You may not be writing as many checks as you once did, or you may have never written a check before; but that does not mean that you should not have a checking account. A checking account offers more than the name implies. Here are six reasons to open a checking account.
- Multiple Payment Methods
- Easier Access
- Online and Mobile Banking
- Insured Money
- Earn Dividends
- Added Benefits
Multiple Payment Methods
Checking accounts enable you to write checks but also allow you to pay in different methods as well. You can use a debit card that comes with your checking account or initiate digital transfers. Essentially, a checking account is designed to give you easy access to your money.
Easier Access
There are many facets of our society that are skewed in favor of people with bank accounts. To get paid, for the most part, and to use that money to pay bills you will need a bank account. Having a checking account gives you easy access to deposit and spend money. Getting paid, for example, often happens through check or by direct deposit. If you do not have a bank account, direct deposit obviously is not an option and cashing a check can be a challenge without an account.
When it comes to paying bills, most companies have gone digital. But, to pay those bills you need to attach a checking account to have the money pulled from. Having a checking account creates a convenient option to pay bills online.
Online and Mobile Banking
The digital world has allowed people to have access to see their account whenever they would like. Online and mobile banking is a great way to keep track of your money. Instead of having to count cash or think about how much money you have in various hiding places, you can enjoy a single view of your financial situation. There is even the option to link your account with budgeting software.
It is also a level of protection when it comes to paying any expense or transferring money. You have a paper trail for any transaction. You can check to see if a transaction went through and is correct, and you can also keep an eye out for fraud or any discrepancies in your account.
Insured Money
Having your money in an account at a financial institution that is insured is a huge benefit. Cobalt Credit Union is Federally Insured by the NCUA (National Credit Union Association). Standard insurance protect your funds for up to $250,000 per account per user for up to two users. If you operate with a cash-based system, there is no protection for your money. If it is lost or stolen, you are out of luck unless the money is recovered and returned to you. If you are like most people, you really cannot afford to go without this level of financial protection.
Earn Dividends
Dividend-bearing checking accounts can be an inexpensive way to make your money work for you. By meeting account requirements, an dividend-bearing checking account will earn you passive income. Cobalt CU has two different checking accounts that offer different dividend rates, which is a positive outcome of having a checking account at a credit union.
Added Benefits
Many banks or credit unions have benefits or perks that they only offer to their customers or members. At Cobalt CU, no matter the account you choose, you have access to Free Notary Services, Free Card Manager app to control your debit card, online & mobile banking, e-statements, free debit card, Document Shred Events, and access Free Seminars and Webinars.
Having a checking account can be beneficial for you and your financial situation. These are just six reasons to open a checking account.
