The New York City Office of Payroll Administration, better known as OPA, has provided constant guidance to the New York City Employees. One of the association’s best suggestions is to get enrolled in the Direct Deposit method, which is a better and smarter way of getting paid. Not only that, the Direct Deposit method brings with it several incredible facilities, and one of them is to get Free Checking Accounts in the bank. However, it majorly depends on the bank and the policies of the bank.
Do you have any questions in mind about this topic? Take a look at these details to know everything about the Free Checking Account Facilities for New York Employees.
- What is a Free Checking Account?
A free checking account is a kind of account that has no monthly maintenance fees. Apart from that, this type of account doesn’t demand any minimum balance as well. There are many other benefits of having a free checking account.
- Who can avail of this facility?
Any City of New York employee, NYCHA or New York City Housing Authority, DoE or New York City Department of Education, and NYC Health and Hospital employees are eligible for this Free Checking Facility with Direct Deposit. However, there are some terms and conditions of availing of this offer. Let’s check the terms and conditions that one needs to fulfill to avail of the overriding advantages of a Free Checking account.
- What are the Terms and Conditions for getting a Free Checking Account facility?
There are specific terms and conditions that one needs to attend to become eligible for a Free Checking Account facility. Let’s have a look at those conditions-
- The person who wants to get a Free Checking account should enroll themselves for Direct Deposit first. Direct Deposit is a faster and smarter way of getting a paycheck at the beginning of every month. Through this system, the money gets transferred to the account of the employee via electronic medium.
- One should have a checking account in any of the selected banks that offer this facility. The names of the banks have been given below.
- Either one can open an altogether new account in the bank or convert the existing account into a Free Checking Account.
There is no need to worry regarding the process. The banks that offer this facility can guide you in the best possible way for this purpose. If you haven’t enrolled for Direct Deposit yet, you can sign up for it and then learn about the facilities of Free Checking with Direct Deposit from the bank itself.
- Benefits of Free Checking Account:
As mentioned earlier, the benefits of having a Free Checking Account are numerous. One can enjoy all those benefits after availing of this facility. Let’s have a look at the crucial advantages of having a Free Checking account-
- No monthly fees:This means that there will be no maintenance fees for the account in the bank. Generally, banks demand a minimum maintenance charge for this purpose, equivalent to approximately $5 per month. So, having a Free Checking Account means one can get rid of those expenses.
- No minimum balance: If you have a Free Checking Account in a bank, they will not ask you to have a minimum balance in the account. So, you can use the whole amount in your account in times of need.
- No overdraft option: In a Free Checking Account, no overdraft option will be shown if you purchase something via debit card or withdraw money from ATM. This means you don’t have to worry about overdraft fees for those transactions.
- Free online banking and bill pay: Having a Free Checking Account gives you a free online banking experience. That means there will be no extra charge if you opt for online banking or pay bills online.
- Free in-network ATM withdrawals: This means there is no limit on ATM withdrawals if you opt for the ATM of your own bank.
However, all these benefits vary from bank to bank. So, it is better to check what facilities your bank is offering.
- List of participating banks:
As mentioned earlier, not all banks give this facility to the employees. The banks which participate in this system are-
- Carver Federal Savings Bank
- Flushing Bank
- HAB Bank
- Neighborhood Trust Federal Credit Union
- Spring Bank
- Sterling National Bank
- The Finest Federal Credit Union
As the bank’s policies vary, it is better to check out your bank’s criterion and facilities. So, if you have an account in any of these banks, and if you are enrolled for Direct Deposit already, contact your bank for getting Free Checking Account with Direct Deposit. If you have still not enrolled, take a look at the facilities you can avail of.