Imagine you’re at the grocery store. You have between 10-15 items and the self-checkout line is a bit long. So, you decide to go to one of the regular check-stands to save time.
The second you have all your items on the belt the person ahead of you pulls out a check book. You look longingly at the self-checkout line as the person digs a pen out of their purse and slowly, painstakingly writes out a $50 check for their groceries.
Situations like these are becoming less and less frequent due to technology. But while the era of paper checks and mailed bank statements is fading into the rear-view mirror, the purpose of the checking account remains the same — to keep your money readily available and secure until you need it.
If you are unfamiliar with checking accounts, or have questions about them, here are three things to know.
Reason #1: Checking accounts are safe and stable
Through reforms following the Great Depression, the Federal Deposit Insurance Corporation, or FDIC, was also created. Today, more than 4,500 financial institutions are FDIC insured, including Zions Bank.
This means your funds are insured up to $250,000 in the event of a bank failure (per depositor, per FDIC-insured bank, per ownership category).
Security and safety are some of the most important responsibilities banks have, and most employ a plethora of features to help prevent personal information and funds from being stolen. For example, Zions Bank uses SSL technology to help secure your financial and personal information online and there are other security features a bank will employ to help keep your money safe.
Reason #2: Checking accounts are convenient
Checking accounts are made to store your money for short- to medium-term uses. You can direct deposit your paycheck, pay your rent, or send money electronically with your checking account.
Whereas once you had to visit a physical bank location and talk to a person to access your funds, thanks to the invention of the Automated Teller Machine (ATM) in 1967 and the advent of online banking in the 1990s, consumers now have more accessible and convenient ways to access their money. You can even send and receive money right from your phone thanks to mobile banking apps.
Even opening a checking account can be easy and convenient. Many banks offer fully online checking account application processes. For example, you could open a Zions Bank Anytime Checking® Account in as little as 5 minutes.
Reason #3: Checking accounts are inexpensive
Many banks offer low or no fee checking accounts. Oftentimes, there isn’t even a monthly maintenance fee, as is the case with the Zions Bank Anytime Checking account, when you opt-out of paper statements.
In addition, an increasing number of banks are choosing to reduce or eliminate overdraft fees. In 2023, Zions Bank made sweeping changes to its overdraft practices as part of the bank’s ongoing commitment to provide products and services that best serve clients’ financial needs. This action will significantly reduce overdraft and non-sufficient funds (NSF) fees for consumer and small business deposit accounts.
You can completely avoid overdraft fees by keeping your checking account in the black.
Zions Bank’s OnBudget® Banking account helps keep customers aligned with their financial goals with a predictable monthly service fee of $5, mobile banking and no overdraft fees. The checkless account offers a Visa® debit card for making payments and accessing funds.
Although checks might be going out of style, checking accounts likely never will because they are the foundation of personal banking. Getting a checking account is the one of the best first steps to become more financially autonomous.
Visit the Zions Bank website to compare checking accounts or to apply for a Zions Bank checking account.
Article originally published on July 6, 2023, and refreshed on February 2, 2024.
1.Please refer to the Deposit Account Agreement, Account Disclosure, Deposit Rate Sheet and Personal Account Schedule of Fees available in the online Agreement Center, or speak with a banker for more details.
2. To avoid the Paper Statement Fee of $3, you must enroll in Online Banking, and opt your account out of receiving paper statements. You may opt to receive either electronic or paper account notices and tax documents at no additional cost.
