Why Most People Still Need Checking Accounts


By Wanda Marie Thibodeaux

Today’s modern financial advances mean that individuals have more options for managing their money than ever. As it turns out, though, the checking account remains one of the best financial tools available, with most people still needing one.

Bill Tracking and Making Payments

If you send cash in the mail, you run the risk of the money being lost or stolen. Paying in person also can take a lot of time and be inconvenient. A Jackson, MI checking account allows you to send either an electronic or physical check, eliminating these risks and hassles. The canceled or electronic record of the check also provides verification of your payment.

Accepting Payments

Most employers, professional groups or government organizations will pay you via checks or request the ability to make a direct deposit. If you get a check and don’t have a checking account, you might get hit with hefty check cashing fees. Similarly, if you can’t accept a direct deposit, you likely will have to wait longer to get paid, as processing a check usually takes more time than sending an electronic payment.


In many households, budgeting is difficult, if not non-existent. In fact, roughly 2 out of 3 Americans don’t prepare a budget to follow. A contributing factor for this is often a failure to keep good records related to various transactions. When you have a checking account, the bank will list both your deposits and withdrawals on your monthly statement. You can review this record to figure out if and where you’re overspending. Credit card companies will do this for you as well, but with a checking account, you’re working with money you already have and don’t have to worry about paying interest. Many of the best checking accounts in Jackson, MI also offer access to services that are budget friendly, such as sending you alerts if your balance dips below a certain limit or letting you set up automatic payments to avoid late fees.

Insurance and Security

If you carry cash around with you or store it at home, you have no way to replace that money if you are robbed or experience a disaster, such as a fire. Having a checking account gives you a secure, monitored location to keep your funds, and if you bank with a federally insured facility, you can enjoy up to $250,000 of protection through the Federal Deposit Insurance Corporation (FDIC).


Although many individuals don’t feel it’s necessary to have a checking account, the reality is that most individuals still benefit from them, whether it is from convenience, security/protection, budgeting help or working with payments. Shop around to see which type of checking account will work best for you.


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