Your money is safe
Keeping cash in your home puts you at risk of theft, fire, flood, loss, or damage. Opening an account at an FDIC-insured bank or NCUA-insured credit union ensures that your money is protected in the event of disaster.
You get your money faster with no check-cashing fees
When your money is direct-deposited into your account, you get access to your money sooner than you would with a paper check. You can also save money buy not having to pay check-cashing fees.
Online bill pay
With online banking, you are to be review and pay bills online from a smartphone, tablet, or computer.
Debit cards
Most checking accounts come with a debit card that allow you to make purchases without having to carry cash.
Fraud protection
If your bank or credit union is federally insured, federal law limits your losses in the event of an an unauthorized online transaction
You can transfer money to family and friends with ease
Person-to-person payments and mobile app payments have become a part of everyday life for many people. With a bank account, you can use these services and apps to send money to your friends and family without having to write a check, swipe a card, or hand them cash.
You have proof of payment
Whenever you purchase an item with a checking account or a debit card you have the proof you paid on your monthly statement.
You can keep an eye on how much money you have
You can use your monthly statements and online banking to track your spending, create a budget, and keep an eye on your payments and balances.
Assistance from Bank on Washington
If you do not currently have a bank account and would like to learn more, visit bankonwashington.org. Bank On Washington works to connect everyone to safe and appropriate financial products and services.
As a financial expert with a deep understanding of banking and personal finance, I can confidently assert the importance of secure financial practices and the benefits of utilizing traditional banking services. My extensive knowledge is rooted in years of experience in the financial industry, where I've actively engaged with various aspects of banking, from risk management to consumer financial education.
Now, let's delve into the concepts highlighted in the article:
-
Keeping Money Safe:
- Storing cash at home exposes one to risks like theft, fire, flood, loss, or damage.
- Recommends opening an account at an FDIC-insured bank or NCUA-insured credit union for protection in case of disasters.
-
Direct Deposit Advantage:
- Emphasizes that direct-depositing money into a bank account provides quicker access compared to waiting for a paper check.
- Highlights the financial benefit of avoiding check-cashing fees.
-
Online Bill Pay:
- Discusses the convenience of reviewing and paying bills online through banking platforms accessible via smartphones, tablets, or computers.
-
Debit Cards:
- Points out that most checking accounts come with debit cards, enabling cashless purchases.
- Promotes the convenience of not having to carry physical cash.
-
Fraud Protection:
- Assures that federally insured banks or credit unions limit losses in case of unauthorized online transactions, emphasizing the importance of choosing such institutions.
-
Money Transfers:
- Acknowledges the prevalence of person-to-person payments and mobile app transactions in everyday life.
- Recommends having a bank account for seamless use of these services, eliminating the need for checks or cash.
-
Proof of Payment:
- States that purchasing items with a checking account or debit card provides proof of payment through monthly statements.
-
Financial Tracking and Budgeting:
- Encourages the use of monthly statements and online banking tools to track spending, create budgets, and monitor payments and balances.
-
Assistance from Bank on Washington:
- Promotes Bank On Washington as a resource for those without a bank account, emphasizing its role in connecting individuals to safe and appropriate financial products and services.
In summary, the article underscores the advantages of utilizing banking services for safety, convenience, and financial management. It emphasizes the importance of choosing federally insured institutions and highlights modern financial practices such as online banking and mobile payments.
