Have an Income? Here’s Why You Need a Checking Account
Regular paydays provide an opportunity to turn financial dreams into reality. Combining a consistent income with a sensible monthly budget can result in a simple, low-stress way to meet financial goals. But, deciding where to hold money while saving for next month’s rent or your next big purchase might ignite some unexpected anxiety.
It’s been several months since you began receiving a steady income. Carrying large denominations and hiding money under your mattress or in a coffee can no longer seems practical or safe. And the more money you acquire, the more inconvenient these options become. Concern over potential theft or loss of your hard-earned cash prevents you from enjoying it. So, what should you do?
Consider opening an NCUA insured checking account which can provide you with a safe, practical way to bring calm to your finances.
Here are six more reasons you should open a checking account today. You can save time with a checking account.
There’s no need to stand in line to cash your paycheck when you can have it direct deposited into your checking account. Any regularly scheduled payment can qualify for electronic deposit, at no cost, including retirement and pension distributions, Social Security checks, and other government payments. Once the funds are in your account, you can automatically transfer them to other accounts via an online banking system or by telephone.
A checking account helps ensure you pay your bills on time.
Never miss a payment when you set up online autopay using your checking account. Forget the envelopes, stamps and weekly trips to the mailbox. View your account online 24/7 to easily keep track of all deposits and payments with online mobile banking. Setting your payments to arrive by the due date is easy when using your online checking account.
A checking account is secure.
Unlike keeping large bills in your wallet or in a special hiding place in your home, money deposited into your checking account is insured. Accounts held at most credit unions are insured by the National Credit Union Association (NCUA) for up to $250,000 per individual depositor. Look for the NCUA insurance sign at the entrance to the credit union or next to the teller window.
Avoid additional costs of paying bills by using a checking account.
Unless you pay your bills in cash, you’re probably using a money order or cashier’s check to pay your rent and other creditors. Avoid the extra costs associated with those payment methods by using online bill payment services. These services are available for free with most checking accounts. Set up electronic recurring payments or manually pay bills each month using the free online banking software offered by financial institutions.
A checking account can pay you dividends.
Some checking accounts allow you to earn interest on your deposits. Account holders can make their money work for them by keeping more of it in their account until the next payday or bill due date. A minimum balance may be required to earn dividends.
Access your funds on your terms.
Need cash before your next payday? Use a Visa® debit card to withdraw money from your account using any participating ATM. Funds do not have to remain in your account for a designated period. Access money when you need it.
Prince George’s Community Federal Credit Union offers an Advantage Checking and a Student Advantage Checking account to meet your needs.
• Has no minimum balance requirement or monthly maintenance fee
• Provides the potential for account holders to earn dividends
• Allows account holders to deposit checks remotely using a mobile device instead of visiting a branch location
• Is compatible with Digital Wallet services, e.g. Apple Pay, Google Pay, and Samsung Pay
• Offers free ATM transactions using your Visa® debit card
Earning money or receiving a regular source of income can be life-changing. Increase the likelihood that the experience will be positive by using a checking account to manage your finances with ease. Contact a representative today to discuss your checking account options with Prince George’s Community Federal Credit Union.