3 Reasons You Need A Checking Account
A checking account is a bank account you can use for many reasons. However, savings accounts are designed primarily for saving money, while checking accounts are more for paying bills. Many people have checking accounts, yet some still don't have one. Most people need a checking account for several reasons. Keep reading to learn the top three reasons you should open a checking account.
For direct deposits
Does your employer offer direct deposits? If so, you won't be able to enroll in this feature without a checking account. Direct deposit is a service many employers offer for several reasons. First, it's easier for employers, as it eliminates writing or printing paychecks. Additionally, employers don't have to hand out checks or mail checks to employees. Instead, they can submit the payments to each person's bank, and the money automatically goes into their accounts. If you have the option of signing up for this, you should. However, you can't do it unless you have a checking account.
For bill paying
Secondly, a checking account gives you more choices for paying your bills. For example, you can connect your checking account to your bills to pay them each month. You can also set up automatic payments with your debtors. Many banks also include bill-pay services for free, and some even offer additional features. For example, some banks include budgeting tools with their checking accounts. If you need help budgeting your money, you could use one of these tools.
For debit card purchases
While most businesses still accept cash, almost all except electronic payments. If you don't have a debit card, you might have to use cash to pay for everything. Unfortunately, you might not carry cash everywhere you go. As a result, you might use a credit card for purchases. If you're not careful, though, you can rack up large debts on your credit cards from using them. With a checking account, you'll get a debit card. You can use this card to pay for anything, and you will no longer have to carry cash around or worry about racking up credit card debts.
Open a checking account
Every bank offers checking accounts. Of course, some are free and some aren't, but you can choose the bank. When choosing a bank, look for free accounts. Also, compare the fee structure and perks that come with the accounts. Then, you can open a checking account to experience these benefits.
To learn more about checking accounts, reach out to local banks.