Needing extra cash and you can’t even take out a cash advance because you do not have a bank account? Some of you may feel uneasy towards banks and their practices, while others have had some bad experiences and would rather keep their money out of the banks. There are many bank services offered by other companies, which are now profiting from customers without bank accounts.
Cash advances require functioning bank accounts.
A check cashing store may charge $10 to cash you paycheck. It may not seem like much money, but what kind of money is being spent over a year’s time? A weekly paycheck would cost a person $520 just to have access at their own income. It is an expensive solution to not having a bank account. There are additional fees for other services which banks will perform for free or at least a minimum of the cost.
5 good reasons to have a bank account:
- Your money is safer in a FDIC insured bank. If the bank closes, your money is insured by the Federal Deposit Insurance Corporation. The FDIC provides consumer protection laws to help protect the customer with disputes with a bank.
- Banks offer many options to defer bank fees for an account. When you have no monthly management fees to pay, having a bank account is a “no cost” check cashing option, Think about what you could do with an extra $520 every year.
- Banks make it convenient to utilize direct deposit or give access to bank account money through ATM or debit cards.
- Keep accounts running positively. It will help to build a better financial future. When there is a good relationship between bank and customer, future bank services are more manageable.
- For those who keep their savings tucked away in the home run the risk of losing it to fire or thieves. Once the money is gone, there is no getting it back. It is difficult to prove to your insurance company the amount which was tucked between mattresses. Money in the bank is protected by the FDIC.
Opening a bank account is pretty easy as long as you have a good track record. Your trustworthiness with money is important and financial institutions will judge you by your past history. You will be denied a new bank account if you have had bad accounts elsewhere.
Some banking institutions have “second chance” programs as long as you meet all their requirements. Another option would be to just open a savings account. It will provide you a foot in the door to building trust up within the banking industry once again.
A cash advance is access to fast money.
Banks have fees. They will charge you for making mistakes. It is the nature of any service, so why blame them? Know the rules and prepare to avoid consequences by maintaining a well running bank account. If you still need extra money, options like cash advances will be available to you to obtain quick cash. Having options is empowering and saving money from not paying fees is good money sense.
