Hello, my name is Jerome Silas. Welcome to my website about creating and following a healthy household budget. When I was in college, I tried to create a smart budget to save all the pennies I could after paying my bills. Unfortunately, I jumped in too fast and created a budget that was impossible to follow for the long term. Through the years, I have learned all about the methods that work best while creating and following a budget. I would like to share those methods with you all to help everyone create a healthy household budget. Thanks for your time.
Approximately 95% of Americans have a bank account. If you do not have a bank, you fall into the minority category in this case. While you might be able to get by without one, having one is helpful, important, and necessary for most people. Here are some of the primary reasons why people need a bank.
You Need an Account to Deposit Your Paychecks
If you work, you probably get paychecks every week or every other week. Where do you go when you want to cash your checks? If you do not have a bank, you might have to go to the bank your employer uses to pay your wages. If you go to a different bank, they will probably charge you a fee to cash your checks. Without a bank account, you also do not have access to direct deposit services if your employer offers these. Therefore, you need a bank to use for depositing and cashing your paychecks.
You Need an Account to Pay Your Bills
Most adults have bills, which is one of the reasons people work. You can pay some bills in cash or use money orders for them, but it is easier to pay your bills if you have a bank account. With a bank account, you can use bill pay services. You can also set up automatic payments with your debit card or bank account information.
You Can Have Access to Other Personal Banking Services
Additionally, when you open a bank account, you will have access to other personal banking services the bank offers. For example, they might offer you a credit card if you meet the eligibility criteria. You might be able to get cashier's checks for free when you need them as well.
You Can Build a Relationship With the Bank
Finally, having a bank gives you a way to build a relationship with a financial institution. The benefit of this is that it might improve your chances of getting approved for loans when you need them. Without a personal bank, you might struggle to find loans when you need to borrow money.
As you can see from these reasons, having a bank is essential. If you do not have a bank, you will have limits with the banking services you have access to, which is not a good thing. You can learn more about your banking options by contacting a bank that offers personal banking services.
Share23 April 2021
