How Financial Services Can Help You Reach Your Goals
Banks and credit unions have more than just checking accounts. They can help you more efficiently get and manage your money and can serve an important role in helping you to practice sound money management and achieve your goals.
First, banks and credit unions provide you with a record of your income:
- How much money goes into your account
- When the money was deposited in your account
- Where the money came from
They also provide of record of withdrawals and transfers. You will also have records of how you use your money, too, if you use:
- Checks
- Debit cards
- Credit cards
Most importantly, money kept in a federally insured bank or credit union is safe. You cannot lose it to fire, theft, or even changes in market conditions. Federal insurance protects your money up to $250,000 per account in each bank or credit union. They will also pay you interest on money that you keep in savings, money market accounts, and certificates of deposit.
Banks and credit unions also offer a range of credit products, too. At most banks or credit unions, you can apply for:
- Mortgages
- Auto loans
- Business loans
- Private student loans
- Personal loans
- Credit building loans
- Line of credit
- Credit cards
Finally banks and credit unions offer other special services, for example:
- Safe deposit boxes to keep your important documents and precious items safe
- Wire transfers to send money to other financial institutions and locations, including other countries
- Notary services to certify documents
- Bank or cashier’s checks to guarantee payment on a check