3. Advantages of Banking

Payment of expenses

We can give standing orders to pay some fixed expenses like telephone bill, electricity bill etc and also receive payments directly into the bank account.

Many bank accounts are set up so to make regular bill payments like payment to insurance companies utilities etc. Lenders can extract money directly from the account.

This saves the account holder’s time and cost of mailing a cheque or money order. In addition, many banks offer direct deposit in which a paycheque of an account holder is automatically deposited into his bank account.

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