Minimum Deposits are some of the advantages and disadvantages of having a checking account
Often, banks sell this as an advantage for you to not be charged a flat monthly fee, or to earn a small amount of interest.
The disadvantages include being charged fees if the balance falls below the required levels, and not being able to access all of the money that belongs to you.
ADVANTAGES
- There are many advantages of having a checking account. Safety. No need to carry cash.
- Your bank can provide proof of payment. Build your credit. A checking account can help you establish and build your credit score.
- Convenience. Access your funds without carrying cash.
DISADVANTAGES
- Fees – many checking accounts come with additional costs such as maintenance fees,
- ATM withdrawal fees and transaction fees.
- Overdraft fees – overdraft fees, when the balance goes below zero, are determined by each individual bank, making them difficult to understand and often very expensive.
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