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Do you really need a bank?

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jayman2143
Valued Member

Re: Do you really need a bank?

The only reason I have a checking account with my local credit union is because my car loan is through them so it makes it easy to just transfer money over when making payments and also my work does not offer paper paychecks anymore. So, my bank account is usually just a holding spot for my direct deposits until I either transfer it to my loan or transfer it to an account where it would actually work for me, in terms of returns. I also use it for quick and easy payments on other bills like car insurance. 

 

I know some people that I work with that have large sums of money in normal checking accounts that is doing them no good. I always recommend to them that they move some of the money to some sort of investment but I just get a blank stare...

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