0
Many people disdain banks, opting to keep their personal savings hidden within the home. These people even cite that saving under a mattress is no different than having a bank account since interest rates are so terribly low.
However, banks and credit unions in the USA are protected by the FDIC, a federal agency that insures customers will not lose their money if the bank folds. This protection is far better than hiding money at home and having it stolen, with no one to insure you'll get that money back. In fact, most money taken in home break-ins is never recovered. To put this into prespective, let's say you saved $1,000.00 and put it in a shoe box at the back of your closet. You never think your best girlfriend would ever take it, but she happens to see it while you're showing her your new shoes; later, she steals your money. You now have -0- cash. However, if you had your money in the bank, and the bank folded, you'd still have your $1,000.00.
A checking account also is much more convenient for bill paying. Online banking makes this monthly nuisance even easier. Many merchants and online merchants require a bank account and a debit card if you have no credit card. Actually, with interest rates climbing on most credit cards, a simple debit card and checking account will cost you far less on each purchase plus over time.
What else can I help you with?
When opening a bank account is important to review?
There are many things which are important to review when opening a bank account.
What is the object that is important to you?
An object important to me is my passbook for my bank account.
When opening a bank account its important to?
yes it is
Principal accounts on a bank's balance sheet?
Loan account is the most important account in the bank's Balance sheet.
When openeing a bank account its important to review provided to you by your bank?
fee schedule
What does beneficiary to a bank account mean?
A beneficiary is the person to whom the proceeds of a bank account would be paid if the primary account holder of that bank account dies. They can also be termed the nominee for a bank account. This is very important for cases wherein the account holder does not have a legal will stating to whom his account proceeds should go. In such cases the bank would choose the nominee or beneficiary and pay them the account proceeds.
Why is my bank account empty?
Your bank account may be empty due to insufficient funds, unauthorized transactions, fees, or other financial issues. It is important to review your account activity and contact your bank for further clarification.
What are the examples of contra voucher?
# Cash account to Bank account # Bank account to Cash account # Bank account to Bank account
How much does it cost to close a bank account?
The cost to close a bank account varies depending on the bank. Some banks may charge a fee for closing an account, while others do not. It is important to check with your specific bank to understand any potential costs associated with closing your account.
When opening a bank account it is important to review the?
Dick on the side of their faces
What does AC mean on a bank statement?
On a bank statement, "AC" typically stands for "Account." It may precede account numbers or other account-related information, indicating that the following details pertain to a specific bank account. It's important to check with your bank for any specific meanings, as abbreviations can vary.
Can you give out your bank account number?
No, it is not safe to give out your bank account number to anyone. It is important to keep this information private to protect your finances and personal information.
