Three Reasons Why You Need a Huntington Checking Account

Checking accounts are just about the most basic bank account that exists, and most people who belong to a bank or credit union in Huntington have at least one checking account. But why is it necessary to have one? Technically, you could conduct all your financial transactions in cash and never have to worry about service fees or overdrawing. However, there are several important benefits to holding a Huntington checking account–here are the top 3.

#1 Depositing Paychecks

It’s very rare for an employee to be paid in cash. Employers generally cut checks, which the workers have to cash. If you have a checking account, you can go to the bank and have the check deposited right into it. Many employers offer direct deposit as well, which allows your paychecks to be automatically deposited without you doing a thing.

You can also cash a check if you don’t have a checking account, but it will cost you. Check-cashing services usually charge about 1 to 4 percent of the value, so you can expect to pay $10if your paycheck is $1,000–maybe more, maybe less. It may not seem like much, but do you really want to pay someone to hand you the money you’ve already earned? Plus pay them every two weeks?

#2 Day-to-Day Transactions

If you’re a grown adult, you have a variety of financial responsibilities to attend to. Everything from bills to rent to online shopping, you’ve got to pay up. So have you ever tried to pay bills in cash? It’s a pain if you’re actually able to do it.

Checking accounts allow you to conduct multiple financial transactions without having to leave your house. Check writing is becoming more old-school these days, but it still allows you to mail payments that are due all at once. More tech-savvy account holders can take advantage of things like online and automatic bill pay as well. Want to buy something from the web? They probably don’t take cash.

#3 Safety

Anyone who has lost a wallet or purse knows the pain of losing whatever was inside of it, too. If you’re a cash-carrier, there’s nothing you can do if it’s lost or stolen. An ATM or debit card, on the other hand, is just a piece of plastic and can be cancelled in such a case.

Additionally, the money you deposit into a checking account is protected by the FDIC–$250,000 per account holder, per institution, in fact. That’s a pretty nice perk.

Finally, for those who worry about identity theft, most financial institutions will compensate customers who are victims. Again, you lose your cash, it’s gone for good.

There are undoubtedly a few drawbacks to checking accounts as well, namely, the fees. However, responsible account holders will find that it’s not very hard to avoid fees and enjoy the benefits of an account, especially if they’re earning a great interest rate, too.