Checks allow you to send money from your checking account through the mail or pay at stores without the risk of losing cash, and serve as receipts for payments you make in person or by mail. A booklet for keeping track of deposits, withdrawals and checks written on your checking account, essential for making sure you always know how much money is in your account. The checks are drawn on money you deposit. A check you write clears when the amount of the check has been withdrawn from your checking account by the financial institution. The closing balance reflects any fees or service charges and withdrawals taken from your account, plus all deposits and interest added to your account during the statement time period.
Club accounts typically require that regular deposits be made.
Interest rates are usually lower than for regular savings accounts. Nonprofit financial institutions owned by members who have something in common. You must be within the credit union's field of membership to join a credit union. All individuals must share a common bond with one another either in a single group, a multiple group or a community credit union. There are three types of common bonds.