 Why do you think you are not millionaire and probably will never be? |
If you really think you're going to be(I don't consider lottery players) or already own over a million in cash at least don't care to answer this question.
So why do you ... |
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 Where do you live? |
| What town I live in NM... |
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 How can i make money this summer? |
i wanna make around 500 bucks in around 2-5 months. whats the easiest way? oh yea, internet surveys are not an option
Additional Details
oh yea, im 14, so i can't get a part time ... |
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 Bankruptcy question,,, please help? |
| I have gotton myself into a financial bind and i feel like I am drowning. I have decided to claim bankruptcy so that I can start over and have piece of mind. I was wondering if anyone knew a good ... |
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 I live off of $1300 a month for all expenses for a family of four What do you live off of? |
| I live off of $1300 a month for all expenses for a family of four. What do you live off of? Half of that is rent. I just graduated with a Bachelors Degree I think I'm getting killed. How do I ... |
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 How much do you spend a month... breakdown? |
we did this thing in careers
and it had a breakdown on what average people spend on what they spend it on in a month
it was like
rent
utilities
car payment
... |
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 Should we loan money to my mother-in-law? |
| Let me start off by saying that I love my mother in law and she is a wonderful and good person. She does have a history of making poor financial decisions. She filed for bankrupcy last year, but ... |
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 We have been accepted for a loan from welcome finance for £2000. today we recieved a letter from them asking? |
| for proof of address for my husband, so we faxed it through to them this morning. does anyone know how much longer it should take for the money to get into the bank account from today, and has anyone ... |
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 After all expenditures I have $250 left every month. Is that enough for a teenager? |
| Hi I get a total of $832 of disability $$$, but I spend some on rent and some on gas for the car, and the car insurance is paid for. Is $250 a month enough for a teenager?... |
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 Is the loan I applied for a scam? |
| I was approved for a private loan. They require me to make 4mo payments before I can recieve any money. I'm not so sure about it. Please help!... |
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 Can I ask for a raise? |
| When the minimum wage increases can I ask for a cost of living increase of salary if I make more than the new state mandated minimum wage rate.... |
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 I'm a kid, and i need money, FAST? |
| i need a camera, like really fast because im going up north for a while and i think it would be such a waste to not bring a camera. It costs like 250 and right now i only have 150....and im leaving ... |
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bapi_mishra | Why are bank accounts necessary? |
descriptive type with all details
Additional Details
descriptive essay type |
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Dandouna
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I work in banking but I am neither rich nor live in a mansion. Bank accounts are for people to keep their money in a safe place, gaining minimal interest where it is easily accessable. In some bank accounts like certificate of deposits (CDs), it is best if the money is only accessed after a certain period of time due to the fact that the longer you keep the money in, the more interest you earn and the interest in CD is far more than the .5 that you get in your average savings account. Some bank accounts are investment vehicles while others are means of paying your bills with out the danger of theft. Afterall its not safe to send $300 in cash to pay your utility bill nor is it convienient to constantly purchase money orders snd risk the chance of loosing your lifesavings if someone was to steal you wallet or rob your house. Banks are safe, high security places to keep your hard earned bucks. Especially for retirement! After working all those years to make a decent living, there comes a time in your live where you just need your money working for you! Thats why banks and finanicial services offer IRAs and Anuities sometimes earning interest as much as an additional income. The goverment does not monitor bank accounts as someone said above. Its all about sercurity and convenience. What is more probable: Someone robs your house a takes your life savings or someone robs your bank and takes your life savings? |
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Katie
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They aren't, it's just more convientent to pay your bills with a check other than cash.
You do not have to have a checking/Bank account if you don't want one except....
I have over 25 years in Mortgage Banking.
If you want to purchase a home, they will look for a good "savings pattern" and the only way they can do that is with you having your money in the bank.
Nothing is legal unless it's on paper. I have had so many people tell me they don't like banks and keep their money "yes...under the mattress so to speak". But Mortgage Companies do not buy that, nor will accept it. Reason~ because you can't "borrower money to buy a home". That's why they question LARGE deposits in peoples bank accounts. Now, you could get a "Gift" from a family member but the paper trail is long to document it. Copies of bank statement from you and the family member giving you the money along with a document from the bank called a "Gift Letter" signed by all parties that you don't have to pay back the money.
So if all of a sudden, you tell the Mortgage Loan Officer, you don't have any bank accounts, it's all in cash, you're going to be frowned upon. Because there is so much fraud out there, you have to remember, your loan papers are not just going to stop and be looked at by that person. Even if they service the loan, your file will go through at least 6 to 10 departments of people reviewing your file. So you need at 3 to 4 months of bank statement.
If you want to rent, they may want to see you have the money,...in a bank.
As long as you don't intend on purchasing anything big, such as a home or car and want to get a loan, don't worry about it.
But if you pay your bills in "cash" or money order, you'd better set up a very good filing system and hold onto those receipts you don't want them coming back and saying you didn't pay it....PROVE IT. |
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ECGRL
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Banks keep your money safe, and enable you to settle transactions with other people, who will assume that you have a bank account. They are a necessary part of modern life. You will seem "odd" if you don't have one! A bank account will be necessary if you wish to rent an apartment, or receive payment from your employer. |
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Aphrika
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Because you risk losing your money if cash falls into the wrong hands or gets misplaced somewhere. |
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Iknowthisone
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They aren't, just keep your money under the mattress in your bedroom. The interest you earn and the convenience of writing checks and paying for things with credit is way over-rated anyway. When you want to buy something just take a wad of cash with you. |
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Sandy B
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so the government can keep tabs on you and make you pay taxes.....its for a papertrail. its also deemed ''safe'' so no one robs your house and steals your life savings. |
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fluke
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they are not necessary, they are a convenience. |
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mister ed
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they aren't if you want to carry all of your cash around with you -- same could be said about credit cards -- in fact why is money necessary -- lets go back to the barter system,!!! |
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Miguel H
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Why do people ask stupid questions that only take the common sense of a goat, to answer?
WHAT does 'DESCRIPTIVE TYPE WITH ALL DETAILS" mean... THAT MAKES NO SENSE. |
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Nedra E
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descriptive type with all details???
- I have NO IDEA what you think we should be telling you! Your request makes NO sense.
Bank accounts are necessary to build your credit rating.
They also are a good way to keep your money so you don't spend it all and not know where it went. |
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Eric V
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so bankers and executives can live in mansions. |
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