Explorer Checking accounts at Community West Credit Union provide young adults with great rewards while helping them learn how to navigate life’s adventures!
The Explorer Checking account lets you earn interest while learning how to manage your money. Whether you maintain a higher balance or just enough to manage expenses, you still earn!
- Interest-earning checking
- No minimum balance requirements
- No monthly maintenance fees
- Online banking and mobile app with check deposit
- Easy, secure monitoring with eStatements/eNotices
- 30,000+ ATMs nationwide
Rates effective as of today.
Earn 3.00%* interest on balances up to $5000
APR = Annual Percentage Rate.
APY = Annual Percentage Yield. Rates Subject to Change
Navigate Your New Account
Your Explorer Checking account is one of the most basic financial tools available. It allows you to make deposits into your account and withdraw money for things like making payments or cash. Your checking account also offers you more access to your money than other types of accounts. “Access” means you can perform transactions through online or mobile banking plus withdraw money or make a deposit at an ATM (Automated Teller Machine) without going into the credit union when you use a debit card.
TIP: Community West is part of the Co-Op ATM Network giving you fee-free access to more than 30,000 ATM’s in the US. If you use your debit card at an ATM that is not in the Co-Op ATM Network or owned by Community West CU, you may be charged an extra fee.
What is a Debit Card?
A debit card is a convenient way to pay for things from your checking account because it’s like an extension of your checking account. When you use a debit card to pay for items, the money is taken directly out of your account. While that is convenient, be careful not to spend impulsively and drain your account.
TIP: Debit Cards offer protection if your card is lost or stolen. Follow the steps provided with your card and quickly notify the credit union.
If you decide to make an online purchase, you may use a debit card for payment but make sure you are dealing with a reliable company and using a secured site. Always look for a site that displays a secured site logo.
This symbol tells you that the site does not keep your transaction information – like your debit card number – unless you first set up an account. More importantly, the logo means the site uses a safe and secure system to process the transaction.
Watch Your Spending!
When you pay with cash for purchases, you already know you have the money to buy the items. When you use using your checking account and debit card, it is important to keep your receipts and record each transaction. This is how you will be able to track your purchases, payments, deposits, to know how much money you have available in your account, this is called a balance. Making sure your account has a healthy balance and that you do not exceed that amount, will help you avoid fees- called overdrafts.
TIP: Don’t use your debit card unless you’re sure you have the money in your account. With electronic processing, if your account doesn’t have enough money to pay for the purchase, your card may be declined and you may be charged a fee.
Account Balance and Activity
To track your purchases, payments, and deposits, (also called your Account Activity) Community West can provide you with a booklet, sometimes called a check register or check ledger. This tool gives you a place to write down activity in your account like:
- When you deposit money in your checking account
- When you use your debit card
- When you withdraw money from your account
- When anything comes into or goes out of your account
TIP: The trick is to write down the transaction right away instead of trying to remember later. It’s easy to forget to write down important details later.
How Do I Track and “Balance” My Account?
Writing down the details of your account activity may seem like a lot of work but you need the information to balance your account. There are people who say: “But I’ll just go on-line and find my balance”. It’s easy to bank online but you may miss errors in transactions or think you have more money than you really do if you forget about transactions that have not yet been processed. Below is an example of how to track your account activity and balance your account.
Check/Debit Register Example:
Number/Code: If you are writing a paper check, enter the check number. Otherwise, use a transaction code: DC for Debit Card purchase, ATM for a cash withdrawal, D for Deposit, and T for a transfer to your savings account, etc.
Date: Always record the date of anything you do.
Description of transaction: Make a quick note:
- Chip in on Pizza – Katelyn’s birthday (note for ATM withdrawal)
- Target – school supplies (DC for debit card purchase)
- Paycheck for August 15-31 (note for a deposit)
Payment/Debit: Here you record the amounts of money going out of your account.
Deposit/Credit: Here you record the amounts of money coming into your account.
Dividends are paid monthly. To qualify for interest, you must complete the financial education brochure, use your CWCU debit card 10 times/month, active online banking, eStatements, and eNotices. APR = Annual Percentage Rate. APY = Annual Percentage Yield. Rates subject to change. Available to members up to 24 years old.