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It Is Smart to Have Multiple Checking Accounts

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It Is Smart to Have Multiple Checking Accounts

September 19
04:42 2020
It Is Smart to Have Multiple Checking Accounts

Opening a checking account is a personal experience. No two people have the same financial needs, so it only makes sense for banks and credit unions to offer a variety of products. Here are a few reasons why it’s smart to have for individuals in Washington to have multiple checking accounts:

Separate Business from Pleasure

Many people operate small businesses, and some of them continue to use their checking account to conduct business. However, mixing personal spending with business spending is never a good idea. Come tax time, having only one account may prove more problematic than not.

Opening a separate business checking account makes bookkeeping easier. It reduces the risk of error and makes it easy to track revenue and spending. A business checking account also creates a paper trail for any expenses or deductions.

Save for a Rainy Day

While most people think you need a dedicated savings account to stow away money, that’s not always the case. Opening a secondary personal account is a great way to put away extra cash for a vacation, new car, or even college expenses. Furthermore, with a checking account, consumers can withdraw money without any limitations.

Some people even use their extra checking account for unexpected emergencies. Medical bills and car repairs are essential expenses, but many people don’t have enough saved to pay for them. Transferring money to another account will ensure there are always emergency funds available.

Share Funds with Family

When people get married, it’s not uncommon for them to combine their finances. However, many people prefer to also maintain a separate account. Opening multiple checking accounts is the best option for someone who wants both a personal and a joint bank account.

Joint accounts let anyone listed on the account withdraw money. This type of account is popular with families. Some business partners also appreciate the convenience of joint accounts. However, keeping a personal account makes it easy for an individual to manage their finances. Head over to https://www.WECU.com/contact-us/ to learn the advantages of both.

Earn a Bit of Extra Cash

Banks and credit unions offer a variety of checking account products. The most basic accounts have low or no fees. However, some accounts, such as a money market account, are dividend-bearing. Consumers can earn money just for keeping money in the bank.

Having more than one account may also help consumers save money. Some banks waive fees if a customer has more than one account. Others may entice customers with rewards or discounts. Check out https://www.wecu.com/ to learn about some of the most popular checking account options.

Banking Solutions for All Consumers

WECU is an established not-for-profit financial cooperative with over 80 years of experience. Their mission is to provide genuine service, high-quality banking products, and low rates to people across Washington. Convenient branch locations make banking accessible for both personal and business consumers.

Selecting the right type of checking account isn’t a one-size-fits-all scenario. Depending on a person’s financial needs, they may even need more than one account. A skilled banker can help consumers choose a bank account that will serve them now and for years to come.

Media Contact
Company Name: WECU
Contact Person: Media Relations
Email: Send Email
Phone: (360) 676-1168
Address:PO BOX 9750
City: Bellingham
State: WA
Country: United States
Website: https://www.wecu.com

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