 TITLE: What Is a Checking Account? CONTENT: Benefits of a Checking Account\n------------------------------\nOpening a checking account is typically an important first step on the path to financial independence. A checking account gives you a place to deposit first paychecks and is a conduit for paying rent, cell phone and utility bills, and making payments on car loans and student loans. The benefits of having a checking account include:\n*   **Flexibility in paying for goods and services**, via paper checks, electronic bill pay services, debit card payments and contactless payments using your smartphone.\n*   **Fast access to your earnings**, without risk of loss or theft of a paper paycheck, through direct electronic deposit.\n*   **Federal insurance** on deposits up to $250,000.\n*   **Access to cash via debit card** at automatic teller machines (ATMs) and via cash back options at grocery stores and many other retail outlets. END