Do You Really Need A Bank Account?

Finance & Money Blog

So, you live paycheck to paycheck? That's not unusual today. As a matter of fact, 64% of Americans live like this, and the number seems to continue growing. Some people who live like this don't have a bank account, while others do. If you don't have a personal bank account, you might wonder if you need one. After all, you might get by just fine without one.

However, it would help if you considered getting a personal bank account. Why? You can read this guide to learn more about using personal banking services.

You must cash your checks at certain banks

Many banks won't cash checks for people unless they have accounts. As a result, you may have to go to certain banks to cash the checks you receive. For example, you'll have to go to your employer's bank to cash your paychecks each pay period. If your employer's bank isn't local, you might spend a lot of money on gas traveling to their bank. Additionally, think of the time you'll spend traveling back and forth each week to cash your check.

You may pay fees to cash checks

If you decide to cash your checks at other banks to stay local, they might charge fees for cashing them. However, banks don't charge fees to cash checks when people have personal bank accounts there. Therefore, you'll save money if you decide to start using personal banking services.

You have nowhere safe to store your money

Next, think about where you can store your money without a personal bank account. For example, do you keep all your money in your wallet or purse? How do you save money? When you open a bank account, you'll instantly have a safe place to store your money.

You won't have access to electronic payments

Another feature of personal banking is electronic payments. Banks offer bill-pay services, and you can obtain a debit card for your account. The bottom line is that these features offer a way to pay your bills electronically. Paying bills electronically is easy, convenient, and free with most banks. You can ask a local bank about this and the other features and services they offer to account holders.

Look for a bank

You can live without a bank account, but should you? Most people need bank accounts, and you can take advantage of many benefits by using personal banking services. If you're ready to find a bank, start searching for one today.


22 April 2022

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