What are the advantages of a checking account?

There are a lot of advantages to a checking account, considering that you can get checking accounts from any bank, most credit unions, and most savings and loan companies.

One exceptional reason on why you should opt for a checking account is the security of your stored money. Nearly all financial records in the US are insured, for up to US$100,000 by the Federal Deposit Insurance Corporation (FDIC). Just proactively confirm that your money will be insured in such manner hence, in case anything happens to the financial institution your money are secured.

Another notable edge of checking accounts is the capability of employers to have straight deposits for your paycheck through the account. In this way, waiting for your paycheck and depositing it is eliminated which saves you time. Taking into consideration that most of us have a little time for extra household tasks, the convenience of direct deposit is indisputable.

In line with this, a lot of people has the perception that checking accounts are only accessible through checks, nowadays people are accessing their checking accounts through ATM’s or their bank’s online services. Cash is becoming less of a necessity considering the convenience of having debit and credit cards and actually more and more people don’t appreciate taking cash. Security is also a prime concern since to send a check is an advantage on that aspect compare to cash. You get the receipt of your payment once you received the check back.

Furthermore, if you believe that anyone have stolen the check, you can opt to stop the payment though in some cases this may be subject to processing fee by your bank. However, compare it to cash, once it is stolen, it’s gone! But if checks are stolen, you can just go ahead and change the account number and stop payment or you can report it to your bank so they won’t charge your account.

Online banking is another advantage to checking account. A lot of financial institutions offer this service for the convenience of their customers. With this you can monitor each and every transaction you made. Additionally, online banking has a feature that allows you to make instant payment of your bills and this can even be set up in a monthly regular payment which is of your convenience

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ONLINE SAVINGS ACCOUNT

  • No minimum balance
  • Competitive rates, No risk

MONEY MARKET ACCOUNT

  • High rates, Access to money
  • FDIC Insured