When you receive a paycheck, do you run to the nearest check-cashing store? Do you buy money orders to pay bills? Are you leery of banks or credit unions? Do banks and credit unions make you feel uncomfortable?
Such feelings are understandable. It can seem easier just to cash a paycheck, pay for most things with cash and use money orders to pay for other items. However, opening a checking account is the easiest way to keep your money safe and still have it on hand when you need it. You also may save money by writing checks to pay bills instead of buying money orders.
Plus, once you've started saving money, you'll need a secure place to put your money and there are few options better than a savings account through a bank or credit union.
With your money safely deposited in a bank or credit union:
- Youll find it's safer than carrying around a lot of cash
- You'll establish a good credit history
- You won't be charged money to cash your checks, unlike with check-cashing stores
Managing Your Money: The Benefits of Using a Bank or Credit Union