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To summarize the purpose in one word - convenience. A checking account makes your money immediately available without you having to carry or store significant sums of cash. It enables digital transactions, check or direct deposit from employers, and usage of ATMs. But more importantly, it's a safe place to store and save money.

Here are some of the top benefits of a checking account:

  • Your money is safe: the deposits in most checking accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor per bank. Plus, banks are using security measures to help keep the contents of your accounts safe.
  • You have no transaction limits: unlike savings accounts, checking accounts have no transaction limits.
  • You have easy access with ATM withdrawals: when you open a checking account, you are likely to receive a debit card connected to the account that you can use to make purchases at stores or online and withdraw cash from ATMs.
  • You can receive direct deposits in your account: having a checking account, you can set up direct deposits from your employer to have your paychecks deposited directly into your account.
  • You can manage your account using a mobile app: today many banks offer mobile banking, and when you open a checking account, you will be given online access, which will allow you to manage your account online, pay bills, make transfers between accounts, and set up alerts.

There are many benefits of opening a checking account. You can engage in cash-free money transactions, keep your hard-earned money safe from theft or loss, track your spending, and manage your bank accounts online.

tags : Checking Account Money Management Online Banking

Disclaimer: This editorial content is not provided or commissioned by the banks or credit card issuer(s). Opinions expressed here are the author's alone, not those of the banks or credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the banks or credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult with the issuing bank of the card or account for terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are accurate as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.