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If you are tired of paying fees, overdraft charges, and struggling to get to your local branch on time to make a deposit, you may be asking yourself - do I really need a checking account? While you may not absolutely need one, many people still consider them to be essential. So why don't you just keep your bank in a safe under the bed? Why should you give all of your money you have earned over to a bank? There are a variety of simple reasons why you should hang on to your checking account. One of the most obvious reasons to have a checking account is for the security it provides. While storing your money under your bed might seem like a joke, many people do keep all of their life's savings at home. When you store your money with a bank, it is actually protected. The Federal Deposit Insurance Corporation will insure most of your money when holding it with a bank. If your home is burglarized, or there is a disaster like a flood or fire, you will not get your money back. Convenience is also a major reason why so many people decide to have a checking account. Banks offer their customers a variety of services that allow them to access their money when they need it most. Banks issue their customers debit cards that can be used the same way credit cards are used in stores, restaurants, and online outlets. Customers can also access their cash at a number of ATMs located virtually everywhere. You can also use other internet services that banks offer such as online bill pay. You can use this service to pay for anything from utilities to credit cards to mortgage payments. Plus, your employer may even offer direct deposit, which allows you to skip cashingyour checks. In some cases, you may need a checking account to do certain things. In order to obtain a loan, get a mortgage, or maybe even a job. Without proof of your financial activities, lenders and employers may not trust you. Spending only in cash will also not give you a clear set of financial records. With a bank, you will be able to easily keep track of exactly what you are spending every month, so understanding your personal finances and creating a budget will be much simpler. You may find working with a bank to be frustrating, but in most cases the protection and convenience that you get from these services are worth it. If you're looking for more information about a checking account, Saginaw locals turn to: https://www.wildfirecu.org.
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