A Personal Finance Guide

Reasons You Ought to Get a Checking Account

Although one would think that every adult has a checking account, this is actually not true. There is a section of the population who deals strictly on a cash basis. While there are some advantages to using a cash system, a checking account gives you huge advantages. If you do not have one, it can end up costing you some serious cash.

One expense that many have without a checking account, is check cashing. Many people take their weekly check and use a check cashing service. While many of these services are quite a bit cheaper than they used to be, even at $3 a check, that is $12 a month that could be saved if you had a banking account. This is a fee that you don’t need to be paying, and would help you save money in the long run.

A second oversight that many have when not having these accounts, is that many jobs today have direct deposit options. This means that your employer wants you to provide your bank account number and your routing number to put your pay directly into your account on the day you are paid. With a checking account, you can do this and get your money the same day you are paid. With a payroll check at times the money might not be posted until the next business day.

What to look for when getting a checking account.

Find a bank that is nearby. This makes it easier to use and visit when you might have any issues. It will be easier to go a close place to cash your checks, if that is how you choose to bank.

Most banks have many different kinds of checking accounts. Be sure to get the free one. Do not get the checking accounts that charge you a monthly fee. At times free accounts can be a bit deceptive. If you have lower than a certain dollar amount, you get charged a certain fee per month. So be sure to avoid these, or know what that lower limit is and keep that amount of money in the account. If you get bank fees every month, that would defeat the purpose of having a checking account in the first place.

Also, look for an account that gives you either free checks or a free debit card. Some banks do offer free checks and it is worth scouting those banks out. The costs of printing checks can add up. Most banks have the free debit card. This helps you not to have to carry around cash as often.

Jay has been interested in family, finance and health issues for many years now.

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