Checking FAQs

On a checkbook register, a debit is an entry that increases the account balance, and a credit is an entry that decreases the account balance. The same principles apply to debit and credit cards. Debit cards are used to spend money in your checking account (money you have). Credit cards, on the other hand, are used to draw against a line of credit (money you borrow).

The best way to make a budget is to create one that’s accurate, all-encompassing, and that you can hold yourself accountable to.

To start, use your past bank statements and receipts to paint a clear and accurate picture of how you’ve spent your money in the past, and how you want to spend it in the future. Next, determine the amount of money you take home after taxes, and create a spending plan that includes needs, wants and necessary savings. Then, start tracking your progress online with Budgeting Tools by creating spending categories based on your budget. You can even set up specific transaction notifications that’ll let you know if you’re spending too much in one category.

After a month or so has gone by, look at how you did and adjust accordingly. If you’d like help, we offer a range of trusted resources to support your financial health and improve your money management skills. All services are free, confidential and available to UW Credit Union members.

You can find your routing number on the lower left corner of your check—it’s the first 9 digits. (The digits to the right of those first 9 are your account number.) You can also find your routing and account number online via Web Branch.

Some financial institutions may require you to keep a certain amount of money in your checking account at all times. This is usually referred to as a minimum balance requirement. UW Credit Union does not have minimum balance requirements on any of our checking accounts.

Overdrafts occur when you spend more than you have in your account and your balance goes negative. When this happens, your financial institution may cover the extra money needed and charge you a fee to do so. This is called overdraft protection.

Every financial institution has different overdraft policies, protections and fees, so be sure you understand what your account covers.

Learn more about UW Credit Union’s Overdraft Protection.

The best way to avoid overdraft fees is to keep your finances organized and not spend more than you have. Make sure you know how much is in your account and plan for any scheduled upcoming payments to avoid surprises.

You can also choose an account that does not allow your balance to go negative, such as our Clear Account. Rather than using overdraft protection and incurring fees, a transaction would be declined if you didn’t have sufficient funds.

Learn more about UW Credit Union’s Overdraft Protection.

While both checking accounts and Money Market accounts provide check-writing ability, Money Markets offer tiered dividend rates, meaning you’ll earn higher rates with a larger account balance. However, Money Markets also have withdrawal restrictions like regular savings accounts, with a limit of six outgoing transactions per statement cycle.

If you need regular access to make payments, a checking account is your best bet. If you have a large balance that you’d like to earn more dividends on while still maintaining some access, you may want to open a Money Market.