Anything feels intimidating if you haven’t done it before – or even if you haven’t done it for a long time. That includes opening an account at a bank or credit union. If you (or someone you know) are one of over 7 million U.S. households who don’t have a bank account, you might wonder “why bother?”
There are several major benefits to having a bank or credit union account. Your money is safe there, and there is great convenience in being able to receive payments (paychecks, tax refunds, and more) electronically. When it comes to making purchases and paying bills, a bank account is convenient and also saves money, compared with using pre-paid cards or money orders. Banking also contributes to your credit score, and can make it easy to provide proof of payment.
When you’re ready to explore the possibility of opening a bank account, the FDIC (Federal Deposit Insurance Corporation) has a new website designed to help you learn more and move forward. If you’d like to learn more about Credit Unions, mycreditunion.gov has great resources too.