Advantages and Disadvantages of Checking Account

Checking account is primary tool for administrating personal finance. All banking institutions operate checking account in similar method, but charges and account features change among the banks. Checking account maintenance has both disadvantages and advantages so these should be considered prior to choose checking account options and a bank.

Advantages:
Check cashing, access and security:
The main benefits of checking account is to save fees that charged by storefronts that provide check cashing services, and ability to access funds through writing checks, rather than carrying cash with you. They keep the funds in secure environment.

Direct deposit:
Checking account saves your time and energy affiliated with depositing check yourself, by having paychecks automatically deposited to checking account.

Disadvantages:
Account fees:
The fees affiliated with using it is one of the disadvantages of a checking account like fees per service fees that include talking with customer service or a flat monthly rate.

Over draft:
Biggest disadvantage is overdraft fees of using checking account. If the overdraft is a even few cents then bank charges over draft fees on that.