Where Should I Store My Dinero?
You should store your dinero in a FDIC-insured bank!
FDIC stands for Federal Deposit Insurance Corporation, and it is a federal agency that protects a customer’s money in a bank in case of a bank failure or theft. The maximum insurable amount is $250,000 per depositor. This means that if you have $200,000 stored in a FDIC-insured bank and there is a bank failure, you’ll still be given your $200,000. Therefore, storing your dinero in a FDIC-insured bank is completely safe and secured.
In opening an FDIC-insured bank account, you’ll gain access to a checking and savings account. A checking account is one that allows you to make deposits and withdrawals. A savings account, on the other hand, is one where you can store money that you want to use in the future.
When you store your money in a bank, there are no fees to deposit your money in your account and you’re able to protect your money from error and fraud. You’re also able to have full control of your money and more easily manage your money. For instance, you’d be able to…
Track your money more easily
Pay your bills all in one place, from wherever you are
Send money to family and friends
Get money quicker via direct deposit (e.g. paychecks from your employer)
Bank statement, which is a record of the activity on your account
As you can see, there are so many advantages to banking, so here’s to keeping your dinero safe in a bank!