Most of us have checking and savings accounts, but what do you use them for? I am trying to get into the habit of only using my checking account for bills and online purchases. I do not see the need to have checks anymore since you can do online bill pay or just pay with a debit card, so I have not reordered checks in like a year. Do you use your bank account to pay for purchases, or are purchases made with cash?
I use pre-paid credit cards to pay my bills online. I don't normally use credit or debit cards online. Besides I use the same at POS (point of sales) and also pay cash sometimes. I don't see the need for a checking account. I only maintain a savings account currently.
I have a similar question to pose. It is thus, for savings purposes, are banks really the right way to go? Think about it, banks are in the business of making money. And that's good, they provide people with money so that people may do what they need to in return for interest rates. However, when you go to a bank and put money in an account, and you go back at a later date and make a withdrawal, you pay a fee...and I'm pretty sure that the "interest" that the bank added to your sum you first put in the account isn't even a spec of the fraction of what they charge to "allow" you to withdraw. So therefore, the bank is taking your money, time and time again..who's really winning? smh..
I use my bank account for a lot, but I don't ever write checks. So I use it for online bill pay, for example, as well as direct depositing my checks, pulling out the occasional cash, transferring money between other accounts (such as PayPal), etc.
I use my bank account to receive money online or in person. I also have a debit card, and I can use it to shop online if Paypal is not an option.
Everyone here already provided their reasons and mine more or less coincides with them. Just a quick summary, though, I mainly use my bank account for the following:Personal savingsOnline purchase or transactionsTo deposit and withdraw money from PayPal and other online gigsStocks and mutual funds (to be worked out in the near future)
Our paychecks are deposited into our bank checking account, so I have to have one in order to receive our money. I do not really use my savings account all that much except for to put money in until I need it. I am paying bills online and trying to get more organized with our finances as we are trying to buy a house in a couple of years. I wish I could just do everything from one account.
I have direct deposit of my paycheck, so I have to maintain a savings account. I use my debit card for almost everything, but I do use a few checks per month. For the most part, you have to have a bank account of some kind to even cash a paycheck anyway.
I dont have a specific thing or things that I use my bank account for. I use it for everything. I dont usually use cash unless Zi absolutely have to. Otherwise its a debit card all day everyday.
One of my bank accounts is for my salary where my employer directly deposits my wages every middle and end of the month. Another bank account is for my ATM where I get cash regularly. Another bank account (in a different bank) is for ATM that serves for emergency expenses. This 3rd bank account is actually my savings account where I deposit my extra money that has no intention to be spent.
I use my bank account for so many different things, including the most obvious i.e receiving money into it, storing my money, paying bills online and just moving money around. I hate checks and find them dated and cumbersome, so I haven't used them in a very long time, and won't ever be going back there. I'm glad to see a lot of places have started to phase them out. I won't miss them at all.
We use our account for paying for groceries and things we need. We rarely use cash. My husband's payroll checks go into the account for direct deposit. We don't have a savings account so we just use all that money for what we need. I also use my account to transfer from my paypal to my bank so I can use that for things we need as well. We also just want to have an account established for a while so in case we finance anything we can have a record of it.
I totally agree with you and would say that banks aren't the right way for saving money. Though many people believe they are better off saving with a bank, you can never grow your money that way. As a matter of fact, banks give you a little money with one hand [in the form of interest] and take more with the other hand [in the form of bank charges]. I would rather save my money with mutual funds also known as unit trusts. This are actually part of saving and investment. They pay higher interest rates, no charges and you can easily access your money. However, for the purpose of putting your money together in order to have enough to save/invest in mutual funds, then you may need a bank savings account.
First and foremost, I keep my money there. I don't receive them in cash at my job. Second, I don't always pay in cash. Instead, I'm using my debit card. It's pretty convenient, I'd say. It's also kind of easy to pay bills exactly right from my bank account. It takes almost no time.
I initially open a bank account to process a payment in some organizations I have worked for that require one to have a bank account to send payments. I try to have my payments wired to Paypal in order to carry out international transactions especially when dealing with online income opportunities though receiving money in the account using this method takes about 8 days to complete. I have never used a bank account to acquire a loan since there is a proliferation of other avenues in my country. Bank accounts are becoming less appealing with the advent of mobile money transfers.
I think it's pretty amazing how rarely I use cash anymore. I use my debit card for practically everything. I can't even remember the last time I used cash to make a purchase. I'm going to be out of luck if I ever lose it. Luckily, I never have. Thankfully my bank does same day replacement of a card if I do lose it, though. And I do have a backup credit card and bank account I can use in emergencies. It seems to me most people are like me these days, in that they use their debit card a vast majority of the time over cash.
Some of my employers insist on paying via direct deposit. I use my bank account to get paid, and also to pay my bills. My bank has an online bill pay feature where I can store account numbers and pay some recurring bills with the touch of a button. I also like being able to sign in and monitor my account balance and latest activity closely. In the case I lose my purse or a break-in happens I can freeze my money with a phone call. The down side is during some emergencies, such as bad storms and power outages, the money can be stuck in digital form with no way to access it. I learned the hard way that ATMS do not work after severe storms and power outages. However on most days, having my money in the bank is the safest option. I do much of my shopping online and the debit card comes in handy for that as well. It comes in handy for record keeping and budget analysis also. I was not good at general record keeping before when I used mostly cash. Now my bank records can be reviewed when creating a budget, and I can see exactly what I spend and where it goes.
