Managing money can often feel like a complicated process, especially when keeping track of cash. Paying bills, seeing your purchases, and balancing your totals with paper money takes time and effort.
There are better ways to spend your time besides worrying about cash.
Fortunately, there is a way to handle your finances that is simpler and more secure. All you have to do is search for a bank near you.
Maybe you’ve been saving money in a shoebox or keeping cash under the bed. While that may be convenient, keeping money in a bank is a safer option than storing cash at home. Opening a checking account with a bank is an easy way to keep your hard-earned money in a safe and secure place.
What is A Checking Account?
A checking account is a type of bank account that allows you to easily withdraw and deposit money. With a checking account, you can safely put away cash in the bank, and take the stress out of holding onto cash. Checking accounts allow you to spend and receive money without the ordeal of physically counting and tracking the bills.
When saving, it’s important to be able to keep track of your money with ease. Opening a bank account is safe and straightforward; a 2019 survey found that nearly 95% of American households had an account with a bank or credit union1. When you make a deposit with your bank, you can trust that your money will be guarded and backed by the institution you’ve chosen. You can sleep easier knowing that your money is safe and protected.
When you deposit money into a checking account, you’ll see this reflected in your bank statement. Your bank statement tells you how much money is in your account, as well as where you’ve spent or received money. Checking accounts allow you to have easy access to your money at any time.
What Are the Benefits of a Checking Account?
Checking accounts make using money in everyday life easier. With a checking account, you won’t need to worry about carrying cash on you. When opening a checking account, you can also obtain a debit card. Having a debit card allows you to use the money stored in your checking account at shops, stores, online, and more.
Checking accounts allow you to take out money using an ATM, pay with a personal check, and obtain an exact count of your money at any time. It also allows you to make purchases at places where cash is not accepted, and to send money to others through online banking services. It also allows you to make purchases and pay bills online, saving you the time and effort of doing so physically. Some checking accounts even allow you to earn interest on your money over time2.
Having a checking account also allows you to accept personal checks directly from the sender. Instead of paying a check-cashing service, you can deposit checks of any kind into your checking account. After the check clears, you’ll be able to use the money sent to you through your checking account to pay for anything. Checking accounts make sending and receiving money secure and simple compared to keeping track of loose cash.
Getting A Checking Account
Obtaining a checking account is a relatively simple process. It can vary depending on the bank you choose, but no matter where you open an account, you’ll need a few things.
You’ll need some form of government-issued identification, like a state ID card, driver’s license, passport, social security card, or birth certificate. It’s important that the bank can verify the identity of the person opening an account so that all of the customers can be protected.
You’ll need to provide some personal information as well. The bank will likely ask for contact information like a phone number or email address. They also may ask for some sort of proof of address, such as a utility bill or a lease. This is done to make sure that the bank can send you important information about your account if needed.
The Takeaway
Checking accounts are a good idea for anyone looking to centralize their finances and keep their money in a secure place. With a checking account, you’ll be able to make purchases online, send and receive money via a personal check or the internet, and have a record of your financial transactions. Checking accounts provide easy access to your money, and most importantly, peace of mind.
1https://www.fdic.gov/analysis/household-survey/index.html#:~:text=The%202019%20survey%20finds%20that,was%20first%20conducted%20in%202009
2https://www.thebalance.com/what-is-an-interest-checking-account-315272
