SoFi bankers encourage the world to ask about how safe banks really are. You live in a world where it’s no longer necessary to visit a bank. These changes, however, haven’t changed the standards of good banking. Safes and vaults come to mind when thinking of a bank, and these measures were initially helpful to depositors. Those who lacked iron bars or weighted gates could use a traditional bank. Here’s how safe your money is in 2022.
FDIC Insurance
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The Federal Deposit Insurance Corp. ensures that banks under it get insured for their clients. Your account, when you’re listed with an insured bank, is covered for up to $250,000. Be it theft or a natural disaster, the money you lose is paid out automatically. An insured bank doesn’t require you to file for the money you’re entitled to. The FDIC has the resources to track its banks’ customers and honor their recent balances.
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Fire, Flood and Theft Protection
Your SoFi bank account should also be strengthened with basic protection once it’s insured. Basic protection offers solutions to the risks of natural disasters or theft. Banks are secure and store money away from such hazards. Leaving cash in a home safe makes sense. However, the level of security a typical bank has exceeds what you’ll likely achieve at home. Banks offer 24-hour personnel and video recordings. Your PIN and identity verifications also make a difference.
Utility Interests
Adults need familiarity with the basic benefits of a common bank account. What many fail to realize is the utility their money then needs. Leaving your money in a checking account alone will likely reduce your eligibility for yearly interests. Banks are offering up to 1.00% APY when you invest a balance of $50,000 or more. Banks that offer savings are those that reuse your money for investing purposes. That money, which is your balance, earns interest later on.
Legal Solvency
Your confidence in a bank partly comes from its availability of cash. You want a bank that can send your requested amount to you at any time, but this calls for the bank to be solvent. A solvent bank can, ideally, honor every withdrawal should each patron simultaneously empty their accounts. The more money that a bank has on hand, the more it can do to hedge risks while liquidating client accounts. Without this type of liquidation, you might never get your money.
Investment Products
The world’s leading banks offer a diverse set of services, and this includes investing. Whether you want to place trades yourself or through a broker, a good bank makes these prospects easy. Today’s technology gives you the chance to invest from a mobile device. This flexibility, when offered by your bank, indicates how modern they are.
Working with a transformed bank means you’ll manage your account and never visit an actual branch. This is modern banking and why signing up can protect your wealth.
