To Bank or not to Bank?

Betesha Ethridge – #BankWithBea

Hey friends! Let’s take some time to discuss some of the benefits of having a bank account. Some of you may not have a bank account, yet. I want to talk to those people. So, let’s chat. One of the greatest benefits of all is the convenience. Having a bank account is one of the most convenient ways to access your funds, no matter where you are. There are many ways to receive your payroll. Some people are paid via check, pay card, ACH direct deposit, or simply cash and I don’t know about you, but I want to be able to access my money when I need it.

Banks offer a catalog of options and resources. Not only do you get an account with up to $250,000 in FDIC (Federal Deposit Insurance Corporation) Insurance, but you could also have an interest-bearing account, which is basically earning free money from the bank, just for keeping your money in your account. The amount you earn is based off the balance, that you maintain in the account. Another benefit is a bankcard, with fraud monitoring included. Banks that offer bank cards, also provideservices that help monitor your “normal” spending behavior, so that if you suddenly buy something that is outside of your normal behavior or purchasing area, they will call or text you to confirm that it’s you. That is an added layer of protection!

There are also many perks to having a “bank” account. Every financial institution offers products and services for their customers, ranging from loans, credit cards, business products, “FREE” accounts, gifts, discounts, and rewards. Your bank account helps you track your spending habits. If you’re an online shopper, like me, then you may want to consider having an account that is just for your luxury spending. Knowing that there is always some sort of a risk related to shopping online, try to keep the bank card that you pay for your online orders, separate from your main account. This is a great safety tip and budgeting tip. Tracking your spending habits is an excellent way of budgeting and setting personal financial goals.

One of the absolute best perks to having an account with a bank, is having direct access to financial experts. You get to build relationships with your local branch and gain access to Mortgage experts, Wealth experts, Commercial experts, and apersonal banker, like me. Having a personal banker is amazing. Having someone that you can call if something goes wrong; if you lose your card, your account is compromised, you’re ready to buy your first home or your child is going to college. Your banker will be there with you through every major milestone in your life. That is the best benefit of all.