The system you use to manage your finances should be simple, but without a checking account, it can be challenging to complete essential financial transactions easily.
There are many reasons you might not have a checking account – maybe you had previous bad experiences, you don’t trust banks, or you just haven’t gotten around to it – either way, you’re missing out on the benefits of a checking account.
Stop wondering why you should open a checking account and gain the information you need to finally decide to get your finances on track with the right foundation.
1. Direct Deposit
There are many reasons you’ll want a direct deposit in your checking account.
You can gain access to your paycheck funds, your IRS tax refund, or even a settlement without having to wait for a physical check, which generally takes longer.
Having direct deposit access allows your money to be safely deposited into your checking account. There’s no reason to wait for a check, risk losing your check, cashing your check, or risk losing the cash.
Everything happens automatically, safely, and securely.
2. Easy Payment
You can easily make payments using a checking account.
Most companies will allow you to make a payment using your routing number and checking account number or the associated debit card information. You can set up automatic payments through the company or use services like Online Bill Pay to automate your monthly payments.
3. Insured Money
Another benefit of a checking account is that your money is protected as long as your bank or credit union is FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Association) insured, respectively. These organizations protect your funds for up to $250,000 per account per user up to two users.
When you operate with a cash-based system, there is no protection for your money. If it’s lost or stolen, you’re out of luck unless the money is recovered and returned to you. If you’re like most people, you really can’t afford to go without this level of financial protection.
4. Deposit Checks
Another reason why you should open a checking account is that you can quickly deposit checks. If you do receive a check, you want a safe place to store the funds without having to get cash.
You can deposit your check at your convenience using your bank’s mobile app. Skip an unnecessary visit to the bank or check-cashing service provider.
5. Review Spending
Using a checking account gives you a record of your purchases. You can review your spending to determine trends with your expenses. Having this information on hand is helpful when you’re trying to identify how you can improve your money habits or when you want to review or establish your budget.
Unless you keep an accurate log of your cash spending, it’s difficult to know precisely how much money is going out each month.
Let your checking account serve as financial support by automating this process.
6. Easy Access
Having a checking account also allows you to quickly and conveniently access your funds.
- At the branch: Your bank or credit union will have individual branches and sometimes sister branches that you can visit to handle your financial transactions in person.
- At the ATM: Alternatively, you can use an ATM to easily withdraw cash even when the bank branch is closed.
- Using your debit card: Many stores allow you to get cashback from your checking account as long as you pay with your debit card. Also, you can access your money by spending using your debit card, which is one of the most common ways to make purchases these days.
7. Online/Mobile Banking
If you have access to a smartphone, computer, or tablet, you can manage and complete many of your financial tasks using online or mobile banking.
Some transactions you can complete include:
- Viewing your balance
- Transferring funds between your checking and savings accounts
- Managing online bill pay
- Depositing checks
- Viewing your account statements
8. Earn Rewards
Many checking accounts are now offering rewards similar to savings accounts and credit cards.
When you open a Baton Rouge Telco Checking Account, you can earn dividends of up to 4.00% on your balances up to $10,000 as long as you meet our minimum requirements.
What To Consider When Opening A Checking Account
Once you’re ready to open a checking account, you want to do your research on the benefits and features associated with the account. Here are a few to keep in mind.
Minimum Opening Deposit
Some checking accounts will require high opening deposits. You want to be sure that the required opening deposit fits your current budget because you’ll have to deposit that money before you can use the account.
Our minimum opening deposit for our checking accounts is $5.
Minimum Balance
Your minimum balance is how much money must be in your account to keep it open. Some checking accounts will charge a fee, downgrade your account, or close it if you don’t maintain your minimum balance.
At Baton Rouge Telco, all of our checking accounts have a $0 minimum balance requirement.
Monthly Fees
Some checking accounts will charge a monthly fee for you to maintain your account. We don’t.
You don’t have to pay us a fee since we strive to keep your money in your account by reducing checking related expenses as much as possible.
ATM Access
Finally, you want to consider the ATMs that are available in your area along with any associated fees. At Baton Rouge Telco, you have access to 73,000 fee-free ATMs nationwide, so wherever you go in the US, you should be close to an ATM that allows you to gain access to your funds for free.
Now That You Know The Benefits Of A Checking Account Are You Ready To Open Yours?
Having a checking account sets you up for financial success.
Get access to your money quicker, complete financial transactions on your phone or tablet, rest assured that your money is protected, and easily track your spending so you can make better money choices.
You really can’t afford to not have a checking account these days, so you want to be sure that you choose the right one.
We invite you to open one of our checking accounts – whether you’re a student, on the road to financial recovery, or just want a simple free no strings attached checking account, we have you covered.
