PNC’S ACCOUNTS

STANDARD CHECKING
• A checking account is a deposit account held at a financial institution,
such as a bank or credit union. It allows you to easily deposit, withdraw,
and transfer funds. Checking accounts are set up to accept deposits from
various sources, such as your paycheck, cash, and account transfers.
• Checking accounts also allow you to make withdrawals by writing checks,
accessing an ATM, using a debit card, or electronic transfer. Unlike
savings accounts, which are designed for longer-term savings and may
have limitations on withdrawals, checking accounts are meant for day-to-
day financial transactions.
 Most checking accounts in the
United States are insured by

Federal Deposit Insurance Corporation National Credit Union Administration

 COMMON CHECKING ACCOUNT FEATURES

• ATM/Debit card: Checking • Check writing privileges: A

accounts often come with an ATM or checking account gives you the
debit card, allowing you to withdraw ability to write checks to pay bills,
cash from ATMs, make purchases at make purchases, or make personal
point-of-sale terminals, and access payments.
your funds electronically.
• Online banking: Online banking • Direct deposit: Depending on your
lets you easily manage your funds employer, have salary or wages
from a computer or mobile device. electronically deposited directly into
View your transaction history, pay your checking account, eliminating
bills, transfer funds, set up account the need for physical paychecks
alerts, and more. and ensuring funds are readily
available on payday.
• Mobile check deposits: Some • Wire transfers: Checking accounts
checking accounts provide mobile often allow you to send and receive
check deposit services, allowing funds through wire transfers,
checks to be deposited into your offering a fast, secure way to send
checking account using the mobile money to individuals or institutions.
app. This feature may sometimes come
with a fee.
• Overdraft protection: Accounts • Account alerts: Many checking
with overdraft protection can accounts offer account alerts for
prevent negative account balances events such as low balances, large
if you spend or withdraw more transactions, or deposits. This helps
money than you have available. you closely monitor your finances.
The bank may cover the overdraft
by transferring funds from another
account or providing a line of credit.
 TYPES OF CHECKING ACCOUNTS

• Standard Checking Account • Interest-Bearing Checking Account

A standard checking account An interest-bearing checking account

typically includes basic features such combines the liquidity and
as check-writing capabilities, ATM accessibility of a traditional checking
access, and online banking. These account with the added benefit of
accounts are suitable for everyday earning interest on your account
use, allowing you to deposit money, balance. However, some may require
make payments, and withdraw cash a higher minimum account balance
as needed. They may require a small when compared to a standard
monthly fee or be fee-free if certain checking account.
conditions are met.
• Student Checking • Senior Checking
Account Account • Business Checking
Designed with young Senior checking Account
adults in mind, a student accounts cater to A business checking
checking retirees and older account has unique
account typically has individuals. They often features designed
lower or no monthly fees provide perks like specifically for business
or minimum account waived monthly fees, owners. For example,
balance requirements. interest on account they may allow multiple
Many also offer benefits balances, and extra authorized signers and
such as ATM fee checks. offer tools for tracking
reimbursements and expenses, facilitating
mobile banking. payroll, and separating
business and personal
 INTEREST CHECKING

• An interest checking account, also called an interest-bearing checking

account, is a type of checking account that earns interest. Earnings are
represented by both simple interest, the interest rate calculated on your
balance, and annual percentage yield (APY), the total amount you would
earn in a year with compound interest.
• Most standard checking accounts don’t earn any interest or have rates so
low (such as 0.01% APY) customers may not even realize their account is
technically earning interest.
• Interest checking accounts, on the other hand, can offer much more
noticeable growth. Still, rates on these typically don’t compare to the
rates available on high-yield savings accounts, money market accounts or
CDs and may come with activity requirements to earn interest.
 HOW DO INTEREST CHECKING ACCOUNTS
WORK?

• In most ways, interest checking accounts work like regular checking accounts.
You can deposit and withdraw money at any time, use a debit card for
purchases and use ATMs for cash. Many people receive direct deposits in their
checking accounts and link to other bank accounts for easy transfers.
• Interest checking accounts also earn interest, which is typically calculated as
a percentage of your balance. Banks may calculate your interest earnings
daily, monthly or even quarterly, depending on the compounding schedule,
and credit earnings into your account regularly (usually monthly).
• To earn interest or qualify for the best rates, some banks require you to meet
balance or activity requirements. For example, the Axos Bank Rewards
Checking account has a variety of steps you can take to earn a higher interest
rate, including receiving a certain amount in direct deposits each month and
maintaining a certain minimum balance in investing accounts.
 FOUNDATION CHECKING ACC

• The Foundation Checking is a “Bank On Certified Account” – a special

designation awarded by the Cities for Financial Empowerment (CFE) Fund
to recognize financial institutions that promote financial stability for
unbanked and underbanked residents within their communities.
• Whether you’re new to banking or looking to expand your financial
management skills, a strong foundation can help prepare you for financial
well-being.
• This short course covers banking basics, managing your accounts, and
budgeting – and includes tools and templates you can utilize to help
manage your finances.