Question
ARTICLE: 10 Reasons to Open a Checking Account You might be wondering why you even need a checking account. Why not just deal in cash? Skim the 10 reasons in this article and their descriptions. Then answer the questions. 1. Which 4 reasons to open an account would benefit you personally, the most? Keeping your money safe More options for paying Easier to deal with checks Makes paying bills easier Makes a paper trail to track your money Ability to get cash from an ATM 2. What is the benefit of making sure your account is FDIC/NCUA insured?
Answer
3.6
(154 Votes)
Daisy
Veteran · Tutor for 10 years
Answer
1. The four reasons that would benefit me the most are: - Keeping your money safe - More options for paying - Makes paying bills easier - Ability to get cash from an ATM2. The benefit of making sure your account is FDIC/NCUA insured is that it provides insurance protection for your deposits, ensuring safety up to $250,000 in case the bank fails.
Explanation
1. **Four Personal Benefits**: - **Keeping Your Money Safe**: This reduces the risk of theft or loss of money when you carry cash. - **More Options for Paying**: A checking account provides you with avenues such as debit cards, online transfers, and checks making payments more flexible. - **Makes Paying Bills Easier**: With online banking, you can automate your bill payments, ensuring that you never miss a payment and avoid late fees. - **Ability to Get Cash from an ATM**: Having access to an ATM allows you to withdraw cash conveniently at any time without needing to visit a bank branch.2. **Benefit of FDIC/NCUA Insurance**: - **Insurance Protection**: Ensures that even if the bank fails, your deposits up to $250,000 per account are protected, increasing the security of your funds.