Checking Account

The Importance Of A Checking Account

A checking account is paramount to anyone seeking financial stability. A checking account allows you to put your cash or checks into one account. It enables you to write checks, withdraw cash, make purchases online, or use your debit card to avoid using cash. Checking accounts are the most popular for individuals and businesses handle income and expenses. The services of checking accounts are numerous and convenient.

In a bank account, your money is insured and protected by the FDIC (Federal Deposit Insurance Corporation) from fire, theft, and other dangers. There is no need to worry about your money being “out of your hands.” Banks are the safest place for your funds.

In addition, checking accounts save you the nuisance of paying for things in cash. While cash may be easy for small purchases, you may want to write a check for more expensive purchases, such as medications, groceries, and utilities bills. In fact, some insurance and utilities companies require payment by check or money order. Your own account will save you the fees necessary to purchase a money order and the time to obtain one.

Many employers offer the convenience of direct deposit. As the term signifies, your paycheck will be directly deposited into your checking account on the pay date. No longer do you have to worry about getting to the bank on time to ensure that there is money in your account. All of your transactions, including deposits, withdrawals, and payments, can be viewed on your monthly statement, issued by mail or e-mail. This allows you to easily track your money and create a budget that suits your financial status.

Perhaps the most convenient feature of checking accounts is the debit card. The debit card acts as a credit card; however, the money is deducted directly from your account. There are no monthly bills to pay and no steep interest fees. With the card, there is no need to even carry cash anymore since most stores accept debit cards. Should you lose your wallet, there is no need to worry about your money, all you need to do is call your bank and they will cancel your current card and issue you a new one. The debit card is also a convenient way to purchase merchandise online without leaving the comfort of your home or to pay your bills without worrying about sending a check on time.

If you are a small business owner, online checking accounts are readily available to ease a lot of your day to day transactions. These accounts may offer features that are extra and may require a monthly fee. However, these features are convenient and easy: such as accepting electronic payments or sending electronic payments to vendors or paying your employee’s salaries straight into their account. Many of these online accounts will also come with a number of planning tools and software to help you manage your account with ease.

Checking Accounts are important to anyone who wishes to make personal finance simple and convenient. The features offered by banks allows you easy access to account so that you can maintain financial stability.

Money Market Accounts

A money market account is a savings account much like any savings account available through a bank. Money market accounts are also offered by credit unions. These accounts are sometimes called money market demand accounts or money market deposit accounts.

Checking Account
The Importance Of A Checking Account

A checking account is paramount to anyone seeking financial stability. A checking account allows you to put your cash or checks into one account. It enables you to write checks, withdraw cash, make purchases online, or use your debit card to avoid using cash. Checking accounts are the most popular for individuals and businesses handle income and expenses. The services of checking accounts are numerous and convenient.

Consumer Friendly Banks

When choosing a bank it is important to select a bank that offers the products and services you desire. If you only want to throw your money in a savings account and collect minimal interest then you can select any old bank. But if you want to have access to checking accounts, savings accounts, Certificates of Deposit (CD) and other products, then it’s important to shop around and find a bank that offers what you need.

Here are a few things to consider when selecting a bank:

1. Brick and Mortar Bank vs. Online Only
Do you want to be able to walk into a bank to complete your transactions? Then you need a bank that offers branches in your area. Consider how far away the branches are from your home or work, what their hours are, etc. Or you may want to do all your banking online via the internet. These banks typically offer all the same services as brick and mortar banks, though it must be done on the computer.

2. What products/services do you need?
Most big banks can offer almost all products you may need, loans, savings/checking accounts, credit cards, etc. It’s important to shop around and find the best deals. Does the bank have a good reputation? Does the bank have good customer service?
Today, most consumers aren’t limited to the local community banks in their hometown. If you are fine with doing you business online then you have access to virtually unlimited banking options. Consider how important the face-to-face aspect of banking is to you, then start to research banks that interest you and see what services they offer. In either case, it pays to shop around.