For people who don’t have a bank account …

Some people are reluctant to open a checking or savings account at a bank. They have various reasons. Sometimes they don’t know that having a checking or savings account gives stronger protections than non-bank options for managing money. Bank accounts cost less than the alternatives and they’re definitely more convenient.

The Federal government (through the FDIC) has asked banks to talk about the benefits of having a checking account at a bank. Their top reasons include:

  • With a checking account, your money is safe and insured
  • With a checking account, you get extra protection from fraud
  • With a checking account, you can cash checks with no check-cashing fees
  • With a checking account, you have access to free online and mobile banking
  • With a checking account, you can pay your bills from wherever you are
  • With a checking account, it’s easier to keep track of your money
  • With a checking account, you can set useful alerts in online/mobile banking
  • With a checking account, you have proof of payment
  • With a checking account, you can easily send money to family & friends

With a bank checking account, you also have a place to receive Direct Deposits for paychecks, stimulus funds and unemployment – avoiding check cashing fees and waiting in line. And no more having to buy money orders to pay your bills!

Savings accounts provide a lot of those same benefits. And many banks offer checking accounts and savings accounts that are fee-free.

FDIC insurance covers every depositor to at least $250,000. Plus – at Canton Co-operative Bank – your deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF).

If you don’t have a bank checking or savings account, we’re happy to help you get started with one or both here at Canton Co-operative. Come see us, call 781-828-8811 x5 or email.

Previous Post
Smart About Money: Should you help a friend in need?
Next Post
“Good Ideas!” e-Newsletter July 2021
Menu