If you think that bank accounts are only for those who have fortune to keep in a safe place, then you are wrong!
In essence, the only requirement to open an account is your proof of identity.
This one will consist of the following:
- Driver’s License
- State issued ID Card
There are banks that are accepting other kinds of identity to open an account like voter’s registration ID. Again, this will vary depending on which country you are opening an account on. Not opening and using a bank account in managing your finances puts you in a disadvantageous position. There are many great reasons you actually should.
Reason # 1. Safety
Keeping your money under your mattress might be easier. But in case of fire or burglary, how can you keep yourself protected and your money? It’s way safe to put it in a bank. Even if it’s robbed, your account will be insured. Thus, preventing you to lose your money.
Reason # 2. Simplicity
Cash payments might not work on your end. But it isn’t entirely appropriate. Majority of the standard bank accounts are offering to use check or debit cards alongside opening a new bank account. As you utilize your debit card or checkbook, it can be used in making wide varieties of payments without carrying your money all the time.