Checking accounts allow you to conveniently use money by writing checks or authorizing drafts against your account.

Advantages:

Safer to carry a checkbook than it is to carry a pocket full of cash. Less likely to write a check than spend the cash in your pocket. Use your checkbook and monthly account statements to track monthly expenses. Some accounts pay interest so you can earn a little money while storing the money in the bank.

Disadvantages:

It takes some work to make sure that you know how much money is in your account down to the last penny. If you do not have enough money in your account to cover the checks you write, you will be required to repay the face value of the checks plus a penalty.

Records & Balancing:

Checking is not a "free ride". It takes some work to make sure you know how much money is in your account, down to the last penny. To do so, balance the account when the bank statement arrives each month, don't put it off. It is important to maintain an accurate check register. All checks, automatic drafts, and ATM transactions must be entered. Record extra fees charged to the account, such as those for ATM transactions or ordering new checks. Good records make checkbook balancing easy. Shop around Find the Bank, Savings and Loan Office, or Credit Union that has low fees, no minimum balances, and is convenient for you.