5 Reasons Why You Should Have A Checking Account

Published on Mar 31 2011 // Written By // Banking, Finance 101

  • Proof of payment – Checks provide a paper trailor written proof that you paid someone. Each time you write a check that ultimately clears your account, there will be several records of it. Having this proof is important for tax purposes (when you make tax deductible charitable donations) and whenever you are paying a person or company by mail.
    1. on your credit union statement,
    2. in your check register (checkbook),
    3. a carbon copy if you are using duplicate checks,
    4. a printable front and back image of your cleared check online through PC Branch (available for at least twelve months),
    5. and an image of your check electronically stored in our files indefinitely.

     

  • Safer than cash – If you shop by mail, paying by check is safer than cash. Cash can be taken and spent by anyone without a trace. The paper trail a check leaves discourages theft.
  • Cheaper than money orders – Personal checks are cheaper than buying money orders or cashier’s checks – even on checking accounts with fees.
  • Lots of access options – There are many ways to conveniently access your checking account that other types of accounts don’t offer.
  • No transaction limits – Checking accounts have no Federal limits on the number of electronic transfers you can make each month. All other types of savings accounts do have transaction limits.
Image Source: monitorbankrates.com

 



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About

Tushar Mathur has been blogging about Personal Finance since January, 2007. This has helped him recognize what topics readers like and relate to. The goal is to spot good news-worthy info and get it out to the public as soon as possible. Tushar Mathur maintains this Personal Finance blog called Everything Finance. The blog articles fall under these categories: Investing, saving money, shopping, blogging and making money online. Send an email at tushar@everythingfinanceblog.com

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