Despite the emergence of alternative financial services, checking accounts still remain an essential tool for managing finances. A checking account helps you simplify finances by streamlining bill payments, assisting with budget management, and offering various benefits for greater control of your money. If you're currently relying on other money management tools, here are eight reasons why you should consider opening a checking account.

1 | Hassle-Free Direct Deposit

Opening a checking account and setting up a direct deposit for your paycheck makes managing your money easier. You won’t need to wait to get your paycheck, travel to the bank to cash or deposit it, pay a transaction fee, and wait for it to clear before you have access to your funds. As soon as your employer deposits the check, the money is accessible. 

2 | Debit Card Benefits

With a checking account, you’ll receive a debit card that links directly to the account. Using your debit card for purchases can help you manage your money conveniently and safely; you won’t need to carry large amounts of cash and, unlike a credit card, you won’t pay interest or an Annual Percentage Rate (APR) on your purchases.

3 | More Features Than a Digital Wallet

While digital wallets like Venmo and PayPal are convenient for sending and receiving money, they aren't universally accepted by businesses. Checking accounts still offer more benefits and flexibility with features such as direct deposit and widespread bill payment options. 

Note: Digital wallets do not allow joint accounts, but you can open a joint checking account at a bank or credit union, which could be more convenient for couples and families. 

4 | Ability To Write and Cash Checks

Yes, people still write personal checks. Though digital transactions are the most common form of payments, there are still times when a personal check is useful and necessary. If the credit card reader goes down in an establishment, a vendor takes only cash or check, or if you’re buying from a garage sale or local seller, you’ll be happy to have checks on hand.

5 | Easy Access to Cash

One of the major perks of a checking account is ATM access. If you need cash, you can simply visit an ATM and make a withdrawal using your debit card.

6 | Paying Bills is Easier

A checking account allows you more options for paying bills, whether it’s with a debit card or a check. Simply log on to your utility company or service provider website and pay with your linked debit card. Or, set up automatic transfers to pay bills quickly and securely each month. You can even mail a paper check if the business does not accept electronic payments. 

7 | No Transaction Limits

Some savings and deposit accounts have monthly transaction limits in place, such as a minimal number of withdrawals or payments. Most checking accounts do not impose these limits, giving you more financial freedom.

8 | Safety and Security

One of the most important reasons for having a checking account is to keep your money safe. Stashing cash in your home is risky; whether by theft, fire, or simply misplacing it, you run the chance of losing your money. The money you keep in your credit union checking account is secured by the National Credit Union Association (NCUA), while a bank is insured by the FDIC. Both guarantee that each depositor is insured to at least $250,000 per person, per account. Knowing that your money is safe, secure, and accessible in a checking account can provide peace of mind.

HFCU Member-Specific Benefits of a Checking Account 

With HFCU’s Basic Checking account, you will enjoy spending and making payments with a Visa® Debit Card, overdraft protection for peace of mind, and the convenience of shared branching with no minimum balances or monthly service fees.

Our Premier Checking account offers a wide range of additional benefits, all without a minimum balance requirement. Some services include:

Experience the convenience of online banking, mobile check deposits, and a wide range of account features designed to meet your needs. Don't wait; contact us or visit one of our branches to open a checking account today.