What Time Does Current Bank Direct Deposit Hit?
Current Bank can only be accessed through a mobile app and is only available online. Fast direct transfers, quick credits for gas holds, specific accounts for parents and kids, and Savings Pods make saving for a variety of objectives a snap, all of which its competitors don’t provide. In an effort to modernize banking, Current addresses some of the most unpleasant aspects associated with checking accounts, but it also has certain shortcomings. It’s not the best option if you have a lot of money in your account or if cost is a major concern for you.
However, if you’re looking to be paid sooner or teach your adolescent good money habits, Current Bank may be a wonderful option for you.
Personal Capital helps you track your investments and prepare you for financial success.
What we like about the Current personal checking account
Be aware that there are three distinct checking accounts to choose from before reading about the many characteristics of a Current personal checking account.
With that in mind, here are some of our favorite aspects of Current bank accounts:
- Direct deposits are made available faster. Direct deposits can be deposited to your account up to two days faster than with traditional banks, according to current claims. There’s no need to wait on a Friday to get paid if your business uses direct deposit and your paycheck would typically arrive on Wednesday! If you have a premium account with Current and are able to use this service, you may improve your cash flow by having quicker access to your funds.
- Mobile check deposit. Current is the only online bank that offers mobile check deposit. If you have a smartphone camera, you may take a picture of the front and back of your check and submit a deposit request using the Current app. For Android users, the app is accessible on Google Play and for iPhone users, it is available on the App Store.
- Free ATM withdrawals. Account members get access to over 55,000 ATMs around the country. Using the Current card is easy because it is a Visa card. With Apple Pay integration, you may keep it in your digital wallet.
- Gas hold refunds. In some cases, a “hold” may be placed on your credit card when you buy gas. Depending on where you live, this might run you up to $100 or more. If you pay using your Current premium checking account, you’ll be reimbursed for the hold. This means that your money won’t be kept captive like it is when you pay for petrol using a debit card.
- Cash back at select retailers. You may earn up to 15 times the points for every dollar you spend at participating merchants. To redeem your rewards, you must first create a Current account with TD Bank.
- Helping your children manage their finances is made simpler with Parent/Teen Banking. Current gives parents a lot of flexibility while introducing their children to their first checking account with its customized adolescent accounts. A debit card and bank account may be set up for teens, but parents can establish spending restrictions, block particular shops, and receive information about their teen’s spending habits.
- As a current account holder, you have the option of creating either 1 or 3 savings pods, depending on how much you want to save. Using your mobile app, it’s easy to create a Savings Pod, and you can give each pod a label to signify the goal you’re trying to achieve. Using the round-up option, you may automatically transfer money into pods.. This function rounds up the difference from each purchase and deposits it into your savings pod. You may also deposit money into your pod by having it automatically deducted from your checking account or by making a manual transfer from your checking account. In order to help you stay motivated, you can even upload a photo to each pod.
- It’s easy to reach customer service these days since it’s available in some way or another around the clock, every day of the year. Email, phone, and live chat are all ways to get in touch with customer care.
- Overdraft protection. Current Overdrive may provide free overdraft protection to premium account members who meet the requirements. When using a Current debit card, you can overdraft up to $100 without incurring a charge.
What the Current personal checking account could improve
- Current charges an annual account fee of $36 for teen checking, and a monthly price of $4.99 for the premium checking account.
- In the absence of an annual percentage yield, No interest is paid on the money you deposit in your Current checking account. While it’s not uncommon for a checking account to not pay interest, some of the finest checking accounts do.
Personal checking vs. standard checking accounts
Other online and conventional accounts, as well as the current personal checking, differ significantly. Key distinctions include the following:
- In contrast to most of the leading banks, Current provides direct transfers up to two days faster and allows immediate reimbursements for gas holds.
- Allowances for kids, tracking of spending, and the possibility to link several parent accounts are just some of the services available to parents through Current. Even with other online or traditional banks that provide student or teen checking, these services are uncommon.
- In contrast to many traditional banks, Current does not have any local branches that customers may visit.
- It is mandatory that you utilize a mobile application to access your Current account. It’s not necessary to do this with traditional banks or some internet banking services, so you may manage your account in person or online.
- Many other banks have less stringent restrictions than Current. The daily withdrawal limit of $500 at an ATM and the daily spending limit of $2,000 on your debit card are all included in this. The daily purchasing and ATM withdrawal restrictions of some other banks are greater.
- Except for its basic checking account, Current charges monthly fees for the majority of its accounts. Many online banks, unlike brick-and-mortar banks, provide fee-free checking accounts with no monthly maintenance costs, unlike traditional checking accounts that charge fees.
How to open a Current personal checking account
On an iOS or Android smartphone, this procedure may be completed in a matter of minutes. In order to create a personal checking account with Current:
- To get the Current app on your phone, click here.
- Determine the account type you wish to open (premium or basic checking account or a parent/teen) and then click the “Open Account” button.
- Identify yourself using your Social Security number and a place of residence in the United States.
- You may fund your account in a variety of ways. To open or maintain an account, there is no minimum balance requirement.
- After you’ve opened your account, you should get your Visa debit card in the mail within seven to ten business days.
Your Current account can be funded in a variety of ways. including:
- Taking a photo of your checks and depositing them into your account via mobile deposit. It usually takes five business days for a check to clear.
- Using an ACH transfer to move money from one bank account to another.
- Getting your paychecks or government benefits sent straight into your bank account by setting up direct deposit.
How to withdraw money from a Current personal checking account
A Current personal checking account allows you to withdraw money by:
- Paying using your card at an ATM. Every day, you’re only allowed to take out $500.
- You may use your debit card to make purchases almost anywhere that Visa is accepted. You’re allowed to spend up to $2,000 every day. Alternatively, you may use your credit or debit card with Apple Pay.
- Transferring money to a bank account outside of your own.
When you use your card to make purchases outside the United States, you’ll be charged a 3% international transaction fee and a $3 fee for each cash withdrawal from an ATM. Banks that don’t charge international ATM fees may be a good option if you often go abroad.
Current Bank customer service
On the bank’s website or via the bank’s mobile app, you may get in touch with a customer support agent for any issue that you may be experiencing. The company’s phone number is 888-851-1172 if you want to reach them that way.
Weekdays from 9 a.m. to 6 p.m. EST and Saturdays from 9 a.m. to 5 p.m. EST, you can reach customer service representatives via phone. Weekdays from 9 a.m. to 8 p.m. EST are the only times when in-app live conversations are available.
In addition to its parent/teen accounts, Current offers various new mobile banking capabilities that other financial institutions may not provide. It’s important to weigh the cost of roughly $40 per year each teen in your household who requires access to a checking account against the possibility of your youngster getting a free checking account at your local bank.
However, if you value being able to quickly give your adolescent an allowance and keep tabs on their spending, Current can be a wonderful choice for your family.
If you’re seeking advantages like speedier access to your salary, smartphone support, and a variety of choices for automatically putting money to savings, Current is a good financial choice.