Why Should You Open a Checking US Bank Account?

Why Should You Open a Checking US Bank Account?

You might find it difficult to believe but millions of US residents still don’t have any bank accounts. Some feel that only individuals with lots of money should open a US bank account. Others live without an account as they love to deal with cash and are not big fans of debit cards or checks. According to experts, many millennials have started mistrusting banks due to the financial crisis of 2008.


If you belong to any of the above-mentioned categories, it’s high time that you learn the advantages of having a checking account. Read on to know the most prominent ones among them.

A Checking US Bank Account Will Store Your Money Safely

Keeping too much cash at home is risky. You might be keeping all your money in a safe place but still, you will be at a significantly high risk of losing the reserves. Robberies, floors, fires, and other similar disasters can rip you off all your funds in one go.

On the contrary, if you keep your money at a credit union or bank, your funds will be insured. The National Credit Union Association (NCUA) insures the credit unions in the US, while the Federal Deposit Insurance Corporation (FDIC) insures the US banks. Both the organizations offer an insurance cover of up to $250,000 for every individual, per account. For business bank accounts, the coverage is even higher.

You’ll Be Able to Use More Payment Modes

Do you know what a checking account is and how it’s different from a savings account? Checking accounts are designed to allow people to have easy access to their money. While a savings account will let you store your funds for a long duration, a checking account will keep your funds secure as well as accessible for regular use.

If you like to deal in cash, you’ll be able to use your checking account to withdraw and deposit money regularly. The checking account will also allow you to use a range of other payment modes including digital banking, debit cards, checks, etc. You’ll need to meet some basic requirements such as having a physical address in US for banks to open a checking account in the United States.

Having a US Bank Account will Make Receiving Payments a Lot Easier

Modern society seems to favor only people who have bank accounts. Today, you’ll hardly come across any employer who pays in cash. Most of them pay through direct deposit, while others issue checks. This means individuals, who still don’t have a bank account, would struggle to get access to their monthly salary.


Without a bank account, you’ll not be able to accept money through bank transfers. Even cashing checking will become a major challenge for you. Some US banks do cash payroll checks even for individuals without bank accounts. However, for that, you’ll need to spend a certain amount as a fee.

Such issues will not bother you if you have a checking account. You’ll get to accept payment in all possible modes including paychecks and direct deposits.

You’ll Pay Bills in Seconds

Checking accounts in US banks makes online banking an absolute cakewalk. They come with special features to ease the process of online banking. For instance, to make online bill payments a quick and simple affair, most banks will allow you to access a dedicated bill-paying dashboard. You can use the dashboard to pay utility bills, credit card bills, etc. directly from your bank account. If you have to pay a bill every month, you can even opt for automatic bill payment.

You’ll Not Have Any Transaction Limits

Savings accounts and checking accounts have different benefits to offer. Ideally, you should have both if you are looking to save money to meet certain goals and also want to make financial transactions effortlessly. However, if you are not a big fan of keeping money in bank accounts, make sure you at least have a checking account. That’s primarily because checking accounts don’t have any transaction limits.

You will get to make a specific number of withdrawals from your savings account per month. There are also restrictions on the number of checks you can write per month from your savings account. Checking accounts never impose any restrictions on withdrawals, money transfers, checks, or card payments.

Final Words

The discussion above shows that having a checking US bank account is beneficial in every way. It will save your time and money and will also keep your funds secure.

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