Prescott Banking Rates

Eileen Rivera
SkyOne Federal Credit Union CEO

Checking accounts have been the subject of controversy lately, prompting Americans to examine their current accounts and whether a different bank or credit union could offer a better deal. Local credit union CEO at SkyOne FCU answers a few common questions about local Prescott checking accounts. Prescott Banking Rates: Why should a person choose a local Prescott checking account over one from a national institution? SkyOne: Local presence isn’t necessary -- with direct deposit and an debit/ATM card accessing your account is easy and doesn’t involve driving to a branch and standing in line to get things done. Plus, with remote deposit capture, online banking and mobile banking this access becomes even more convenient. SBR: What should a checking customer consider before choosing a local checking account? SkyOne: In today’s technology driven society, it’s less about the physical location of a financial institution but more about the following four reasons: Product Fit: Do the product features fit with what the consumer needs? Service: When you contact the institution are they responsive to your needs? Do they treat you like a friend or a number? Price: Do you need an account that pays high dividends? Are you getting nickel and dimed to access your own money? What fees are you being charged? Convenience: How easy does the institution make it for you to access your money? Can you go to any ATM or a branch network (like shared branches) to make deposits or withdrawals? Do they offer online and mobile banking? And how much do they charge for these services, if anything? SBR: What advice do you have if a person Seattle wants to switch checking accounts, but is concerned about the hassle of transferring direct deposits and automatic payments? SkyOne: No matter which financial institution you choose, there will be some legwork the consumer needs to do. The new institution should be able to provide the consumer with all the tools they need to make the switch, such as a switch kit that provides step-by-step instructions on what they need to change. Some even offer form letters that are already completed with the consumer’s new information. It’s just a matter of printing the letter, signing and sending it off to the financial institution you’re leaving. At the end of the day, the time you take to make the switch to an FI that works for you will be worth it rather than staying with an institution that you’re unhappy with. SBR: Prescott checking accounts aren’t investments, so what are the benefits of a high-yield checking account as compared to one that doesn’t earn interest? SkyOne: High-yield checking accounts typically pay higher dividend/interests rates for larger balances. While most high-yield checking accounts require a large minimum balance in order to receive dividends, it does provide liquidity that some investments don’t offer. If you need to be able to get to your money when you need it, this may be the right solution for you. For some, dividends will be higher on an investment account, but it might be worth accepting a lower dividend rate in a high-yield checking account to be able to withdraw those funds quickly and easily. But be aware that higher-yielding checking accounts could come with large minimum balance requirements and monthly fees if that balance is not maintained. SBR: Do you offer any online or mobile checking/banking services? SkyOne: Yes, we offer many options to our members. We have both online and mobile banking options available, better known as iSky and iSky Mobile. We even have SMS/Text Message banking where a member can text a command, such as balance or a transfer, to their online account at the credit union using their mobile device. Within seconds, they receive the information or confirmation that the action was successful. We also recently introduced iPhone and Android apps to access our online banking platform from anywhere. Members can check balances, make transfers, view transactions, locate a shared branch or Co-Op ATM nearby. Plus, we offer all these options to our members at no cost.