Golden 1 Credit Union is headquartered in Sacramento, California. The financial institution serves its members throughout California, whereby it has more than 70 branches plus over 30,000 CO-OP ATMs throughout the country. It started its operations in 1933 as California State Employees Credit Union but changed its name to Golden 1 in 1977. The institution is still among the largest credit unions in the US. You will learn about the Golden 1 checking account shortly.
A checking account is one of the various products you can get from Golden 1. The account type allows you to keep funds for your daily needs. If you thought that only banks had checking accounts, you were wrong. Credit unions have checking accounts too. Usually, such accounts offer a safe place to keep your money that you can access through ATM points. That way, you avoid uncertainties such as theft and destruction by fire.
Usually, Credit 1, as well as other credit unions, are cheaper to manage your money. They do not charge high fees for keeping your money. Again, they do not charge high fees when you get a loan from them. The only challenge is that not everybody can open an account with the financial institutions since you must qualify to open an account. You will learn more about the qualification criteria for the program later.
What is the Golden 1 checking account
Golden 1 has a checking account known as SmartStart Checking Account. It is a basic checking account to help you develop a sound financial history. The Golden 1 checking account is a free checking account that allows you to keep funds or your emergency access. It is one of the credit union’s most vital products you can get today. The financial institution has no minimum opening deposit or monthly service fees.
You can also access over 30,000 free ATMs within the Golden 1 and CO-OP ATM networks to withdraw your finances using your debit card. You can convert the SmartStart Checking Account to a free checking account if you retain a Free Checking Account. We also have other checking account types from the institution.
Features and perks that the Golden 1 checking account offers
There are various features you can enjoy from the checking account. These include the following.
- No monthly service charge
- No minimum balance requirements
- No minimum opening deposit
- Check writing
- Mobile banking
- Online access
Also, the account comes with easy management features so that you can relax. There are various ways you can manage your money. You have the option to write a check or use a debit card. Also, the company’s online and mobile banking solutions allow you to deposit checks from your phone, check your account balance, and pay your bills. Generally, you will enjoy the following.
- Free Direct Deposit
- Free Debit Card
- Free Mobile Deposit
- Free Online and Mobile Banking
- Free Member Education Workshops
- Free first order of 40-Pack Custom Image Checks
Eligibility for Golden 1 checking account
As I mentioned, you must qualify to join the credit union. There are various ways you can qualify for the service for free. You may qualify in the following ways.
- If you live or work in California
All Californians are eligible to join the credit union. You only need to open a Golden 1 savings account with at least $1, and you are in.
- Through a family member or registered domestic partner
If you do not live in California, you can join if you have a Golden 1 family member or registered domestic partner of a current member.
- If you are a member of select Employee groups
The other way you can qualify for Golden 1 membership is by being a member of about 1,000 Select Employee Groups.
Apart from the above, you should open an account if you are a teen between 13 to 17, a US citizen, a resident alien, or Live or work in California.
Required information for Golden 1 checking account
When opening a checking account with a credit union, there are several details you must provide. They include the following.
- Date of birth
- Name and address
- Social Security number
- Government-issued ID such as a driver’s license or passport
The federal government requires all these details, especially your Identification document, to prevent criminals such as terrorists, money launderers, human traffickers, and so on from opening accounts. Even though we have cases of impersonation, the criteria have reduced crime in a big way.
Golden 1 checking account fees
Golden 1 checking account has a few fees, but most services are free. You can expect an overdraft fee of $30 and an out-of-network ATM fee of $2. However, there are no monthly fees whatsoever. That makes the account among the best checking accounts you can have around.
What APY does the Golden 1 checking account offer
The annual percentage yield (APY) is the rate of return earned on an investment, considering the effect of compounding interest. In short, the annual percentage yield represents an interest rate based on a compounding period of one year.
The Premium Checking account gives you an APY of 0.05%. Unfortunately, the Golden 1 Freedom Checking account, Student Checking, New Generation Checking, and Free Checking do not offer APY.
Golden 1 checking account pros & cons
You can encounter various pros and cons when using a Golden 1 checking account. After all, everything has good and bad things. Let us look at them.
Pros
- Mobile banking
- Check writing
- No minimum balance to open a checking account
- Zero monthly maintenance fees
- Mobile Deposit
- Access to numerous ATM points
Cons
- Membership is limited to a few groups
- Most checking accounts have no APY
Bottom line
Golden 1 Credit Union is headquartered in Sacramento, California. The financial institution serves its members throughout California, whereby it has more than 70 branches plus over 30,000 CO-OP ATMs throughout the country. Every person in California with the proper documents can join the Union. There are various checking accounts you can get from the financial institution. Opening a checking account from Golden 1 is free. Interestingly, there are very few fees that you should pay for your account.
