Do I Need a Checking Account?
What is a checking account?
A checking account is a bank or credit union account that makes it easy to manage your everyday spending and saving.
Along with day-to-day money management, like buying lunch, getting money from an ATM or depositing a check, you can use a checking account to pay monthly bills like rent or utilities. This way, you get a record of your payments and keep track of your expenses.
Your checking account may come with a debit card, paper checks, and online and mobile bill pay to make spending and saving quick and easy. Checking accounts are also FDIC-insured up to the maximum allowable limit.
Do I need a checking account?
Opening a checking account is a first step toward taking control of your finances and reaching your money goals. Since banks don’t charge clients to cash checks, checking accounts can help you keep more of your money. Look for checking accounts without monthly maintenance fees, or monthly maintenance fees you can avoid, so you don’t pay to have the account. With benefits like mobile check deposit, person-to-person payments and more, having a checking account can really help you take the next step toward financial security.
Checking Accounts Make Finances Convenient
- Simple money tracking
Banks provide periodic statements detailing your transactions, so it’s easier for you to monitor your spending, identify any errors and keep track of your budget. You can also use mobile apps to check your account balance and transaction history quickly and easily.
- Direct deposits
You can have your paycheck automatically deposited, eliminating the need to physically cash or deposit a check. This saves time and ensures your funds are available promptly. Some banks may allow you to access your direct deposit payments earlier.
- Establish financial history
Opening a checking account helps you build a financial history with a bank. This history can be beneficial when applying for loans, credit cards and other financial services in the future.
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The Federal Deposit Insurance corporation (FDIC) insures deposits according to the ownership category. The standard deposit insurance limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. As a Member of the FDIC, deposits at KeyBank, N.A. are insured by the FDIC.
For additional information about FDIC deposit insurance as well as coverage of specific types of accounts, please visit www.fdic.gov/deposit or call 1-877-ASK-FDIC.