Finance Den: 4 Benefits of Opening a Checking Account

  1. A checking account keeps your money safe. Cash money kept at home is vulnerable to theft, misplacement, fires, and floods. Banking your money keeps it in a safe location, backed by the insurance banks and credit unions are required to carry to protect your money.
  2. A checking account offers more options for access to your money. Always carrying around the cash you may need can be a pain. With a checking account, you can write a check, pay with a debit card, make digital payments, and take out cash withdrawals. 
  3. A checking account makes payday easier. Most employers pay via check or direct deposit. With a checking account you can collect, deposit, and cash your paychecks with ease – allowing more immediate access, and also avoiding extra fees charged by check cashing services.
  4. A checking account makes it easier to manage your money. When you have a checking account, there is a “paper trail” following your money. This allows you to track your spending, makes it easier to budget, and offers proof of purchase when necessary. 

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