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Financial Flexibility: 8 Advantages of a Checking Account

Jul 22, 2022 | News

Checking accounts offer people of all ages and stages of life incredible financial flexibility. No matter your monetary situation, checking accounts are incredibly versatile, so they can help you reach your financial goals! Below, we’ll explore the advantages of a checking account and how you can set one up with Vocal Credit Union.

What is a Checking Account?

A checking account is a type of bank account where money can be deposited and withdrawn. They are often used as a means to pay everyday expenses, such as bills, groceries, and other purchases. You can access the money in a checking account using a debit card, writing a check, or through online transfers. Checking accounts differ from savings accounts not only because they come with a debit or ATM card and personal checks, but they also typically have lower interest rates than savings accounts.

Advantages of a Checking Account

1. Accessibility

This is one of the biggest advantages of a checking account: easy access to your funds! With a checking account, you can quickly manage your money in-person at the credit union, at an ATM, through writing checks, and, at Vocal Credit Union, through our online banking portal. These multiple access points let you withdraw or deposit money whenever you need it. 

Speaking of ATMs, do you need a hand finding an ATM near you? Check out our ATM Locator

2. Electronic Payment History

With cash, it’s hard to keep track of your spending history. You have no proof of payment, which can be difficult if you ever need to settle a dispute over a purchase. With a checking account, you can easily track any purchases or withdrawals from your account on your online statement. 

3. Direct Deposit

Many employers nowadays send your paycheck straight to your checking account through direct deposit. This saves you the trouble of receiving and cashing a paper check, which can easily get lost or even forgotten. You can also receive direct deposits from pension or other benefits providers, so you instantly receive money in your checking account.

4. Grow Interest

With an interest checking account, you can grow interest on the balance of your checking account. This typically happens monthly, allowing you to earn regular interest on the money you have deposited into your account. 

5. Build Credit

If you don’t have established credit or want to improve your credit score, maintaining your checking account can be a huge help. By keeping your account balance above zero, avoiding bounced checks, and paying your bills on time, you can show lenders and credit reporting agencies that you are smart with money management. 

6. Money Management for Youth

A checking account is a great way to start teaching your kids and teenagers about responsible money management. From writing checks to budgeting to planning for college, a checking account lets youth of all ages learn the value of money and the outcomes of their spending habits.

7. No Need to Carry Cash

Bills and coins can often be bulky, cumbersome, and difficult to keep track of in your wallet. With a debit card linked to a checking account, you only need to carry a card to access your funds.

8. Safety

Cash can easily be lost and stolen, so a checking account can help you keep your money safe and secure. Additionally, if your debit card is ever lost or stolen, you can easily close your card, stop payments, or open a new account. That way, unlike losing cash, you do not lose any immediate value. 

If you are a Vocal Credit Union member and have lost or have had your debit card stolen, you can call the following numbers:

Benefits of a Credit Union Checking Account

Credit unions are one of the best places to set up a checking account, especially at Vocal Credit Union. In comparison to large-scale commercial banks, we offer lower interest rates, fees, and have fewer minimum requirements for opening an account. Also, credit unions are well-known for reliable customer service, and we take pride in that at Vocal. We want our members to have the best financial options possible, so we can help you pick the checking account that best suits your money goals and needs. We’re highly invested in the Montana community, so we value getting to know our members and ensuring everyone receives timely, friendly customer service. 

If you’re in the local community looking to set up a checking account, become a Vocal Credit Union member and contact us today.

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