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Manage Money Through Banking

Perhaps one of the greatest breakthroughs in

civilization is the concept of banking. Banking paved

the way to the creation of bigger corporations,

complex institutions, more secure financial

transactions, and global economic interdependence.

People manage money through banking to make sure that

the heard earned money that they acquire stays safe,

healthily anchored in a national market, and easily

accessible without having to hold on to the money

itself.

Banks have been introduced since approximately 3 B.C.

when temples held resources in terms of grains and

other produce for commercial trading. Modern banking

which standardized banknotes as currency was

established during the 1500’s and marked a new era of

western banking as well.

Since then, banking have been brought to new heights

with introduction of technology which allowed virtual

banking while still being associated with real world

currency. Faster transactions and larger volumes of

money can now be transferred to any point in the globe

with a global banking system with just a click of a

button.

Managing money has been developed in consistency to

provide ease of understandability and utilization for

the common citizen as well. This ensures that a

healthy banking and economic environment is

maintained.

Personal Accounts

The most common and simplest form of a way to manage

money through banking is by opening a personal

account. This is then given an option of how the

account should act, either as a savings account or a

checking account. The former is the most basic form of

savings with a fixed interest rate, as well as a

minimum maintaining balance to prevent account

closure.

The latter is designed to allow individuals who handle

a larger amount of money to transact and pay without

having to go to the bank and withdraw the large amount

of money, thereby exposing himself to danger. Checks

are tendered as legal bank notes, holding power to be

converted to cash by the recipient.

Time Deposit

Time deposit accounts are fairly simple in nature. It

is similar to a savings account, but only that there

is a fixed matrix set by the bank for client

compliance in terms of the amount of money deposited.

This is of course corresponded with the appropriate

interest rate and benefits, should the amount in the

matrix be higher.

There is one main catch for this type of managing

money which is that when the individual engages on

this savings type, the money that was deposited is

waited to mature before it can be manipulated.

Otherwise, the interest rates and benefits are not

honored or curtailed in the process.

Credit Cards And Debit Cards

Credit cards and debit cards are two of the other

alternatives to do banking. These are electronically

crafted items which can be used to serve as a portable

resource. Establishments supporting these types of

transactions credit the expenses directly to the bank

holding that account for any charges that are billed

to the owner of that card. Though this is a convenient

and safe way to not bring any cold cash around, the

risk of getting victimized by fraudulent activities

such as credit card information hacking and the like

also exposes the user to a level of threat with his

money and resources.

A credit card is a feature given by a bank to its

client to be able to buy in advance and be billed

later on and deducted with the appropriate charges

incurred over a monthly cycle plus taxes and charges.

A debit card is more of a limited credit card that

allows the user to transact with an electronic card

with establishments, only that the amount of charges

that could be incurred is based on the actual money in

that account and nothing more.

It is a tricky concept to manage money through banking

if not understood correctly. It is therefore

encouraged to the clients to read the fine print, and

the terms and conditions as well for the different

bank policies.

Self Confidence Magazine
Self Confidence Magazinehttps://selfconfidencemagazine.com/
We believe that self confidence is the most important factor in happy and fulfilling life. This is why our mission is to help billions of people who struggle with self confidence.

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