Fedchoice Federal Credit Union - Altogether Better

Managing Your First Paycheck


Managing Your First Paycheck

Congratulations! All that hard work in the classroom has finally paid off and you now have your first job. You should certainly be proud of what you’ve accomplished.

Your new job also comes with a lot more responsibility and a lot more money! To help you manage your finances so you can buy a car, purchase a home, support your own family some day and begin saving for retirement, FedChoice Federal Credit Union offers a variety of services.

What are the best ways to manage my money?

The first thing you’ll want to do is set up a checking and savings account that’s best suited for you. If you don’t know already, FedChoice offers some of the best savings rates anywhere. Check our rates and see for yourself. In addition to our Main Share Savings Account that all members are required to have, we offer several longer-term savings options. You can even set aside money for the holidays with our Holiday Club Account.

FedChoice offers several checking accounts such as eChecking if you do most of your banking online. Or you can choose from our more traditional checking accounts including Free Checking that requires no balance and offers unlimited check writing with no per check fee. Or, you may prefer our Premium Checking if you carry a high balance and want to earn dividends. With your checking account, you get a Visa® Debit Card card that gives you 24-hour access to your account at more than 60,000 surcharge-free ATMs worldwide.

How do I know which checking plan is best for me?

As you can see, we offer quite a few checking options. It’s just a matter of selecting the option that is best for you! For a comparison of our checking accounts, click here.

Can my employer deposit my paycheck electronically?

Absolutely! You’ll just need to set up a direct deposit account with your employer so your paycheck can be deposited immediately into your FedChoice checking or savings account. Click here for details.

How can I manage my money online?

The most convenient way to manage your money is with eBanking. It’s available 24/7 so you can make transfers and payments on your FedChoice Accounts, check balances, pay bills and much more.

What other options do you offer to help me manage my money?

You’ve probably heard some of the wisest investment advisers say the best thing you can do is “pay yourself first.” With our Payroll Allotment Plan you can do just that. You tell us how much you want to “pay yourself” and we’ll automatically deduct that amount from your paycheck and electronically deposit it into your FedChoice savings or checking account at the same time that your paycheck is deposited into your account.

Can I get a good rate on a credit card?

With our low-introductory rate, no annual fees, no balance transfer fees and no transaction fees, you can enjoy the convenience of our Visa® Gold Credit Card.

Don’t have a credit history yet to qualify for a credit card? No problem. Our Shared Secured Visa® credit card will help you build the history you need without a co-signer.

How can FedChoice help me invest my money?

Hard to believe, but it’s already time to think about long-range savings plans and retirement plans. Now is the time to begin saving and FedChoice makes it easy to begin saving early. Waiting to save can cost you a lot of money later. Check it out and see for yourself.

To see how much you’ll need to save for your golden years, go to our Retirement Income Calculator. For more guidance to help you save, use our Retirement Planner.

Fortunately, we have competitive deposit rates on our money market accounts and share certificates to help you save. Plus, we offer a wide variety of IRAs so your earnings can grow tax-deferred.

Check out all our savings and investment rates so you can see how you’ll benefit.

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