The Importance Of Banking

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With the constant fluctuation of our economy, people, especially small business owners are left to wonder what is the best way to prepare for the future. For individuals and small business owners it is very important to have a reliable and practical bank to keep their earnings safe and available. First, you must find the right bank that fits your personal or business needs, because there are many different options available. Next, the most critical part for the success of your personal or business financial life is to find capital that can be accessed when the need arises. For the most part, business owners fund their businesses through loans, from financial institutions, and personal capital. Getting a loan approved can be a tedious process, because there are many factors that bankers use to determine whether or not you fit …show more content…
One of the most important reasons that banks are more reliable than ever is that they carry insurance from the FDIC. This insurance covers a bank customer’s money up to $250,000. The question is how do you start looking for a financial institution that fits your money needs? There are so many banks to choose from, and each institution can provide its customers with its own unique financial experiences. Jeff Blyskal writes, “The good news in banking is that consumers have options; no one has to settle for merely acceptable service.” (Blyskal) Another important fact when deciding on a bank is to consider the fees that you might have to pay. Some banks offer free accounts with a minimum balance, while others might require you to pay a small monthly maintenance fee. Investerorguide.com says, “Banking fees have risen significantly in recent years, and show no signs of falling…Before you sign up, take a close look at the fees associated with the account, and try to estimate what it will cost. (InvestorGuide Staff) Finally, the level of customer service can vary from smaller community banks

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