How Can A Checking Account Help You?
It saves you money
Using check cashers may seem more convenient than having a checking account at a bank, but these services cost much more. Check cashing stores charge up to 2% of your check…just to cash it. If you are cashing a $250 check, it would cost you $5. Cashing two checks a month with a check cashing company would cost you 5 times more in fees than having a checking account at a bank or credit union. If you purchase money orders often, the costs for those add up as well.
Without an account at a bank or credit union to keep your money safe, you and your family could easily lose your money to theft or fire. Money deposited into a bank or credit union is protected by the Federal government – insured by the Federal Deposit Insurance Corporation. In fact, up to $250,000 of your money is protected.
Peer to peer payment apps like $app and Venmo are not insured. If fraud occurs, you have little to no recourse to help you recover lost money.
With a checking or savings account, you can deposit your checks and access your money for little or no cost. You can pay bills with checks, on the Internet, or by direct debit for much less than you can buy money orders for those payments. You can use your debit card to make purchases at stores or to withdraw money from ATMs across the city. You can also keep track of your spending and your purchases either online, by phone, at the ATM, or at the bank or credit union teller.