Not having a bank account can be very difficult to do financial things. It will take you longer to cash a check or even your paycheck. Life without a banking account can be very frustrating when it comes to keep track of your money as well as paying your bills. Without some kind of checking account you would either have to pay cash for everything or spend extra money getting money orders to pay your bills. You will also find it harder to make online purchases. Once you are done reading this article you will know why it’s so important to have a banking account.
Check Cashing
If you don’t have a checking account you will find it very difficult to cash checks. Most banks won’t cash checks if you don’t have an account with them; this means that you will have to go to a check cashing service. This will become very expensive because they charge you a percentage of your check as a fee. Most checking cashing places will charge up to 3 percent to cash a check.
Direct Depositing your Paychecks
With the digital world becoming so popular most employers will ask you to sign up for direct deposit. It saves them money, since they won’t have to print paper checks any longer. If you don’t have a checking account you will not be able to get this service, which means that your employer might give you a hard time giving you your paycheck each week. By having a checking account you will make sure that your money is in your account every week and there will never be any hassles. However, if you have a bad credit score you may find banking becomes more difficult. See #thebadcreditsite for more info about banking with poor credit.
Bill Paying
Having a checking account makes paying bills easier than ever. Most banks have it set up that you can pay your bills online each month or in some cases you can have the money taken directly from your account each month. This makes your life easier because you don’t have to worry about getting money orders or paying any fees.
Interest
In most cases when you open a savings account the bank will offer you a small interest that will be collected on the amount in your account. So not only will you be able to save money but you will also be able to earn free money just by having an account with money in it.
Check Cashing
If you don’t have a checking account you will find it very difficult to cash checks. Most banks won’t cash checks if you don’t have an account with them; this means that you will have to go to a check cashing service. This will become very expensive because they charge you a percentage of your check as a fee. Most checking cashing places will charge up to 3 percent to cash a check.
Direct Depositing your Paychecks
With the digital world becoming so popular most employers will ask you to sign up for direct deposit. It saves them money, since they won’t have to print paper checks any longer. If you don’t have a checking account you will not be able to get this service, which means that your employer might give you a hard time giving you your paycheck each week. By having a checking account you will make sure that your money is in your account every week and there will never be any hassles. However, if you have a bad credit score you may find banking becomes more difficult. See #thebadcreditsite for more info about banking with poor credit.
Bill Paying
Having a checking account makes paying bills easier than ever. Most banks have it set up that you can pay your bills online each month or in some cases you can have the money taken directly from your account each month. This makes your life easier because you don’t have to worry about getting money orders or paying any fees.
Interest
In most cases when you open a savings account the bank will offer you a small interest that will be collected on the amount in your account. So not only will you be able to save money but you will also be able to earn free money just by having an account with money in it.