Take a guess- how many households in the US are without a checking account? Would the answer 10 million surprise you? Are you among the account-less? When considering your banking options and the course of action you should take, it is vital to know the facts. Checking accounts can add many positive elements to your financial life, including a safe way to deposit paychecks, make payments, transfer money, hold money, manage personal finances and more. You can read more here. Aside from the basic functions checking accounts will allow you to do, your can also utilize a checking account to gain access to other services. For example, savings accounts and credit accounts can eventually be obtained. If car ownership or house ownership are in your plans, analyzing checking account information is in your best interest.
Prepaid cards are an alternative to checking accounts. However, if you choose this option as an alternative to obtaining your own checking account, there are some drawbacks to be aware of. There may be features and options on checking accounts that you can not have access to with just a prepaid card. Also, it may be more difficult to manage your money or financial obligations without the tracking data a checking account provides.
On the flip side, you should consider some of the drawbacks of checking accounts. Be aware that overdraft fees on checking accounts can add up. Accounts can be closed due to overdrafts. You can read more about consumer reporting agencies and the information they collect and utilize here. After carefully weighing the pros and the cons, you may discover you have questions about financial planning or the impacts of your credit on your life. An attorney can be a valuable part of your future planning, accessing debt, and coming up with an actionable plan.
If you are in need of assistance with financial matters, contact Wolfe Law Office for a free consultation at 304-245-9097.
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.