7 Reasons Why You Should Open a Checking Account
Are you wondering what people’s reasons are for opening a checking account? Simple, this type of account helps make managing your finances so much easier by keeping the money you use for expenses in one account. Between checking accounts vs savings accounts, checking accounts let you easily access your money. This is because this type of account allows you to access your money in different ways: writing checks, online transfers, and withdrawing through ATMs.
Checking accounts also provides you with a convenient way to stay on top of your financial responsibilities while keeping your money in a safe place. This article will dive into the many different benefits of having a checking account and how it can help you simplify your life.
Benefits of a Checking Account
Checking accounts is one of the most important products that banks offer to help you manage your expenses. Each bank offers different types of checking accounts that are suited for different lifestyles and goals, that come with other benefits, much like the different checking accounts that RCBC offers.
Here are some of the advantages you can get with a checking account:
Safe and Secure
First up is that when you deposit your money into a checking account, you keep it in a safe place. Compared to keeping your money in cash, banks have multiple security systems in place to make sure that your money is safe in their care.
Additionally, all banks are members of the Philippine Deposit Insurance Corporation (PDIC), which insures every depositor up to Php 500,000. So, if a bank is suddenly forced to close by the Monetary Board, you’ll get your full money back as long as it's below this amount.
Money Accessibility
Checking accounts makes your money very accessible to you. Once you learn how to write a check, enroll your account in the online banking or mobile app platform, and change your ATM PIN, you can pay for your expenses in a myriad of ways.
Track Spending
Whether it’s your personal or business account, you want to make sure that you track your spending, so you can keep a close eye on how much is coming in and out of your account. Doing this can help you manage your expenses, flag any suspicious activities, and ensure that your account is well-funded in case you’ve issued any checks.
If you run a business, a business checking account can also make managing your company’s expenses and income much easier.
Required Payment Mode
If you took out a big loan or purchased an expensive asset, the loaning institution may require post-dated checks from you to ensure that you won’t skip out on your payments. Make sure to date these checks properly, or else they may no longer be valid by the time the recipient is meant to cash it out because a check is only valid for a couple of months.
No Transaction Limits
For checking accounts, there are no limits as to how much you can take in and out of your account, making it an excellent financial product to ensure that you pay for all your expenses on time. However, some of these transactions may incur charges, so make sure to check with your bank about the checking fees and charges.
For RCBC, the checking fees and charges are published online so you have easy access to this knowledge.
Easy to Open
At RCBC, opening a checking account is easy. You only need to have three things on hand to open an account: a valid ID, proof of income, and a completed application form. Once you have all of this, you can apply for a checking account at your nearest RCBC branch.
Different Types of Accounts
Finally, there are different types of checking accounts for everyone. So, you can choose a type of account that suits your needs and your lifestyle. If you’re looking for a checking account that also functions as a savings account, you can check out RCBC’s OneAccount.
The RCBC OneAccount offers you all the features of a checking, savings, and time deposit in one account. You can also customize it according to your needs, making it one of the Philippines’ most flexible financial products.
