And the checking accounts that do earn interest typically have a lower interest rate than savings accounts. No interest: While some checking accounts earn interest, most don’t.Keep in mind that checking accounts vary from bank to bank, so be sure to look into what features come with yours. While checking accounts are full of benefits, they have a few shortcomings to be aware of, too. Plus, some checking accounts let you lock your debit card if it's ever lost or stolen-helping to prevent unauthorized use. Track spending: With a checking account, there is a record of your deposits and spending, so you can see where your money is coming from and where it’s going.Get paid early: Some banks even offer early direct deposit, where you can get your paycheck up to 2 days sooner-so you can pay bills earlier and buy the things you need.Your paycheck can be deposited into your checking account automatically on payday, which might be faster than getting it via mail, too. 4 No more risk of losing paper checks in the mail. Direct deposit: You can set up direct deposit into your checking account right from your employer.You can also pay online with your debit card by filling out the requested information, like your name and card number. ![]() Debit card: Most checking accounts come with a debit card, so instead of paying with cash, you can easily tap or insert your card into a card reader at checkout to pay directly with the money in your account.You can typically spend or withdraw money by visiting a bank, using your debit card at an ATM, writing a check or making an online transfer. Easy access: Checking accounts let you access your money in a number of ways.Most checking accounts have FDIC insurance and are covered up to the allowable limits. FDIC insurance: If you’ve been keeping your money in jars or under your mattress, you may be interested in the security of a checking account.Earn interest: Some checking accounts earn interest, which means your money can grow even when it’s just sitting in the account.If you believe you've been the victim of a scam - report the scam to the BBB Scam Tracker and the government via the FTC ReportFraud site. You may also want to report scammers directly to the FBI.If you're considering opening a bank account, there are lots of advantages to having a checking account.Also, now enjoy free Social Security number dark web monitoring. CreditWise® from Capital One-Keep a close eye on your credit report and receive alerts anytime a new credit line is opened in your name (and reported to TransUnion or Experian.Enroll in Paperless – Enroll in paperless settings to prevent your personal information being stolen from or en route to your mailbox.Sign Up for Instant Purchase Notifications – Receive a push notification on your phone each time a new purchase is approved on your account, so you can spot unauthorized charges the moment they happen. ![]() Shop online with virtual card numbers and keep your actual card number to yourself.
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