Why do I need a checking account when I can use credit cards and debit cards?  You may not see as many checks written at the checkout counter, but just because you don’t see checks being written as often as you used to, does not mean that they are not a vital part of your financial portfolio. Setting up and maintaining a checking account is a necessity for most people. There are numerous reasons to maintain a checking account and have the ability to write checks which make your life easier and even save you money.

Paying Bills

There are usually three ways to pay your bills. You can pay in person, by phone or by check. Paying in person is difficult because the location to pay is typically not close by or convenient to get to, or may not even be an option to use. Paying by phone usually involves you paying the bill via a credit or debit card, which in most cases many companies charge the consumer an additional fee to recoup the money they are charged for the card processing fee. So why not just write a check and drop it in the mail? This is not only convenient, but your only additional fee will be the cost of a stamp. Worried about the bill being late? Don’t, most companies offer a check by phone payment option that will process payments by directly debiting your checking account via the bank routing and account numbers without any additional fees. And these are typically honored the same day you pay.

Delayed Payment

Need to buy something today but won’t have the money until tomorrow? Because of the way many stores process personal checks, they are a great payment option if you need an extra day or two for money to make its way into your account. It generally takes one to two business days for a check to clear, so many people use checks to make a purchase they need immediately with funds that will certainly be available by the time the check is cleared. Online payments, along with credit and debit cards, are processed instantly and your card will be declined if it registers insufficient funds. Or worse, the purchase will get approved and you will be hit with an overdraft funds fee.

Not All Businesses Accept Credit

There are plenty of businesses that do not accept credit or debit cards. Even if a business does accept cards, there is also the chance that they do not accept cards from your particular card issuer.  Imagine the awkwardness of getting to the checkout counter only to find that your card isn’t accepted by the business.  By carrying your checkbook, you have an accepted payment option handy and can promptly pay for your goods or services.

These are just a few of the benefits to having a personal checking account and the ability to write a check. While many of the purchases we make can be paid for with cash or credit, checks are a very useful and secure way to purchase items and services.