4 Reasons Why Bank Accounts Are Better Than Vaults

bank account vs vault - Complete Controller

Real-life vaults are much more secure than how they are portrayed in movies like “Ocean’s Eleven” or “Heat.” However, bank accounts, on the other hand, come with a completely different form of security. Often people confuse the two, and here is why. The problem lies in fear of losing something that you have worked hard to achieve. Emotions, personal satisfaction, experience, and capability may allow one to decide to either use a bank account for safekeeping or a private vault. LasPass – Family or Org Password Vault

Ultimately it is up to your own personal discretion when choosing how to safeguard your money. You have the fundamental right to your personal opinion.  However, we have some ideas about why bank accounts may be a safer alternative to vaults. While movies depict vaults as something quickly set up by management and administration, the reality is that vaults have amazingly complex technology that makes them highly secure. However, the countless services that a bank account can offer are unparalleled. Below are some points that explain why.

Bank Records and Data Collection

All transactions in banks are legal and recorded. Many institutes prefer this system, in stark contrast to vaults. All banking and financial details are securely logged for taxation and other uses. Bank accounts are constantly at odds with vaults over this factor.  Globally, any transaction made to an account is stored and retrieved on command, making it highly beneficial in case of discrepancies. Vaults do not come with this electronic accounting, and if security is breached and the vault is compromised, recovery may be next to impossible. Exit Advisor

Banks are Insured

For this reason, you do not need to worry about the bank burning to the ground and, along with it, all of your money. Banks are insured. Even if a fire or any other catastrophe breaks out, banks are well prepared to dole out your money and required by law to pay back investments, plus interest. Banks enjoy this kind of security and protection, and bank accounts are utilized without worrying about financial safety and calamities. Banks provide a more secure location. The account holder does not have to worry about keeping an eye out on the vault to ensure everything is safe.

Banks are Responsible in Any Case

Be it an earthquake, flood, or even plain robbery, the bank is responsible for your funds, in contrast to vaults invested in it. The bank accounts for every penny and closely monitors your account. Many use this feature of the bank to ensure the welfare of their funds. Bank officials will gladly hand over documented evidence to verify your transfer of finances, complete with their signatures. This transfer brings peace of mind to account holders. It generates trust and confidence in the banking system where nothing can go wrong, and everything is foolproof. Check out America's Best Bookkeepers

Banks can Increase your Investment

Policies run financial institutions, and banks are no different. Vaults are good, but they do not increase your funds in any way. Bank accounts, however, have various forms. Savings accounts pay the account holder for using their funds, and, in return, they are eligible for a payback rate. This rate differs from bank to bank and per state laws. Banks also provide services such as ATMs and checkbooks that act as keys to your funds, so you do not need to worry about access to it in times of need.

Conclusion

Whether to use a bank account or a vault to protect your funds, it really comes down to what you need to store and protect. The rule of thumb should be that all cash should be kept in a bank account so that it is insured and protected. A bank account does not generally allow valuables to be stored, so in that case, a vault would be a more logical choice to store and protect tangible valuables.

 

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