By opening a bank account, you can take an important step toward financial security. With a free or low-cost account, you can start to save for the future and establish a credit history that will help you enter the financial mainstream and achieve your financial goals. Other benefits are:
- It’s convenient.
- It’s safe. Deposits are insured, so you will never lose your money in the event of disaster or other emergency.
- It saves you from Check cashing fees because banks and credit unions provide check cashing as a free service for customers with accounts.
- It’s easier to pay bills. No need to purchase money orders.
- You can take advantage of other services: direct deposit of paycheck, online banking, online bill pay, and money transfers to family and friends.
- It allows you to start saving your money in a safe place.
- It creates a relationship with a financial institution that you can turn to if you need a loan to purchase a home, car, business or pursue educational goals.