Why Do I Need an Account?

It Saves you Money

Using check cashers may seem more convenient than having a checking account at a bank. But these services cost a lot more than a checking account. Check-cashing stores charge you up to 5 percent of the check amount. Cash a $250 check and pay 5 percent, or $12.50. To cash two paychecks a month, you may pay more than five times as much in fees than you would at a bank with a regular checking account. And, since money orders can cost as much as $3 per order, your costs could really add up.

It’s Safe

Without a bank account, you and your family could lose your money during an emergency, like a fire. You also have no safe place to keep your money, and may become a victim of robbery or theft. Money deposited in a bank or credit union is protected by the full faith and credit of the US government.

It’s Convenient

With a checking account, you can deposit your checks and access your money for little or no cost. You can save money by paying bills with checks, on the Internet, or by direct debit, and avoid paying for money orders. You can use your debit card to make purchases at stores or to withdraw money from ATMs across the city, reducing the need to carry cash. You can also keep track of your spending on the Internet, by phone, or at the ATM.

It Helps you Save for the Future

Without a bank account, it is much more difficult to save your money to reach long-term goals, such as buying a home, starting a business, or investing in your or your child’s education. Studies show that people with bank accounts are more likely to save and move up the economic ladder to financial security.

 

Saving Calculator

Use this simple calculator to see how much you can save each month with a bank or credit union account.
We will keep your information confidential.
* What is the amount of your paycheck? (1000)
* How often do you get paid?
* What does it cost you to cash your check(percentage)? (10)
* How many bills do you pay each
month with money orders?
(5)
* How much does
each money order cost?
(4)


How Much Can I Save?

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