Throughout life’s journey, St. Thomas Federal Credit Union is here to help you reach your financial goals. Money 101 is our ongoing education series—built for the people of St. Thomas and the Virgin Islands—to show practical ways to get the most out of your money so you can get the most out of life.
Share Draft (Checking) Is the Financial Foundation of Everyday Life
A share draft (checking) account is your day-to-day command center. It’s where your paycheck lands, bills get paid, your debit card pulls from and your spending history stays organized. With online and mobile access, you can see balances in real time, move money quickly, set alerts and keep a clean record for budgeting and taxes.
It’s also your gateway to other important and convenient services, like direct deposit, eStatements, and mobile deposit, which make everyday money tasks faster, safer and simpler.
Here’s why opening a share draft (checking) account with St. Thomas Federal Credit Union is a smart, safe move.
1. It’s safer than cash
Keeping large amounts of cash at home, or carrying it with you, puts you at risk. Deposits at federally insured credit unions like St. Thomas FCU are insured by the NCUA up to $250,000 per depositor, per institution. That means your funds are absolutely protected, even in the unlikely event of a credit union failure.
2. Direct deposit = payday, right on time
Most employers pay electronically. With direct deposit to share draft (checking), your hard-earned money arrives automatically, even faster than a paper check.
3. Pay your way, everyday
With a debit card linked to your share draft (checking) account, you can pay bills, buy groceries at the store or shop online, without handling cash. Making your money work for you has never been easier.
4. Track spending and build a budget
Every transaction is tracked when you have a share draft (checking) account, and you can use online and mobile banking to see where your money goes, set alerts and stick to a budget that fits your life.
5. No more paying to cash checks
Put checks straight into your account with mobile deposit or at the branch, so every dollar you earned stays with you.
6. Share the load with a joint account
Open a joint share draft (checking) account with your spouse or partner to manage household expenses together, with shared visibility and control.
7. Make saving and payments automatic
With Payroll Deduction at STTFCU, a portion of your paycheck can go straight to the credit union, automatically funding savings or making loan payments before you spend it. It’s a painless way to stay on track.
Ready for a better way to manage your money?
You can open a share draft (checking) account at St. Thomas FCU in minutes. Then, you can set up direct deposit with your employer and turn on alerts and eStatements so you’re always in the know. Now you’re managing money like a pro!
And stay tuned to this website for more helpful Money 101 articles that will help you achieve your financial goals.