I have decided to open a checking account to further automate my investments in my mutual fund accounts. It’s a lot easier to track and program my investments with this method.
With checking account, I can just issue post dated checks and transfer fund to this account. I can already pre-set how much I will invest in a particular year.
Once a person has a checking account he/she should be disciplined enough not to go below the minimum amount and fund the account if necessary. This will safeguard the person from the penalties that comes with it.