With no checking or family savings, getting financing will likely be way more difficult, and you will be stuck with riskier choices.
Then you understand the added financial stress of living without a checking or savings account if you live in one of the nine million unbanked households in the U.S. you must bring your paycheck to a check-cashing shop simply to ensure you get your money—plus whatever charges they choose to charge; you need to pay all of your bills in money through the mail or in individual, that is a method larger hassle than doing them online. The list continues on.
And in the event that you don’t have a bank checking account, chances are good which you don’t have great credit. The kinds of behaviors that tanked your score can also lead to your account application being rejected while a bad credit score doesn’t necessarily mean you’ll get denied for a bank account.