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Basic Checking

The conveniences of a checking account no matter your balance—no minimum requirement!

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Or call 1-800-621-2105

Basic Checking

A checking account that keeps things simple.

KEY FEATURES

  • No minimum balance
  • Unlimited transactions and checkwriting
  • First 40 checks FREE
  • Multiple overdraft protection options
  • Visa® debit card with security chip

MAY BE A GOOD CHOICE IF

  • You use direct deposit, are 50 or older, or under age 25 — no monthly fee!
  • You don't want to have to maintain a minimum balance

Get a Debit Card that is So You

Choose from three debit card options when you apply for your checking account:

  • Elements Tri-Color - Our standard debit card style
  • Butler - Back the Bulldogs every time you use it
  • Indianapolis Indians - Show your support for Indianapolis’ Minor League baseball team

How do I know if Basic Checking is right for me?

If you are at least 50 or under 25, this could definitely be the right checking account for you because there is no monthly maintenance fee no matter what balance you maintain. If you’re between 25 and 49, you also have no monthly fee as long as you have direct deposit or keep a balance of at least $10,000 across all accounts. If you want the freedom of unlimited transactions and checkwriting, this is also a good choice for you. With Basic Checking, you'll also enjoy:

Great Features
  • No minimum balance
  • First 40 checks FREE
  • Real-time fraud alerts
  • Online check images
  • Ability to connect your account to Apple Pay, Google Pay, Samsung Pay and other digital wallets
  • FREE access to your credit score
Convenience
  • Visa® debit and ATM card with security chip accepted anywhere Visa is
  • Access to more than 78,000 surcharge-free ATMs worldwide
  • Shared branch access at more than 5,000 branches nationwide
  • Lost debit card? No problem. Just freeze it from anywhere using the Card Control app. Then use CardSwap when you get your new card to update your payment info in just one place for over 50 online shopping, streaming, and other subscription services
  • The convenience of direct deposit of payroll or federal benefits

Note: Basic Checking does not have dividends and, therefore, does not have specific rates.

Open an Account Compare to Other Checking Accounts

How does Basic Checking compare to other checking options?

One difference is that Basic Checking does not earn interest. See below for other comparisons.

 

  Basic Checking High Interest Checking Student Edge Checking
Key Benefits

No minimum balance requirements

Multiple overdraft protection options

First 40 checks FREE

Enjoy our highest checking annual percentage yield up to $20,0001

Eligible to earn dividends with only 15 qualifying transactions per statement cycle

Multiple overdraft protection options

First 40 checks FREE

For students ages 15 to 24

No minimum balance requirements

No overdraft fees

A Good Option If You

Use direct deposit, are 50 or older, or under age 25 — no monthly fee!

You don't want to have to maintain a minimum balance

Want the flexibility of a traditional checking account while you earn dividends

Maintain a high average daily balance

Are a student that wants the flexibility of no minimum balance with the security of no overdraft fees

Want to teach your child how to manage their money

Annual Percentage Yield (APY)

Up to 2.00%1

Unlimited Transactions
No Minimum Balance
Monthly Service Fee

$0 if you set up direct deposit, maintain a balance of $10,000 in your Elements accounts, or are age 50 or older or under age 25

Otherwise, $5 per month

$0 when enrolled in estatements!

Otherwise, $5 per month

$0

No Overdraft Fees
First 40 Checks Free

What fees can I expect?

Maintenance Fees

Basic Checking has no monthly service fee if you set up direct deposit or maintain a balance of $10,000 or higher (including savings, checking, and loans). There is also no monthly service fee if you are age 50 or older or under age 25. If none of those conditions apply to you, there is a $5 monthly maintenance fee.

Overdraft Fees

An overdraft occurs when you do not have sufficient available funds (Available Balance) in your account to cover a transaction but we pay it, anyway, for a fee. Under our standard overdraft practices, we will charge you a fee of up to $32 each time we pay an overdraft. There is no limit on the total fees we can charge you for overdrawing your account. Learn more about overdraft coverage.

Ordering Checks

There might be times when you need to write an actual paper check, so it’s good to have some on hand. Your first 40 checks for your new checking account are FREE. Check orders for Elements Financial members over 55 years of age or retired are free, as well. After your first 40 checks, you may reorder checks for your account. Checks typically range from $14 to $30 per 80 checks. Call us for specific check printing pricing and reorders at 1-317-276-2105.

Other Possible Fees

There are small fees for requested transactions, such as asking for an account history printout or rushing a debit card replacement. You can view these and other fees within the checking account agreement and terms and conditions. 

That’s it, there are no other fees with Basic Checking!

What overdraft coverage comes with my account?

Elements authorizes and pays overdrafts from checks and automatic bill payments. We will charge you a fee of up to $32 each time we pay an overdraft. To avoid overdraft fees, you can set up an auto-transfer of money from one of your Elements accounts to the other to match the exact amount of your overdraft. There is no fee for this service.

How to Set Up Auto-Transfer for Overdrafts

Elements does not authorize and pay overdrafts for ATM transactions and everyday debit card transactions unless you ask us to by signing up for Overdraft Privilege Extended Coverage. 

Learn More about Extended Coverage

Is Elements Online Banking easy to use?

Yes!

It’s easy to do your banking and budgeting with Elements — no matter where you are. Our goal with online banking is simple: to provide you with a state-of-the-art digital banking experience that you can count on and is consistent across all devices.

With Elements Online Banking and our Mobile App, you can:

  • Check your balances, make loan payments, and transfer money between accounts
  • Deposit checks using your phone or computer camera
  • View check images online
  • Pay your bills online 24/7/365
  • Review your account history with a 14-month electronic archive of statements
  • Locate branches and ATMs near you
  • See your credit score with any checking account or loan
  • Pay friends and family conveniently with Pay a Friend from Elements, plus other digital wallet options
  • And more

Learn More about Online Banking

I like to use digital wallet options (like Apple Pay) to pay for things. Does Elements offer that?

Yes! Elements offers a variety of digital wallet options to help add security and simplicity to your life—and we are constantly adding even more options. For instance, your debit card lets you make payments from your checking account via:

  • Apple Pay
  • Google Pay
  • Samsung Pay
  • PayPal
  • Pay a Friend
  • Amazon Reload
  • This logoanywhere Visa is accepted online

Learn More about Digital Wallet Options

Why should I choose Elements for my checking account?

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. Your financial wellness expert will come to your workplace to answer questions and provide you with one-on-one assistance as you navigate the changes that come with each of life's stages.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally2. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

How do I open an account?

You can apply for a new account online or at one of our locations. If you’re applying for a joint account, you will both need to be on hand with your government-issued photo ID. You’ll answer basic questions about where you live, if you’re employed and, if so, where you work. It’s a simple application.

Online Banking & Mobile App

Once your Basic Checking Account is open, you can enroll in Online Banking. Online banking allows you to easily check your balances, deposit checks, pay bills and transfer money between accounts from your smartphone, tablet, laptop or desktop. Learn more about Online Banking.

Open an Account Enroll in Online Banking

Elements has all the features I look for in a bank including an easy to use app and I earn a great rate on my checking account.

- John S. | Member since 2018

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  1. 1 High Interest Checking Account Annual Percentage Yield (APY) effective as of December 1, 2020, is variable and may change after account is opened without notice. The APY is 2.00% on balances up to $20,000, 0.10% on balances greater than $20,000. Premium dividend on account(s) with 15 qualifying transactions per statement cycle. Only the following are qualifying transactions: Debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals. No other transactions qualify. Dividends will be paid per statement cycle requirement. At least one account holder must be at least 18 years old. Accounts not meeting the qualifying transaction threshold will earn 0.05% APY. Fees may reduce earnings. See Truth in Savings Disclosures for details.
  2. 2 Based on asset size as of 1/31/2020