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Bank Accounts Have Changed
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Bank Accounts Have Changed

Isn't technology grand? It has certainly changed the way bank accounts are managed. Paying a visit to the bank is not a lot of fun. Driving down to your local bank branch to wait in line and listen to fellow patrons complain is one thing. But to have to do that and experience the joy of interacting with a teller that hates being there as much as you do is another. Thank goodness for online banking! You mean it's actually possible to do take care of my financial affairs from the comfort of my home? Sign me up-as long as there aren't any fees to do so. There aren't? I have died and gone to banking heaven.

Rising out of the ashes of the banking collapse of 2008, alternative banking practices are now available. And have been for some time. Well, I guess the banking community wants another chance to help us manage our money. Thanks to the Federal Reserve, it looks like they are going to get that chance for some time to come.

Online Banking- I can't believe the things I can do online with my bank account. You say I can pay any one of my bills with the click of a button as long as I have the account number and my zip code? Yes sir, you can. Can I receive a text message to my phone when my bank account balance falls below an amount I set? Yes sir, you can. Are you telling me I can take a picture of a check with the same phone and email you a deposit? Yes sir, you can. Thank you, I am now going to stop asking questions and jump up and down for joy. Now, I know these banking options have been available for quite some time and I am well behind the technology curve. I am still impressed.

Cash Incentives- Part of the banking system's way to get your business back is reflected in the incentives they are offering. In particular, opening a checking or savings account at the moment has me incentivized. Most banks will give you anywhere between $100 to $400 just to open an account with them. Typically you will have to set up a direct deposit of $500 or more each month to qualify. There may be other restrictions but none that I have seen have discouraged me from opening an account.

Interest- Believe it or not, banks and credit unions are still offering to pay you interest on your money.Recently, however, low interest rates have turned people away. Now, the approximately 1% interest rate of return that they are offering is not going to prompt me to resign my job position and retire. But the last time I checked, 1 was more than 0. I'll take it. Maybe that fact that, along with all the wonderful banking activities I can do online, combined with earning 1% , is making me giddy. Irregardless, my banking experience from day to day has improved significantly.

In the past, banks have been a strong source to go to for help with investing and money. Recently, however, mismanagement of money and low interests rates have turned a lot of people away. Things are changing in this regard, along with online banking. Banks are still a very safe place to keep your money and can yield return on investment. While getting advice on investment opportunities from a banking institution may not be the best cash management technique, it is still a good one. Change is good.


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