How Does a Renew Account Benefit Me?
Our Renew Account costs significantly less than check-cashing services.
Example: Emily and William both earn $50,000 a year...
- William uses a check-cashing service to cash his paychecks. He gets charged a fee of 5% of the check value and spends $2,000 per year to cash his paychecks.
- Emily uses a Healthcare Systems FCU Renew Account to cash her paychecks. She pays $10 a month to maintain this account, costing just $120 per year. After one year of successfully using her Renew Account, she was able to open a Checking Account with no monthly fee.
After one year, William paid $2,000 in check-cashing fees.
Emily paid only $120 in Renew Account fees, saving $1,880 more than William!
Did you know...Check-cashing services typically charge a fee of anywhere between 2 and 10% of the check’s face value. On average, people who use check-cashing services lose 5% or more of their net income to check-cashing fees.
Features and Benefits
- No credit check required
- Can be opened for members with no credit history
- Mobile Access
- Direct Deposit
- There is no minimum balance to keep in your account, and the monthly fee is only $10.00.
Make sure you know what factors to consider in your decision.
*Direct deposit is required with this account. No checks are issued, but a debit card is issued following the first direct deposit into the Renew Account. After 12 months of successfully maintaining your Renew Account, you may be upgraded to a Checking Account. Any items that cause a negative balance on this account during this 12 month period may result in the immediate closing of this account. Healthcare Systems FCU reserves the right to close this account at any time without prior notice, at its sole discretion.