Originally answered Sep 8, 2019
It’s possible to do so, but there are good reasons to use a checking account:
- Receive paychecks and other sources of income via direct deposit.
- Automatically pay bills.
- Easily transfer funds electronically to and from others.
- Use electronic bill paying services.
- Use a debit card to make purchases.
- Use ATMs all over the world.
- Receive interest on the amount in the checking account.
- Receive preferred rewards benefits such as no ATM fees and higher credit card rebates.
- Receive monthly statements.
- Take advantage of services such as stop payment orders , automatic overdraft protection, and low balance alerts.
One alternative to a traditional bank checking account is to use a cash management account with an investment company such as Fidelity.