Previous | The 3 percent difference Next | Is Mobile Banking Safe for My Business?
November 29, 2020 / Paulo Oliveira
Why you totally need a checking account

Why you totally need a checking account

In an era during which convenient financial technology tools — such as Google Pay, Venmo and Apple Pay — are all the rage, do you need a checking account?

illustration of someone writing a checkThe answer is a definitive yes. Here’s why:

  1. Safety

First and foremost, the safest place for your money is at a federally insured financial institution. The Federal Deposit Insurance Corporation (FDIC) insures your money up to $250,000.

  1. Free check cashing

To state the obvious, most employers don’t pay you in cash. They pay you with a check or via direct deposit. Without a checking account, direct deposit is not an option. And even cashing a check can be difficult without an account. Sure, there are places where you can cash checks without having a checking account, but you’ll probably have to pay a fee.

  1. Paying bills is safer, cheaper and easier

With a checking account, you can pay bills via debit card, bill pay services and online transfers. And if paying via debit card is not an option, you can simply write a check. It’s generally agreed that sending cash in the mail is not safe. The cash could get lost or stolen, or the recipient could claim to never have received it (even if they did). Sure, purchasing a money order or paying bills via wire transfer are both options, but again, neither is free.  

  1. Debit card convenience

A debit card enables you to avoid carrying around large amounts of cash. Plus, most banks offer protection in the event your card is stolen or lost. It’s not just convenient – it’s also safe.

What’s more, because many debit cards are part of the MasterCard or Visa network, you can use your debit card wherever MasterCard or Visa is accepted.

Paulo Oliveira is the assistant vice president, capital region market manager for F&M Trust

Recent Articles
Is Mobile Banking Safe for My Business?
Is Mobile Banking Safe for My Business?

Is Mobile Banking Safe for My Business?

September 30, 2022 / Cynthia E. Marconi

Grandparent Scams Can Cost Victims Thousands of Dollars
Grandparent Scams Can Cost Victims Thousands of Dollars

Grandparent Scams Can Cost Victims Thousands of Dollars

September 22, 2022 / F&M Trust

Passkeys and the Future of Estate Planning
Passkeys and the Future of Estate Planning

Passkeys and the Future of Estate Planning

September 15, 2022 / The Merrill Anderson Company

The biggest financial mistakes business owners make
The biggest financial mistakes business owners make

The biggest financial mistakes business owners make

September 08, 2022 / Rich Best

Green Practices are Good for Nature and for Business
Green Practices are Good for Nature and for Business

Green Practices are Good for Nature and for Business

September 01, 2022 / F&M Trust

Planned giving in 2023
Planned giving in 2023

Planned giving in 2023

August 25, 2022 / The Merrill Anderson Company

Student Loan Scams
Student Loan Scams

Student Loan Scams

August 18, 2022 / Ray Wills

Unconventional Ways to Fund a Small Business
Unconventional Ways to Fund a Small Business

Unconventional Ways to Fund a Small Business

August 11, 2022 / Arla Wallace

Fear of Missing Out is not a sound investment philosophy
Fear of Missing Out is not a sound investment philosophy

Fear of Missing Out is not a sound investment philosophy

August 04, 2022 / The Merrill Anderson Company

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.