5. banking deep guide

Why Use a Bank in the First Place?


Banks protect your cash from theft and natural disasters like fires or floods. Your insurance may not cover money lost in your home, car or on your person. But banks don’t typically carry the same risk.


Banking security is more than just vaults and guards. Most of your assets are federally insured up to $250,000 by the federal government if the institution fails. The FDIC (Federal Deposit Insurance Corporation) insures assets in banks and the NCUA (National Credit Union Administration) insures assets in credit unions. Federal laws also require institutions to maintain minimum levels to help them remain solvent.


Banks allow you to access your money when you need it. They can also provide “one-stop shopping” for financial needs from investments to home and auto loans, along with other financial services. Convenience, along with interest rates and low fees, are major selling points for banks.

Services to Grow

Your Wealth Banks offer many services that can help you grow wealth. These include high-yield checking or savings accounts, individual retirement accounts (IRAs), self-directed 401(k) plans and certificates of deposit (CDs).

Leave a Reply

Your email address will not be published. Required fields are marked *