With a checking account, you can deposit or cash checks. You can use “direct deposit” for your paycheck or benefits, giving you timely access to your money. You can wire money to other people’s accounts (sometimes there is a fee) and have money wired to your account by others. More and more banks also offer “person to person” payments to help you pay people you owe money to, such as babysitters, landlords or friends you split the dinner tab with.