5 Persuasive Arguments for Having a Checking Account

Did you know there are 17 million people in the U.S. without a bank account? Many millennials think they don’t need one, even though trust in financial institutions is low. However, having a checking account is really handy for handling daily finances. Here are five good reasons why it’s important:

1. Proof of Payment with Checks
When you write a check, it acts as proof that you’ve paid someone. This written record is great for filing taxes and sending payments, and you can find these records in your bank statement, checkbook, duplicate checks, and online banking. Since there can be risks like fraud or being charged twice, having these records easily accessible can save you a lot of trouble.

2. Safer Than Cash
For many older folks, checks are safer than cash for mail shopping because they leave a paper trail, which helps prevent theft. If you’re giving cash as a gift, checks are more secure than money orders or cashier’s checks and they cost less too.

3. Easy Bill Payments
Most checking accounts offer free online bill pay services, which helps you manage bills without the physical paper hassle. You can also easily pay other people through many banks’ person-to-person payment options, which makes things like splitting rent much more straightforward. Plus, a debit card that comes with a checking account makes tracking expenses easier, and direct deposit ensures payday is hassle-free.

4. Online Banking Perks
Imagine stuffing all your money in a bag instead of using bank features—total chaos! While balancing a physical checkbook may seem outdated, using tools like Mint.com or Personal Capital with a checking account lets you keep track of everything online, making it much simpler than dealing with cash.

5. Unlimited Transactions
Unlike savings accounts, which limit you to six electronic transfers a month, checking accounts let you do as many as you need. This flexibility is useful if you think about how often you spend money! Having both checking and savings accounts allows for smooth transfers and is a better way to save than just keeping cash around.

In short, a bank account is crucial for managing money quickly and easily. Online-only banks often beat traditional ones in terms of convenience and low fees.