Vaults are more secure than what they show you in movies like “Ocean’s Eleven” or “Heat”. However, bank accounts, on the other hand, are an altogether different form of security. Often people confuse the two and here is why. The problem lies in the fear of losing something that you have worked hard to achieve. Emotions, personal satisfaction, experience, capability, and the situation can allow one to make a decision to either use a bank account for safekeeping or a personal vault, which they themselves approach, access, operate and use personally.
Understandably, the decision is well thought over. The reasons to decide in favor of vaults are totally your own and you have a fundamental right to your own opinion. However, we have some reasons why bank accounts are better than vaults. The movies may depict it as something easily done by virtue of excellent management and administration. But, the reality is that vaults have pretty amazing technology that make them highly secure. Although, they still don’t match the services that a bank can provide you. Below are some points that explain why.
Bank Records and Data Collection
If that doesn’t strike you as interesting, nothing would. All transactions in banks are legal and recorded. There are many institutes that are dedicated to the system, in stark contrast to vaults, in which all banking and financial details are securely recorded for taxation and other uses. Bank accounts are at odds with vaults over this as a vault owner is inclined to personally to look after the vault. Globally, any transaction that is made to an account is stored and retrieved on command, making it highly beneficial in case of discrepancies. This is the best way to track all financial transactions.
Banks are Insured
You don’t need to worry about the bank burning to the ground and, along with it, your money. Banks are insured and, even if a fire or any other catastrophe is faced, they are well prepared to dole out your money and required by law to pay back investments plus the interest. Also, with the kind of security and protection that banks enjoy, bank accounts are utilized without any worry of financial safety and calamities. Banks provide a more secure location and the account holder doesn’t have to worry about keeping an eye out on the vault to make sure everything is secure.
Banks are Responsible in Any Case
Be it an earthquake, flood, or downright plain robbery, the bank is responsible for your funds, in contrast to vaults, that are invested in it. The bank accounts for every penny and cent are monitored in close proximity in fine detail. Many use this feature of the bank to ensure the welfare of their funds. Bank officials gladly hand over documented evidence, complete with their signatures, that verify your transfer of finances. Not only does this bring peace of mind to account holders, but it generates trust and confidence in the banking system in which nothing can go wrong and everything is foolproof.
Banks can Increase your Investment
Financial institutions are run by policies and banks are no different. Vaults are good, but they don’t 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 which differs from bank to bank and per state laws. Banks also provide services such as ATMs and checkbooks that act like keys to your funds so you don’t have to worry about access to it in times of need.
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