Most people that have a regular income have personal checking accounts. But, there are still people that don’t think this is necessary. They are convinced their money is going to be safer stored in random locations throughout the house. Other people want to live without a checking account because they believe the costs of banking are too high. Most of the concerns that someone without a personal checking account has are really based on assumptions, and they can be far from reality. There are actually a number of benefits to owning a personal checking account, and once you understand them, they might just win you over.

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For the survivalist that thinks their money is safer stuffed in jars and under mattresses, you might want to learn more about the FDIC. In response to the bank failures of the Great Depression, the FDIC was created. The FDIC, or Federal Deposit Insurance Corporation, insures deposits in your checking account for up to $250,000. Since the FDIC was started, not a single cent has been lost to bank failures. Compare that to how many homes are robbed each year and you will see that statistically, your money is much safer in the bank than under your bed.

In the past few years, many banks have opened checking accounts that have no fees at all if certain requirements are met. These requirements are usually extremely low, and very easy to meet. Many people have checking accounts that cost them nothing.

In contrast, there are many reasons that having a personal checking account is very beneficial. You can pay your bills much easier, even online, and you won’t have to buy money orders to do it. You also have a printable record of the cashed check should any doubts about your payment arise. Many employers offer direct deposit, which means you have instant access to the funds which have been deposited electronically. You can access your bank account online, 24 hours a day. You can also download bank statements to use with budgeting software. You can also cancel a check should you suspect that someone has stolen it; you certainly can’t do that with cash! Checking accounts really make a lot of sense when you learn about the benefits they have to offer.
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