Tips for opening an account

Some consumers think they are better off without or don't have a need to open an account, but there are substantial benefits to having a tool to assist in monitoring your personal finances. It is true that forging a financial relationship is a weighty process and consumers should be careful not to partner with a bank that doesn't meet personal needs and expectations, but not using such a powerful resource is an investment mistake. Before deciding which if any institution you want to join, consider a few things.

Money is safer. In the old days, there were instances where money was imperiled by trusting banks, but today, the FDIC insures deposits up to $100,000. That means if anything should happen to the bank where you leave your money, the federal government guarantees you'll get paid back.

Finances are safer. Imagine if you were storing your cash in a mattress, shoebox or other container somewhere in your house. Any fire, burglar or similar disaster could destroy your financial wellness in one fell swoop, leaving you with absolutely no recourse. With mobile banking, you can monitor money from anywhere at anytime to be certain it's safe.

You need it online. There's no way to make purchases quickly or easily on the Internet without a bank account. As more consumerism shifts to smartphones and mobile devices, How Stuff Works pointed out that having a debit card is just as good as credit and works in as many places.

It earns you money. Again, think of your money as sitting in a shoebox at home. It isn't doing anything but sit in there, unlike having a savings account, which slowly grows over time. Investing allows your savings to grow with limited work. Depending on the kind of account you open and the amount of money placed therein, an account can grow much more rapidly.

Cashing checks. Without a bank account, your boss will have to write you a paper check every payday. As eHow wrote, most banks won't cash that for you, however, if you don't have an account with them. Check cashing services will be willing to do it for a fee, however, if you don't mind paying someone else for your own money.

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