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Financial Services Why should you put your money in a financial institution versus keeping it in your sock drawer or buried in a cigar box in the backyard under the dog house? There are two reasons….interest and insurance. Most financial institutions will pay you interest if you keep your money in a savings account. You won’t get rich from this interest, but anything is better than nothing, which is the current rate the cigar box is paying. All financial institutions are also insured. The FDIC (Federal Deposit Insurance Corporation) is the insurance provider for banks, and the NCUA (National Credit Union Association) is the provider for credit unions. This means that if your financial institution gets robbed, your money is not stolen. No matter how ferocious the dog is that lives in your dog house, if someone gets that money buried below, the dog cannot get it back for you. Now that you're convinced that you need to keep your money in some kind of a financial institution, click on the links below to learn about banks and credit unions and also some of the fees that may be associated with doing business with these institutions. |