Why Do I Need an Account?

If you rely on expensive check-cashing services, you now have a great alternative.
Bank on Providence has partnered with local banks and credit unions to offer free or low-cost accounts. Even if you have never opened an account or have had problems with an account in the past, Bank on Providence can help you open an account with a bank or credit union and begin saving for your future.

It’s Safe
Without a bank account, you and your family could lose your money during an emergency, like a hurricane or a fire. You also have no safe place to keep your money, and may become a victim of robbery or theft. Money deposited in a bank or credit union is protected by the full faith and credit of the US government.

It Saves You Money
Using check cashers may seem more convenient than having a checking account at a bank. But these services cost a lot more than a checking account. Check-cashing stores charge you up to 5 percent of the check amount. Cash a $250 check and pay 5 percent or $12.50. To cash two paychecks a month, you may pay more than five times as much in fees than you would at a bank with a regular checking account. And, since money orders can cost as much as $3 per money order, the costs of not having an account really add up.

It’s Convenient
With a checking account, you can deposit your checks and access your money for little or no cost. You can save money by paying bills with checks, on the Internet, or by direct debit, and avoid paying for money orders. You can use your debit card to make purchases at stores or to withdraw money from ATMs across the city, reducing the need to carry cash. You can also keep track of your spending on the Internet, by phone, or at the ATM.

You Can Save for the Future
Without a bank account, it is much more difficult to save your money to reach long-term goals, such as buying a home, starting a business, or investing in your or your child’s education. Studies show that people with bank or credit union accounts are more likely to save and move up the economic ladder to financial security.

Find Out How Much You Could Be Saving Today
Answer the following questions to find out how much you could save on check cashing fees and money orders with a Bank on Providence account.

Savings Calculator

Use this simple calculator to find out how much you can save each month with a bank account. We'll keep your information confidential. * What is the amount of your paycheck?
* How often do you get paid?
* What does it cost you to cash your check(%)?
* How many bills do you pay each
month with money orders?
* How much does each money order cost?