Whether you're just in the starting phases of building your financial legacy, or it's well-established, there are many advantages to having a checking account. Checking accounts can help improve your financial health and life, no matter your age.
Here are several reasons why you need a checking account:
1. Easier to Track Your Spending
With a checking account, it’s easier to track your spending. With nearly all checking accounts today, you’ll have access to mobile and online banking. Plus, debit cards come with checking accounts, allowing you to purchase things online, and again, see a record of how and where you’ve spent your money. When you're using cash, you must keep records of your spending manually to track where your money is going. But, when you're using a checking account, it's simple to see your recent transactions and know exactly how you spent your money.
You can also use your checking account as a budgeting tool, tracking your expenditures and income in real-time. Simply log into mobile or online banking and view your transactions and spending history in one place.
2. Quick Access to Cash via ATM
While many people with checking accounts use their credit cards or debit cards for pretty much most of their payments, ATMs continue to be a huge benefit of owning a checking account. If you require cash, you simply withdraw what you need from your nearest ATM with your debit card. Your options to obtain cash are somewhat limited when you don't have a checking account.
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3. Federally Insured by NCUA up to $250K
NCUA, or the National Credit Union Administration, is an independent agency of the U.S. Government that charters, regulates, and supervises federal credit unions. Each shareowner has a standard $250,000 share insurance amount for each account ownership class, per insured credit union. This means that you can have peace of mind knowing your checking account funds are always insured no matter what happens to the credit union.
4. Online Bill Pay
You get free bill pay with most checking accounts today, meaning you can pay and manage all your bills online. This is ideal if you're tired of the paper clutter accumulating in your desk or on your kitchen counter. You simply opt for eStatements and make your payments online instead.
5. Direct Deposit
With a checking account, you can have your employer set up direct deposit where your paycheck is automatically deposited into your checking account each time you get paid. This eliminates the need to have to run to the credit union to cash or deposit your check.
Did you know you can get paid up to 2 days early when your direct deposit comes to DuGood? If you'd like to enroll, just complete the form available in our Switch Kit.
6. Payroll Deduction
Payroll deductions enable you to automatically make contributions to your savings account or pay towards a loan with a portion of your check. You could even make arrangements where you split your loan payment up and pay half from one paycheck and the other half from your next paycheck, allowing you to keep more of your money each time you get paid.
7. Easier to Pay
Checking accounts make it easier to make purchases, whether online or in-person. Plus, you no longer have to worry about spending money on costly money orders or activating prepaid debit cards.
We’re Here to Help!
Checking accounts come with many benefits and are designed to streamline access to your money. If you would like more information on opening up a checking account or would like to discuss the type of checking account that best fits your needs, stop by any of our convenient branch locations or give us a call at (409) 899-3430.
Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.
