Money in one form or another 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. Because of this, each piece looked slightly different from the other.
One of the biggest innovations in the field of money was to have a mint that would create identical pieces of money – usually from metal alloys or paper. It created a standard of what money should look like in that given country or region.
Another highly significant innovation in the financial world was that of banks. Today crores of people all over the world keep their money in the bank. Maybe you considered applying for a bank account but it was denied. Or, maybe you just don’t know whether it’s worth it to go out and get an account.
If you are wondering, “What are the benefits of having a bank account?”, here are 7 benefits to consider:
1. A safe place to keep your money:
Having a checking or savings account is one way to keep your money safe from loss or theft—a way that’s far safer than keeping your money under your mattress or in your freezer.
2. Ability to write cheques:
With a checking account, you can buy goods and services by writing a check. Paying via check is a very secure way to send money through the mail – much more secure than sending cash, for example.
3. Opportunity to earn interest on your money:
With a savings account, you can earn interest on your money. The longer you keep money in your account, the higher your balance will be. It’s like getting free money!
4. Ability to make purchases with the Debit Card:
Debit cards work in the same way as credit cards. Except, with debit cards, the amount charged to the card is immediately deducted from your checking account when you make a purchase. Most debit cards have a major credit card symbol, such as Visa or MasterCard – which means they can be used at almost any merchant that accepts credit cards.
5. Opportunity to Receive Checks Through Direct Deposit:
If your employer pays you via check, having a bank account means you can have those checks deposited directly into your checking account. This makes it easy to get instant access to your money as soon as your check is issued. Plus, there are no check-cashing fees!
6. Opportunity to insure your money:
The checking and savings accounts of customers of most banks in the US are insured by the FDIC up to $250,000. Simply put, this means that, even if the bank closes or goes out of business, you will not lose a single penny 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 cannot get a more convenient banking experience than this. With online banking, you can pay your bills, make balance transfers and check your balance anytime, anywhere with an internet connection.
If you’ve held off on applying for a checking or savings account, it might be time to reconsider. There are too many good reasons to have a bank account these days to let the opportunity pass you by.