People store their money in banks because it is a safe place to store one’s money. Savings accounts enable people to save money for their future needs. When carrying out transactions, it is easy to transfer money from one bank account to another. Carrying a lot of money around can make one uneasy so it is easier to store money in a bank account and withdraw as needs arise.
Banks give loans to people in their time of need. Most employers will pay through bank accounts. Through a fixed deposit account, one can be able to earn interest on money that one has not decided how to use.
Banks enable fast transfer of money from one country to another and from one region to another. Customers can enjoy some level of privacy when they carry out their transactions in banks.
Customers can be able to use different bank accounts for different needs. With the use of mobile money, it is easier to send money and withdraw money by using apps which link to one’s bank account. Mobile banking enables customers to check balances and get statements on the activities of their bank account. Loans can also be applied through mobile banking.
Some of the factors that one should consider when selecting a bank is no minimum balance maintenance which makes it cheaper to keep an account in a bank.
To save money when keeping a bank account, one can select a bank that does not charge a monthly fee for keeping an account.
A feature that benefits customers is the no limitation on the number of transactions that one can do. Some banks do not limit the method of transactions that one uses with their account. A bank that has many ATMs around the country will make it easy for one to access cash from their account.
A person may wish to access their bank account from a distant location such as another country and they need to find out whether their bank has online banking for such situations.
Overdrafts can be suitable for people with urgent money needs and they need money quickly.
Overdraft fees can be high so one should only get an overdraft if their need is extremely urgent. Banks should be able to meet the needs of customers and one should select a bank based on this.