Is a Checking Account Necessary for Your Financial Plan?
See updated MyStyle® Checking benefits as of August 1, 2022
Checking accounts are a basic need for many people. However, there are tens of millions of Americans who don’t have a bank account at all. Maybe they feel like they don’t have enough money to justify using a financial institution, or they prefer to deal with cash rather than worry about checks or debit cards.
The fact is that virtually everyone, from teenagers on up, can benefit from opening a checking account.
Mountain America Credit Union takes a closer look at the benefits of these transaction accounts and the best practices that make having one such a good idea.
Do you need a checking account?
If you’re new to managing your money, or just want to get your teenagers to start learning about finances, a bank account is a great way to manage your money electronically. Here are some reasons why:
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Establish your financial path—This deposit account can be like a basecamp for your finances—a place for you to easily add and withdrawal your money. It helps you gain full control of your spending, better understand your wants and needs and begin learning how to save for the future. Use it to establish healthy money habits that can stay with you along your financial journey.
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Gain easy access to your money—Keep track of your spending and view your financial information easily with online and mobile banking. Utilizing these free features means you have convenient access to view your account activity and current balance, deposit checks or transfer funds between accounts right from your phone or computer.
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Increase your credit score—A big part of managing your finances successfully is paying your bills on time—which, in turn, can boost your credit score. Most bank accounts allow you to conveniently pay bills and even set up automatic payments. This way, you don’t have to remember to do it each time they are due.
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Enjoy accessibility and security—With a debit card, you get the convenience of a quick and secure way to make point-of-sale transactions. This method is also safer than carrying cash since you can easily cancel a debit card. Whereas with cash, if it’s lost or stolen, you aren’t likely to get it back.
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Develop a financial relationship—Opening an automated financial account can be the first step toward a long and fruitful relationship between you and the banking institution of your choice. Depending on your financial goals, you’ll probably need to utilize the services of a bank or credit union at some point. Having an established relationship can give you access not only to better loan rates but also financial guidance, retirement planning services, budgeting resources and much more.
Now that you know how opening an electronic funds account can help you, here are some of the additional features you’ll receive with a MyStyle Checking account from Mountain America:
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Free access to your credit score—Knowing your credit score gives you a better idea of what interest rate you may qualify for if you’re considering a mortgage, auto loan or other lending opportunity. Check in on your score monthly—that way, you can adjust your spending if your score dips more than just a few points.
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Rate discounts on consumer loans—A bank account isn’t just for spending. It can help you save, too! These discounts can help you save hundreds—maybe even thousands—on your auto loan, RV loan or even a personal loan. Use these helpful rate calculators from Mountain America to see just how much a lower interest rate can save you.
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Tap-to-pay Visa® debit cards—Ready to cut down on your time in line at the checkout counter? Tap-to-pay debit cards with the Contactless Indicator offer a fast, easy and secure checkout option on everything you buy. Simply tap the card on the contactless-enabled terminal and you’ll be on your way!
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Rewards points—Make your spending count for more! Earn points with your MyStyle Checking account and redeem them for exciting rewards, like travel rebates, gift cards, event tickets or even cash back. Racking up points is easy—just use online bill pay, make a mobile deposit or use your card to make a payment on your auto loan or HELOC. Want more rewards points? Earn more with a Visa® Rewards credit card.
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Control over your card—Misplaced your debit card? No need to worry—with our account, you can access card manager online or through the mobile app to freeze and unfreeze your card, change your PIN, set travel notifications and request a new or replacement card.
We hope that discovering these benefits has led you to consider opening a bank account for yourself or your children (we have teen checking accounts, too)! If so, Mountain America is here to help—we’ll show you how to open an electronic deposit account and provide answers to any key questions you may have (such as “How often should I access my checking account?” or “How much should I keep in my bank account?”).
