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What Are The Benefits Of Having A Bank Account? 7 Benefits

Money in some form has been around for thousands of years. In ancient cultures, each piece of money was made by hand, usually from stone, gold, copper, wood, or porcelain. For this reason, each piece looked just a little bit different from the others.

One of the largest innovations in the real of money was to have a mint that would create identical pieces of money – usually out of metal alloy or paper. This created a standard for how money was to look in that given country or region.

Another strongly-significant innovation in the financial world was that of banks. Today, hundreds of millions of people worldwide keep their money in a bank. You may have considered applying for a bank account but had been rejected. Or, maybe you just do not know if it is worth going out and getting an account.

If you are wondering, "What are the benefits of having a bank account?", Here are 7 benefits to consider:

1. A place to keep your money safe:

Having a checking or savings account is a way to keep your money safe from loss or theft – a way that is much safer than keeping your money under your mattress or in your freezer.

2. The ability to write checks:

With a checking account, you can buy goods and services by writing checks. Paying via check is a very safe way to send money through the mail – much safer than sending cash, for example.

3. The chance to earn interest on your money:

With a savings account, you can earn interest on your money. The longer you keep the money in your account, the larger your balance will become. It's like getting free money!

4. The ability to make debit card purchases:

Debit cards work much like credit cards do. Except that, with a debit card, when you make a purchase the amount charged to the card is instantly deducted from your checking account. Most debit cards carry a major credit card symbol, such as Visa or MasterCard – meaning they can be used at just about any merchant who accepts credit cards.

5. The opportunity to receive checks via direct deposit:

If your employer pays you via check, then having a bank account means that you can get those checks directly deposited into your checking account. This makes it easy to immediately get access to your money as soon as your check is issued. Plus, there are no check-cashing fees!

6. The chance to have your money insured:

The checking and savings accounts of customers of most banks in the US are insured by the FDIC for up to $ 250,000. Simply put, this means that, even if the bank were to go under or go out of business, you would not lose a dime of your money.

7. An easy way to pay your bills:

Finally, one of the greatest things about banking today is online banking. As a customer, you can not find a much more convenient banking experience. With online banking, you can pay your bills, make balance transfers, and check your balance at any time from anywhere with an Internet connection.

If you have been holding out on applying for a checking or savings account, this may be the time to reconsider. There are just too many good reasons to have a bank account these days to pass up the opportunity.

Source by Jed C. Jones Ph.D.

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