WHAT HAPPENS INSIDE A BANK
Many things happens when you deposit your money into a bank. The money gets recorded by the computer and added to your account.
You will also meet with different people in bank who will help you out with your needs. Their job is to make things easier for you and run the situation smoothly.
People also usually have other questions toward their deposit such as:
What is a "required balance"?
It's the amount of money you are required to have in your account all the time, or else you might get charged a fee.
What type of special features are available for a typical checking account?
There are many different features such as: "auto pay", which lets you pay bills like your cell phone bills automatically from your checking account. "Auto save" is an option that lets you transfer money automatically to you saving account. Most of the accounts give access to the website or the mobile app which can help you manage the account.
What does it mean to be "FDIC- insured"?
It stands for "Federal Deposit Insurance Corporation". It provides insurance on all retail bank deposits accounts. The FDIC makes sure you don't lose your money if there's a problem at the bank.
What does it mean if an account is "liquid"?
It refers to high easy or hard it is to get at your money. High liquidity means it's easy to get your money right away.
what kind of interest rates can i expect?
it can change over time, and varies depending on the type of account you have. the higher the interest rate, the more your money will grow over the time. Accounts with high liquidity has less interest rates. Checking accounts have lower interest rates.
Many things happens when you deposit your money into a bank. The money gets recorded by the computer and added to your account.
You will also meet with different people in bank who will help you out with your needs. Their job is to make things easier for you and run the situation smoothly.
- Branch Manager: Manages all the personnel at a specific location
- Customer Service Representative: Helps bank customers with any questions they may have.
- Loan Officer: Advises, evaluates, and signs off on loans to individuals and businesses.
- Bank Teller: Helps with account transactions like depositing or withdrawing money.
People also usually have other questions toward their deposit such as:
What is a "required balance"?
It's the amount of money you are required to have in your account all the time, or else you might get charged a fee.
What type of special features are available for a typical checking account?
There are many different features such as: "auto pay", which lets you pay bills like your cell phone bills automatically from your checking account. "Auto save" is an option that lets you transfer money automatically to you saving account. Most of the accounts give access to the website or the mobile app which can help you manage the account.
What does it mean to be "FDIC- insured"?
It stands for "Federal Deposit Insurance Corporation". It provides insurance on all retail bank deposits accounts. The FDIC makes sure you don't lose your money if there's a problem at the bank.
What does it mean if an account is "liquid"?
It refers to high easy or hard it is to get at your money. High liquidity means it's easy to get your money right away.
what kind of interest rates can i expect?
it can change over time, and varies depending on the type of account you have. the higher the interest rate, the more your money will grow over the time. Accounts with high liquidity has less interest rates. Checking accounts have lower interest rates.