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If you’re tired of sitting at the bank drive-thru or just fed up with overdraft fees, weird hours and hassles over balancing your checkbook, you may be wondering if it’s worth it to keep money in the bank.
You’re not alone. After all, many major stores, such as Walmart, offer free check cashing for a nominal fee, so you can cash your paycheck without even having a bank account. Also, you can have your employer load your check onto a pre-paid credit card for you, or even pay you by debit card.
But there are still reasons to keep your money in the bank, even if it’s inconvenient. And if you shop around, you may find that your bank or its competitors can offer you new banking plans that eliminate many of the fees you’re complaining about.
1. Your money is safe there. The Federal Deposit Insurance Corporation insures your money up to $100,000. Can your Mason jar in the back yard promise that?
2. You can earn interest on your money. True, if you don’t keep a big balance, it’s not much, but it’s better than nothing, right? It’s still money.
3. You can manage your finances better. You can sign up for online banking so you can check your balance at any time of the day and night, a reassuring feature if you’ve ever forgotten to record a check you wrote.
4. You can get paid faster. You can arrange for your boss to direct deposit your paycheck automatically, which means you can spend your money right away. If you deposit your pay in the form of a check, you may have to wait a few days before it clears. Direct deposit money is ready for you to spend the minute it hits your account.
5. You can get a check card. This means you can shop online anywhere that accepts major credit cards without having to pass credit approval. Online shopping was far more difficult before, if you only had a checking account or cash.
6. You can pay bills online. If you set up your bill pay to pay your bills automatically, you can avoid the late charges and shutoffs that can occur if you depend on old-fashioned, “I’ll send the check in” methods. But only do this with bills that stay the same, not utility bills that change from month to month.
Yes, bank accounts do cost some extra money so you can use your money, but at the same time, there isn’t yet a better alternative.
Wiki User
∙ 11y ago
Wiki User
∙ 14y agoA bank account is the best thing to get when you start making money. Without a bank account your money could be stolen. Does that answer your question/
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