Essay on Building A Checking Account Now

1398 Words Jun 13th, 2016 6 Pages
I heard you was old enough to start a checking account now. YAY! Well, let me show you some questions to ask or help you with your choosing! 1. What are My Options? Banks are for-profit businesses, and most communities have at least a couple of banks. Some are large regional or national banks with branches in many cities. Others are local community banks with only a few locations, while others are focused on commercial (business) customers. Savings and loans (S&Ls) were originally started to help people who didn’t have a lot of money save to buy homes. These days most S&Ls offer services similar to banks. Credit unions were also started with a similar goal of helping those who didn’t have much money get access to banking-type services. But instead of being for-profit businesses, they are non-profit cooperatives owned by their members. However, both S&Ls and credit unions may be small or large, depending on the community they serve. What Type of Account(s) Do I Need? Checking Accounts allow you to write checks to access your funds. A checking account is convenient if you want to pay bills by mail or in person. It is usually cheaper than purchasing money orders to pay bills and is safer than carrying cash. You’ll find many options for free checking, but those accounts may require a minimum balance or charge service fees for certain types of transactions. Always review the list of fees before choosing a checking account. Savings Accounts often allow you to earn interest on the…

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