If you don't have a free checking account, you may want to get one. Checking accounts are vitally important if you want to pay your bills, have a job, and keep a good budget going. There are lots of benefits of having a checking account.
#1 Automatic Bill Pay
When you have a checking account, you can sign up for automatic bill pay. With automatic bill pay, instead of having to remember when all of your bills are due, you can just set it up so that your bills are automatically taken out of your bank account on the same day each month.
If you have a bill that doesn't have an automatic pay option, you can still set up your checking account to send out a check on your behalf for the amount due each month. Having a checking account makes pay bills that much easier.
You don't have to pay your bills in cash or use a credit card to pay your bills anymore. You can use your checking account to set up automatic bill pay and to send out any checks you need to pay your bills.
#2 Easier to Access Your Paychecks
With a bank account, it is a lot easier to access your paychecks. With a bank account, you can set your paychecks to be directly deposited into your bank account. You no longer have to take your check to a check cashing place and pay a fee to access your money; you can get your paycheck right away through direct deposit.
#3 Money Is Protected
When you put your money into a bank account, your money is protected. The FDIC will insure your money up to $250,000 per bank that you have an account at. That means if someone steals your money or something happens to the bank, your money is protected.
If you have your money stored up in cash and someone steals it or you lose it or it gets damaged or destroyed, you have no way of getting that money back. That money is gone, and you just have to accept that. With a bank account, you have recourse to get your money back if something happens to it up to the FDIC limit.
#4 Proof of Payment
Another advantage of having a checking account is that you have proof that you paid your bills. If your gas company says that you didn't pay your bill, you can point to the transaction from your bank. If you pay someone back and they claim you didn't pay, you can show the payment you made to them. With a bank account, you have a second way of keeping track of all the bills that you pay and all of your transactions.
#5 Another Way to Manage Your Money
With a bank account, you'll see all of your transactions in one place. Many banks allow you to organize your transactions by types so you can see what you are spending your money on.
Having a checking account makes it easier to pay bills and receive money. It makes keeping track of your expenses and transactions easier as well. Having a bank account can streamline your financial life.