Previous | The 3 percent difference Next | How do I handle high inflation?
November 29, 2020 / Paulo Oliveira
Why you totally need a checking account

Why you totally need a checking account

In an era during which convenient financial technology tools — such as Google Pay, Venmo and Apple Pay — are all the rage, do you need a checking account?

illustration of someone writing a checkThe answer is a definitive yes. Here’s why:

  1. Safety

First and foremost, the safest place for your money is at a federally insured financial institution. The Federal Deposit Insurance Corporation (FDIC) insures your money up to $250,000.

  1. Free check cashing

To state the obvious, most employers don’t pay you in cash. They pay you with a check or via direct deposit. Without a checking account, direct deposit is not an option. And even cashing a check can be difficult without an account. Sure, there are places where you can cash checks without having a checking account, but you’ll probably have to pay a fee.

  1. Paying bills is safer, cheaper and easier

With a checking account, you can pay bills via debit card, bill pay services and online transfers. And if paying via debit card is not an option, you can simply write a check. It’s generally agreed that sending cash in the mail is not safe. The cash could get lost or stolen, or the recipient could claim to never have received it (even if they did). Sure, purchasing a money order or paying bills via wire transfer are both options, but again, neither is free.  

  1. Debit card convenience

A debit card enables you to avoid carrying around large amounts of cash. Plus, most banks offer protection in the event your card is stolen or lost. It’s not just convenient – it’s also safe.

What’s more, because many debit cards are part of the MasterCard or Visa network, you can use your debit card wherever MasterCard or Visa is accepted.

Paulo Oliveira is the assistant vice president, capital region market manager for F&M Trust

Recent Articles
How do I handle high inflation?
How do I handle high inflation?

How do I handle high inflation?

April 11, 2024 / Megan Brindle

How to spot IRS imposters
How to spot IRS imposters

How to spot IRS imposters

April 04, 2024 / Ray Wills

Stocks and bonds for beginners
Stocks and bonds for beginners

Stocks and bonds for beginners

March 21, 2024 / Warren Hurt

Planning how to pay for your bundle of joy
Planning how to pay for your bundle of joy

Planning how to pay for your bundle of joy

March 18, 2024 / Courtney Shauf

Important changes made to FAFSA
Important changes made to FAFSA

Important changes made to FAFSA

March 07, 2024 / Joel Huffer

Can I have my student loans forgiven?
Can I have my student loans forgiven?

Can I have my student loans forgiven?

March 04, 2024 / Joel Huffer

Tips for using peer-to-peer payment apps
Tips for using peer-to-peer payment apps

Tips for using peer-to-peer payment apps

February 21, 2024 / Matt Sheibley

Consider these things when filing your tax return
Consider these things when filing your tax return

Consider these things when filing your tax return

February 14, 2024 / Alyssa Proctor

Quishing attacks use QR codes to lure victims
Quishing attacks use QR codes to lure victims

Quishing attacks use QR codes to lure victims

February 08, 2024 / Ray Wills

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.