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A checking account is a good and easier way of managing finances. Typically, you would want one when you begin making money. Checking accounts allow to set up direct deposit and your employer can deposit your pay checks to your account, which is a convenient, cheaper, faster and safer way of being paid. You can also use a checking account to pay bills, write checks, deposit and retrieve money, make debit card purchases and access online banking services. Plus, it is safer to keep your money in a bank as all checking accounts are FDIC-insured. If a bank fails, you won't lose your money.