You got your first salary. Congratulations! The first thing that people will tell you to do now is to open up a bank account.
Saving up your money in a bank account has a lot of benefits. You keep your spending in check, earn a profit on your savings and even avail other banking services such as car loans, home loans and credit cards.
Before opening up a bank account, you need to know what could possibly go wrong with your banking experience, to make sure you can avoid these scenarios.
1. Not Reading Through
When you open up a bank account, make sure you read through all the policies and statements before signing the documents. This way, you will know exactly what you are signing up for and you will be able to avoid any inconvenience in the future.
2. Sign Up For the Right Things
When you open an account, you will be asked if you want to activate online banking, receive an ATM card and SMS alerts. Depending upon your preferences, make sure you sign up for the right services.
3. Make Sure Your Bank is Easily Accessible
Always open a bank account in a branch near your residence or work place. If, for example, your ATM card is not working and you want to withdraw money from a branch near your residence and your branch is offline due to technical difficulties, you will have to travel all the way to the actual branch to do so.
4. Give Them the Right Information
When you fill in your details, always write the correct residential address and an accessible phone number so that your bank can contact you in case of any emergencies. This way, you will also be able to receive bank statements every month to keep a record of your transactions. If you move houses or change phone numbers, always update the information by visiting your bank branch.
5. Keep Your Credit Card Safe
With a debit or credit card comes a lot of convenience. Like every good thing, it has its drawbacks too. If your card is stolen and someone else uses it, you might lose your hard earned money. To avoid this issue, always keep your credit or debit card safe. Moreover, keep your bank’s contact number with you. As soon as you realize that your card is missing, inform your bank immediately so that they might block it.