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Business Gems : Bank Accounts

Per the title, I'll be covering a few reasons why it's a smart strategy to open up a personal bank account. Enjoy..

There are a lot of benefits that come with having a personal bank account. These benefits include its safety over your finances, its convenience of usage, and the access that it gives you to managing your money. Have you ever wondered what life would be like if banks never existed? Imagine having to hide all your money in a secret place at home or having to carry all your hard earned cash with you at all times. This would leave people vulnerable to many different types of theft, causing life to be harder than it already is.

Luckily, banks were built and established a long time ago. According to localhistories.org, “The idea of banks began as long ago as 1,800 BC in Babylon”. With each century that went by, banks and the idea of banking evolved into the smart, fast, and secure banks that we know today. Having a bank account in this day and age is the best choice that you could ever make in terms of your personal finances. An individual who has as much as $50 or more in their possession should consider opening up a bank account. Even though the amount might not seem as much, it’s still serves as a valuable asset towards those who have it. Having some type of currency can take you a long way in life if you use it wisely. Money can be used to obtain all the vital necessities that us humans need for survival. Losing any of this money to petty theft or other natural causes will create serious problems for your well being in the future.

Opening a bank account gives your finances the upmost security that it’ll ever have. For one, you won’t have the burden of carrying your wealth with you everywhere you go. Having your money with you at all times is a danger to both you and you personal finances. With a bank account, every dollar that you deposit towards the bank get securely stored and monitored under your named. According to connectability.ca “Having your own bank account means that you will not have to carry a lot of cash; as a result it is less likely your money will get lost or stolen”. Some people might oppose the idea of trusting a bank to hold all of their finances. With the advancement of technology today, we have spawned individuals who constantly prey on hard working citizens and their wealth. There have been cases where people known as hackers and robbers have successfully stolen money out of banks and bank accounts, putting the wealth of others at risk. However, if you sign up with a bank account, the money that was stolen from you is automatically replaced, guaranteed. consumer.westchestergov states “your money will be federally insured so if your bank or credit union closes, you will get your money back. The maximum amount of money that can be insured is $100,000”.

Theft occurring within the banking system is a lot safer than theft physically occurring towards you. Not only are banks accounts good at securing your finances, but they’re also good at being highly convenient. When a bank account is made, a debit or credit card is issued to the individual or individuals who are posted under account. These cards make banking easier in many ways. For one, they’re light, small, and portable, allowing the user to easily fit them almost anywhere. They can be carried in your pocket, purse, or wallet with no trouble at all. They also make banking easier due to its initial function. According to personalfinance.duke.edu “A debit card, like a credit card, is a small plastic card that can be used as a method of payment”. These cards function like a remote control to your bank account, taking money out of it only when you choose to use them. An ATM or Automated Teller Machine is the compatible machine to these cards. Entry can be gained towards these ATM’s via a debit card, which then allows users to take out a certain amount of money. Another thing that makes banking convenient is the cards ability to be used through our smart phones. Apps like Google Wallet, Pay Pal, and Android Pay can have these cards on file and make a payment through the phone without the physical card.

This feature of the card would come in handy if you ever forgot the actual cards at home or if you were in a rush to get somewhere. Aside from the security of wealth and convenience of use, having a personal bank account allows you to manage your money wiser. Monitoring your spending and keeping track of your finances will keep you financially stable for longer periods of time. Having prior knowledge on the amount of money in your bank account can prevent future problems of you spending too much. Some banks have pre-set features for those who can’t manage their finances on their own. moneyadviceservice.org states “customers may be required to keep a minimum balance in your account at all times - this may be as little as $10 or as much as several hundred dollars”. Banks like to make sure that customers have the upmost protection and financial stability in their accounts.

In conclusion, bank accounts should always be something of consideration in today’s society. They offer the best security over your wealth, they’re the most convenient tools to use, and they help you gain insight on your finances. So if you haven’t done so already, sign yourself up with a bank account today.


REFERENCES

 Lambert, T. (2020, ). An Encyclopedia of World History. A History of Banks. Retrieved October 15, 2016, from http://www.localhistories.org/banking.html

(2020). moneyadviceservice.org.uk. Beginner's Guide To Managing Your Money. Retrieved October 15, 2016, from http://www.moneyadviceservice.org.uk/en/articles/beginners-guide-to-managing-your-money

(2020). Consumer.westchestergov.com. Benefits of a Bank Account. Retrieved October 15, 2016, from http://consumer.westchestergov.com/financial-education/money-management/benefits-of-a-bank-account

(2020). Your Money.Your Choices.Your Future. Credit . Retrieved October 15, 2016, from http://personalfinance.duke.edu/topics/credit

(2020, ). Resources for people with a developmental disability and their support networks. Why Everyone Should Have a Personal Bank Account . Retrieved October 15, 2016, from http://connectability.ca/2013/01/21/why-everyone-should-have-a-personal-bank-account/

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