If you’re like most people, your checking account is probably one of the most important financial accounts in your life. It holds all your money and provides access to it anytime. But did you know that having a personal checking account can have amazing benefits?
1. You Can Pay Bills Online or Over the Phone
One of the best things about having a checking account is that you can pay bills online or over the phone. You can log on from home or work and make payments if you don’t want to go through the hassle of standing in line at the bank. This makes paying bills much more accessible than if you had to wait for an envelope full of cash to arrive in the mail every month.
2. You Don’t Have to Keep Track of Cash
Another great thing about having a checking account with direct deposit is that you don’t have to keep track of cash anymore. Instead, you can write checks against your balance and be done with it. This means you won’t need to worry about losing your wallet or purse because you’ll always have access to your money.
3. You Can Easily Make Deposits
You can also easily make deposits into your checking account using automatic transfers. This way, you never worry about forgetting to transfer money into your monthly account. You can also access and print your bank statement manually whenever you want to keep your records.
4. You Can Get Money Back From Your Bank
Another benefit of having a checking account is getting money back from your bank. For example, if you overdraft your account, you may not be charged fees, but you could still lose money. However, if you use your debit card to buy something and realize later that you didn’t spend enough money, you can ask your bank to refund the difference.
5. You Can Use Mobile Banking
You can even use mobile banking to check your account balance or make transactions. With this feature, you can do everything from making purchases to transferring funds without ever leaving your house.
6. Saves You Time
Having a checking account allows you to save time too. You no longer need to wait until payday to get paid, so you can start saving immediately. Plus, you can avoid going to the bank during business hours.
7. Secure Your Money
Most checking account deposits are protected by the Federal Deposit Insurance Corp (FDIC) or National Credit Union Association (NACU). With this type of coverage, up to $250K in your checking accounts is protected, meaning your funds are safer in your checking accounts than under your mattress.
If you leave your money in a bank, it’s less likely to get lost or stolen. You don’t have to worry about checking mail for envelopes full of cash anymore. If your checkbook or debit card gets lost or stolen, close the old one and start a new one. With a checking account, you can pay bills securely online, send money from one account to another, and deposit check by scanning them into the ATM.
8. Save Money
Fees for check cashed service, ATM usage fees, missed bill payments, and bounced checks add up. If you want to avoid these fees, use banking tools like direct deposits and automatic bill payments. If you don’t want to pay any fees for your bank accounts, you could open a free saving or online banking account instead.
To avoid paying excessive fees for your checking account, check out the terms and conditions of any bank or credit union offer. You may need to ask questions if you don’t understand some aspects of the agreement.