There are several advantages to opening and having a bank account, whether it be a free checking account, a senior checking account, or an investment savings account such as a money market account. Nearly all small businesses have a small business checking account in order to expedite their day to day business operations such as processing transactions and payroll.
Regardless of the kind of account, it sure beats stashing money away under the mattress — or in the mattress — providing a safe and secure way of storing and withdrawing money. Free checking accounts are offered at nearly all banks, credit unions, and other financial institutions. Often times, you do not have to be 18 to obtain one. In fact, several banks offer checking and savings accounts for kids and teens, in effort to start teaching them financial responsibility.
Safe storage is perhaps of the main reasons to open a free checking account. The majority of bank accounts in the United States are insured by the Federal Deposit Insurance Corporation for up to $250,000. Most financial institutions with have a placard displaying this information in plain view, however, don’t be afraid to verify this with a bank employee should you have any questions.
Another distinct advantage of opening a checking account is the ability to have your paycheck directly deposited into your account. Not only is this method of transferring funds secure, it saves you a trip to the bank or unnecessary time spent waiting for a check to clear. This is especially helpful for those we have a regional bank and who travel frequently, and may not have access to a local branch.
Furthermore, responsibly maintaining your checking account and using it to pay bills on time can improve your credit score, or keep you in good financial standing. With a checking account, there is no reason why bills should be paid late; unless of course, there are not enough funds in the account to cover the amount of the bill. Having a checking or savings account allows you to pay bills online securely, which saves you the time, money, and hassle of running to the post office.
The benefits of having a bank account are endless. Visit your local bank or financial institution for more information.