The Pros And Cons Of Checking Accounts

Having a checking account can be a good thing and a bad thing

. When having your checking account there will be a lot of good points and bad points. Checking accounts are sometimes different, all checking accounts have different penalties and qualifications that you must follow or adhere to. Some you get free checks and others you have to pay for, this what the fees are for and when you run out of checks the bank will order you more.

Others you have to keep so much in your account, if you don't you might get fined with fees. You need to have them explain the fees to you, what they are for, how much they are, and the penalties of the account.

Some of the good points of have a checking account include, cashing your checks, you can keep your money in the bank so you do not have to carry cash around, also you have opportunity to pay your bills with checks or online. You will get your statements every mouth from the bank providing you with information on what you have taken out of your account and what you have deposited in your account. You can also review your statement to see if you missed taking out any money and to see if your bank book balance is right. Another advantage is you can cash your checks at your bank and put them it in your account because some check cashing places will charge you to cash them. If you have a big check a lot of check cashing places will not cash them because they only allow you to so many dollar amounts a month, this is why it is good to have a checking account.

You also have the option of receiving a debit card to go with your account so you do not have to use so many checks and you can use your debit card anywhere. If your debit card gets stolen they will get you a new one and they will cancel the other one so that no one will have your card. If this occurs the bank will put the money back into the account if any has been taken out without your know of it. If your card is broken or just won't work anymore they will replace it. It can take a few day for you to get it. A debit card you can pay at the gas pump and you don't have to go in. Debit cards are faster to use than checks because all you have to do is swipe it and put your pin in or sign for it, when writing checks you have to sit there and fill it out.

The bad points about having a checking account is if you mess up or forget to write something down in your bank book you can over draw your account. When this happens you can have up to a 30 dollar or more fee on your account which will end up costing you more money. The more checks or withdraws come in the more your account bounces. Your account can get frozen, you have a limit to what you can spend for the day, and sometimes your check will not get in the bank until a few days later and you can't tough until it gos in. A lot of people like to keep their money on them because of this and if they want to spend how much they want when they want to. If you have checks they can get stolen and someone can wipe out your whole account in one day.

by: Sazh Ketchall

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