If you’re not already using a bank account to help manage your finances, there are some excellent reasons to take this financial step:
A checking account (also called a transactional account) is a bank account that you will use to pay your bills and make most of your financial transactions. If you have a checking account you can access your money by writing a check, setting up an automatic transfer or using your debit card. Modern checking accounts include debit cards you can use to withdraw money at an ATM or swipe to make direct purchases, just like a credit card.
Keep in mind that in order to obtain a checking account you might need to qualify. Most institutions verify your bank history through Chex Systems. Chex Systems tells the bank if there are any outstanding balances in other banks or if an account was handled in an unsatisfactory manner.
Savings accounts, like checking accounts, have many of the same features: low initial deposit, direct deposit, regular statements and internet access. Savings accounts earn interest. Funds in a savings account are accessible at any time with certain restrictions on the number of some types of monthly transactions you may make.