Checking AccountsHaving a safe way to store money is an excellent reason for having checking accounts. Or, at least, a single account. It’s real safe. That’s because the FDIC (Federal Deposit Insurance Corporation) insures accounts up to 100,000 US Dollars. That means if anything happens to the bank you are still entitled to that money. It’s guaranteed. There are also a number of other advantages to checking accounts. First (the best reason) is they surely beat out shoving money under the mattress, or even in the mattress, as a safe (and smart) way of storing it. It’s possible to get checking accounts from most credit unions, banks, and most savings and loan companies. Having a bank account will allow you to withdraw funds with your ATM card as you need them.

One of the greatest advantages of checking accounts particularly in recent years is the ability of employers to direct deposit paychecks to employee’s accounts. So instead of waiting for a paycheck to clear or having to make a trip to the bank to deposit it, funds can be direct deposited into your account right away. The best thing is that it’s really immediate cash. That makes the convenience of direct deposit a major plus. A really major plus. Many banks offer free checking accounts and some require that you maintain a minimum balance. You can opt for over draft protection and money back for special deals. Another perk. It’s also possible to access your checking account online if you set it up that way. Paying bills online (online banking) has become a major advantage for most of us who have limited time to spare. This kind of banking allows for quick paying of your bills and can even set up monthly regular bill payments. What could be easier. And the bottom line is what could be better than having the bank keep your checkbook in perfect order. And by the way, there are banks and credit unions that offer checking accounts without a minimum balance.

Having a checking account is a great way to show how fiscally responsible you are. It really provides a picture of your financial life. And your balance is always up to date. It’s also easy to see your deposits and how you spend your money. At times what’s right goes wrong and we’re faced with unexpected expenses, even a budget challenge (or a budget bust). In that case, borrowed  funds from short term loans (cash you need now) like car title loans can be direct deposited to your checking account. In other words, you’ve got that instant cash. To use now. So having a checking account can be an even better advantage if you need cash fast.