BENEFITS OF HAVING A CHECKINGACCOUNT.—One benefit of having a checkingaccount is safety. It is safer to carry checks than money.Another benefit of having a checking account is proof ofpayment. A canceled check is proof that you paid a bill.Also, having a checking account is convenient. Achecking account allows you to receive and spend yourmoney without carrying cash. Also, a checking accountlets you pay your bills through the mail, rather than inperson. Another benefit of a checking account is that itlets you establish credit. A well-maintained checkingaccount is an asset to establishing and obtaining credit.Finally, a checking account helps you budget yourmoney. Keeping a record of checking activities helpsyou budget your expenses and income.As you need money, you draw or transfer funds bywriting a check. You can issue a check payable toanother person or to a company to pay bills or to getcash. A checking account provides a canceled check as areceipt of payment. Also, checks are available withcarbonless copies of the original check. Thiseasy-to-maintain method can conveniently help youmanage your financial affairs.Before you open a checking account, ask the bankor credit union the questions shown in the followingchart.17-8Student Notes:Figure 17-3.—A sample deposit ticket and corresponding check register entry.
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