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Why You Still Need a Checking Account

Digital wallet apps are cool, but they’re no replacement for banking with a checking account.

With the explosion of digital wallet apps like Venmo, it can be tempting to wonder if old-school payment methods like paper checks are even relevant. If you can access and transfer money with the swipe of your phone, do you still need a checking account?

Digital wallets can have several big drawbacks for accessing and transferring money. There may be charges to process or receive payments. You’ll need to have your device with you (and charged) to access them. You may make payment errors that are not reversible (such as with Venmo). And because it’s easy, you may be inspired to spend more recklessly with an app—and that app won’t show you an account balance to help keep you on track.

Here’s why you still need a checking account:

1. Direct deposit and other automated functions. With a checking account, it’s all about convenience. You can have employers deposit your paycheck automatically to your account. You can set up recurring transfers to your savings account to keep you on track with savings goals. You can schedule monthly payments for utilities and other bills.

2. Accessibility. Checking account funds are very liquid and often immediately accessible through paper or electronic checks, ATMs, and debit cards.

3. It works as a budgeting tool. When you use a debit card connected to your checking account, you can use online or mobile banking to track your spending in real-time.

4. Peace of mind. Ever pay the wrong user on Venmo? Once that money is gone, it’s gone, with no recourse except to request it back and cross your fingers. With a checking account, if you make a purchase in error or notice a mistake, you can contact your bank for help. 

Additionally, Citizens Bank checking accounts offer CheckProtect overdraft service, which covers up to $500 in the event that funds aren’t currently available in your account.

And lastly, checking accounts at most banks are insured by the federal government (FDIC) up to specified dollar amounts, meaning your deposits are protected in the unlikely event of a banking failure.

At Citizen’s Bank, we’ve been perfecting checking accounts since 1931. Our checking accounts include:

  • Complimentary Online Banking, Bill Pay, and Mobile Banking
  • Free Incoming Wire Transfers
  • Mortgage Closing Discount: $200 to qualified mortgage applicants at closing
  • First (2) NSF/OD Fees Refunded
  • Refund Other Bank's ATM Fees (up to $12 per month)

Contact us or visit one of our convenient locations to open a checking account today.

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