Why Every Consumer Needs A Checking Account

Posted on: 2 August 2017

There are numerous options available to individuals today when it comes to protecting their money. This has led to some consumers not realizing the value in having a checking account. There are also some people who assume that they might not qualify for checking accounts. If you have been pondering over whether or not you need a checking account, consider the following beneficial points.

Savings on Fees

There are a number of individuals who have to pay to cash their paychecks. This means that some of their hard earned money goes to institutions that they will never have a firm financial relationship with. Many banks offer options that make it convenient to get paychecks direct deposited into their customers' accounts. This makes it easy to access money when needed, and there are generally not any fees associated with direct deposits. Accessing the money through banks' ATMs may also be fee-free.

Loan Potential

Some banks may monitor their customers' account responsibility. This means that you might be able to qualify for additional products from the bank of your choice over time. For example, you might be able to secure a loan for a vehicle from your bank.  

Easy Bill Paying

Standing in line to pay a bill at a payment location can be time-consuming. It also usually means that individuals will need to pay a fee to pay their bills. Sometimes it may even mean that the creditor will not receive the payment on the same day. By having your own checking account, you can make payments before or on time and not have the worries of them being late. You can also save time because you can likely make your payments from your computer r smartphone. You may also be able to arrange automatic drafts for certain bills.


Numerous banks have recognized the benefits of attracting customers and retaining their loyalty. This means that you might be able to access savings on local attractions and events. It is also possible that you may be able to accrue interest based on the balance in your account, which means "free money" to you. 

Banks are good resources to use to understand why checking accounts remain as stable options for receiving and protecting your money. These financial institutions can also help you to determine which of their products are best for your situation. For example, if you have concerns about over-drafting your new checking account, they might have an option such as overdraft protection that links savings and checking accounts together to reduce the chances of overdrafts occurring.