Why Should I Get an Account?

• It's safe. Banks and credit unions keep your money safe from theft, fires, floods, and other natural disasters. Even if something happens to your institution, the federal government will make sure you get your money back (up to $250,000).
   
• It's convenient. Having an account at a bank or credit union helps you save time –you won't have to wait in long lines to cash checks and purchase money orders. You can direct deposit your paycheck, tax refund, and public assistance benefits. You can also pay your bills with your own checks or online.
   
• It can save you money. Cash your checks and pay your bills without paying check-cashing fees or buying money orders. Check-cashing stores charge you up to 5% of the check amount. Cash a $250 check and pay 5%, or $12.50. If you cash two paychecks a month, you may pay more than five times as much in fees than you would with a regular checking account. And, since money orders can cost as much as $3 per order, your costs could really add up.
   
• It can help you build your financial future. Without an account, it is harder to save money to reach long-term goals, such as buying a home, starting a business, or investing in your or your child's education. Studies show that people with checking accounts are more likely to save and move up the economic ladder to financial security.