In today’s era, a person has many bank accounts. Generally there are many advantages to having more than one bank account. It is easy to have separate accounts to pay different expenses or installments. Having different accounts makes it easier to track transactions.
In today’s era, most people have multiple bank accounts. People need different bank accounts to do many types of work. But how many bank accounts a person should have, for this the need of the person is made the basis. Generally there are many advantages to having more than one bank account. However it also has some disadvantages. Let us know what are the benefits of multiple bank accounts-
Tracking of Savings Goal – It is easy to have separate accounts to pay different expenses or installments. For example, if you want to buy a car, then there should be a separate account for this, from which the installment of the car keeps going every month. On the other hand, there should be a separate account to withdraw money.
Ease of Tracking Transactions – Having multiple accounts makes it easy to track transactions . Every person needs a transaction in different items. In such a situation, if you have separate accounts for different items, then it becomes easy to track it.
Avoidance of ATM Charges- Having multiple bank accounts also allows you to get many ATMs. Every bank’s ATM charges are different. In such a situation, withdrawing money from the same ATM all the time may incur more charges. This charge can be reduced to zero by having multiple ATMs.
Less dependence on a bank – People have all kinds of needs in the bank. But his need is not fulfilled in every bank. Many times the online business of a bank comes to a standstill. Sometimes the interest rate of a bank becomes high. In such a situation, if there are many bank accounts, then the dependence on one bank will be less.
Prevention of Fraud- In recent times, many cases of fraud are coming to the fore in online transactions. In this situation, if there are many accounts, then online fraud can be avoided or losses can be reduced.
Some disadvantages are also
due to having multiple bank accounts, the charges are a bit high. Apart from this, every bank has a minimum balance. Penalty is levied if this amount is less than this. People often forget the minimum balance when they have more accounts. In this case a charge is applied. On the other hand, having multiple accounts often causes people to forget the password as well. The advantages of multiple accounts are more than all these drawbacks.