card are not eligible for this service and will be automatically declined.
The average American who has a credit has nearly four different cards in their wallet, and that number is only going up.
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Fitting all those cards in one wallet can be difficult and choosing the right one when making a purchase can be cumbersome.
To make life easier, PenFed offers a digital wallet option that lets you make payments with your iPhone, Android, or Samsung smartphone.
You can add your cards to the digital wallet so you don’t have to carry around the physical cards. When making a purchase, choose the card you’d like to use and scan your phone. The charge will be placed on that card.
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Monthly fees are among the most common fees that you’ll face with a bank account, but there are other fees to consider.
Possibly the most important convenience feature is the credit union’s huge ATM network. With more than 68, 000 ATMs to choose from, you should have no problem finding an ATM nearby that you can use.
Another benefit of the account is that you get free access to online banking. You can manage your account from any computer or smartphone using PenFed’s website or smartphone app. You can use the website to check your balance, view your account history, and make transfers.
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You also get free access to bill pay services. This can save you from the trouble of writing and mailing multiple checks every month just to pay your bills.
Simply log in to PenFed’s website then tell the credit union who you need to pay and the amount you need to pay. PenFed will automatically send a check on your behalf.
Anyone can join Voices for America's Troops or the National Military Family Association for a one-time cost of $17. This will make you eligible to become a member of PenFed.
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While fees should be some of the first things you look at when comparing checking accounts, there are other things to consider.
So long as you can avoid the $10 monthly fee, the PenFed Access America Checking Account is a solid checking account choice.
TJ Porter has in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions. He has also contributed to publications and companies such as Investment Zen and Echo Fox. He aims to provide actionable advice that can help readers better their financial lives. Education: B.S. in Business Administration, Concentration in Information Systems from Northeastern University.
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