BANK - Checking Account Basics Lesson

Checking Account Basics

 

How do individuals use their checking account? Can having a checking account help to manage your money better? Review the information below to learn the reasons and benefits for using a checking account.

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 A checking account lets you write checks and use a debit card to:

• Pay bills
• Make purchases

 

Benefits of Checking Accounts:

• Convenience - give you quick and easy access to your money.  Let you "direct-deposit" payroll and other checks. Eliminate the need to carry a lot of cash.
• Cost - less expensive than check cashing services to cash checks. Less expensive to buy money orders.
• Better money management - having a checking account less you keep a record of your "transactions" and build a positive relationship with your bank.
• Safety - having a checking account is safer than carrying large amounts of cash. It protects your checks and check card if they are lost or stolen. Your money is also insured up to the maximum amount allowed by law.

 

Fee Schedule:

• Some common bank fees include:
• Monthly service fee
• Minimum balance fee
• Automated Teller Machince (ATM) user fee
• Overdraft fee
• Stop payment fee

 

 

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