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Why Do People Still Use ATM’s When There is Online Banking and Credit Cards?

There are a few reasons why people still use ATMs and you can learn about them here. You may think that because people shop online and use things like credit cards that they don’t have much of a use for ATMs. Well, ATMs are still popular and here are some reasons why.

A lot of people sell items that they want cash for. For instance, if you want to buy a computer off of someone you saw a posting by in your local newspaper, then they are not going to take a card for what they have to offer. The average person doesn’t have a point of sale system to work with when they want to sell something so the next best thing they can do is take cash. If you want to get cash out of your bank account, then you’re going to have to use an ATM to do so.

Some people like to have cash on hand because it helps them to monitor how much they spend. When you pay with just cards, it can be easy to spend more than you wanted to because you don’t know really how much you’re spending. When you use cash, you can watch it go and it leaves more of an impression on you. It’s important that some people use cash for this reason so that’s another reason why someone might use an ATM. As long as there aren’t too many fees for using an ATM it’s nicer to have cash for a lot of people. Are you looking to buy an ATM machine?

When you pay with cash you don’t have to worry about balancing your checkbook because your bank account will show what you took out and it will reflect in your balance. If you were to use something like a check, then you have to wait for it to clear the bank so you have to do the math to figure out how much money you have available to you in your account. Using cash makes dealing with money easier because you don’t have to think about what’s left in your account when you check the balance because it will be up to date.

Sometimes people want to pay for half of something and need cash to do so. For instance, if you go out for drinks with friends and want to pay a little of the tab then you’re going to be better off with cash than asking if they can take just a little off of your card. Another good reason to have cash on you is so that you can tip people that serve you. If you don’t have cash and tip with a credit or debit card then it takes longer for the server to get the tip.

You now know why ATMs are still being used on a regular basis by a lot of people. Even in today’s world where people pay with cards and buy things online, ATMs are used. Now that you know why you can see why they are still good to have around.

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Some Advantages Of Buying Things With Bitcoin That Could Affect The Banking Industry

Bitcoin offers unique advantages instead of for things with either debit and credit cards. In this article, we will be going over some of the specific advantages that it can offer.

Advantages Of Buying Things With Bitcoin That Could Affect The Banking Industry:

1. Anonymity.

The main benefit that everyone talks about is the fact that your purchases remain anonymous. Unlike with other kinds of payment, you are not going to have a record of your payment which means that it will allow you to buy things without getting tracked. The purchases cannot be traced back to you. Therefore, they operate much like cash purchases which are going to be advantageous for a lot of people that want to avoid having all of their purchases tracked. Along with this, you don’t have to provide the same personal information as you would for proper debit or credit card authorization from a store. Therefore, there will be no record of the purchase ever happening.

2. No Taxes.

Another advantage of Bitcoin is that Governments have no way to tax these types of purchases because there is no way for third parties to even track them, to begin with. Therefore, there will be no sales tax imposed on the purchases made with Bitcoin.

3. Low Transaction Fees.

Unlike credit cards and debit cards, the transaction fee is very low with Bitcoin. Because Bitcoin transactions do not have any sort of institutional involvement, the actual transaction has minimal fees associated with it compared to other options. This is a big one for those that travel around and need money on the spot because each transaction can go through with minimal hassle and in minimal time. This alone is going to be advantageous to those that make hefty transactions and who might need transactions to go through seamlessly. There are even ATM machines popping up that you can withdraw and transfer Bitcoins such as those used as an ATM for Dispensary.

4. Mobile.

Another significant benefit that comes with Bitcoin is the ability to access and pay for their coins wherever they have access to the Internet. Therefore, you are never going to have to go somewhere like a bank or even to a physical store in order to get the product that you want to purchase.

5. Faster Transfers.

As mentioned previously, you will be able to transfer money at a much faster rate because you are not going to have to deal with the same third-party interruptions that you would be subject to with other forms of payment. Because banks and Governments are not involved with the user transactions due to it being peer to peer, the transactions are going to go through much faster with fewer things happening to them.

Overall, there are plenty of different benefits that you can get from using Bitcoin over debit or credit cards. In the end, it is a superior method of currency because it provides the consumer with all of the power and a lot of possibilities that you simply wouldn’t be able to get with other kinds of currency or methods of payment like credit or debit cards.

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How Banks Nowadays Differ From Banks In The Past

There have been significant changes in finance and technology and this has resulted in a drastic change in how banking works in the last several decades. But how does banking today really differ from banking in the past?

Well, the recent technological advancements have really made a big impact on the banking industry. Nowadays, our funds are at our fingertips, thanks to the introduction of mobile banking. Whether it is the transfer of funds from one account to another or sending money to another person, all this can be done using a smartphone regardless of where you are as long as you have internet connectivity.

To properly understand how substantial the change has been in regards to interaction with banks, you need to look at the different methods that are common among consumers nowadays.

We’ve mentioned the utilization of smartphones in keeping track on funds, but just how are individuals doing this? Well, for most people, it is just as simple as downloading the bank’s application, which almost every bank has nowadays. Once you have set up a PIN, for obvious reasons, it is up to you on what you want to do, whether it’s a quick glance at your balance or want to transfer money from or to your savings account, you can do it all, at the comfort of your home. Most banks ideally allow you to pay your contacts from your phonebook, which has been a game changer in baking convenience.

Not only that, but you can even deposit checks straight from your smartphone. The best part is that you do not need an additional device that plugs into your phone. You just sign the back of the check, take a photo of both sides and then send the images to the bank via the app. This, obviously saves you time and the hassle of having to physically go to the bank and wait in a queue in order to be served.

Well, it is not just smartphones that have brought a massive change in the way we do banking nowadays. ATMS have ideally had a makeover as well. In the near future, you will be able to withdraw money from the automatic teller machine without a bank card. Instead, you will be able to utilize your smartphone to scan a QR code which shows up on the ATM’s screen. You’ll then be asked to select the amount to wish to withdraw on your phone and then get an authentication code which you enter into the machine and instantly collect your cash.

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Save Your Money with Online Savings Account

Only the valued customers of a bank can get high yield savings accounts. However, this is not the case with online savings accounts, in which anybody could have high yield saving, only, with some extra fret.

An online savings account is very convenient to use. With an online savings account, you will be able to fund at any time. It just requires 15 minutes to start an online savings account.

High-Interest Rates

In general, online savings account offers high-interest rates. The reason behind high-interest rates is that: the Internet allows you to link your accounts and manage transfers easily when compared to traditional banking. In general, very little restrictions are required for online savings accounts.

High Yield Savings Account

Most of the online savings accounts do not charge any service fees or force you to maintain any minimum balance. In addition, with just $1 as your initial, you can open a high yield savings account. From this, you can link your high yield savings account to your existing checking account and other transactions.

It is very simple; you can move your money back and forth with the very best online savings accounts.

Another thing is that a Money Market Fund Account with checks and a debit card, for example, can supplement a Capital One High Yield Savings Account more. You can have better access to your money with just a $100 minimum as compared with having only a free checking account.

Higher Annual Percentage Yield

You can get higher Annual Percentage Yield (AYP) with an online savings account. Therefore, it is an efficient method for getting more earnings. Few online savings accounts even offer an automatic savings plan or additional products and services, which allow you to purchase something online, pay your bills, or get a mortgage, etc.

Drawbacks of Online Savings Account

  • An online savings account could hold you back since some of them impose a prolonged hold time on deposits, which could even extend for a period of 10 long days.
  • Another demerit of online saving account is that you need to wait for a longer period for clearing of checks and you definitely cannot ask for cashier’s checks when you actually need to.
  • Another thing is that you might find it difficult for spending your money except that you have a Money Market Fund Account and this account may still not work to your advantage because the checkbook offered by it needs a minimum amount of $500.
  • Yet, another big drawback of online savings account is that it may have a bad customer service, which may not be backed by FDIC security insurance, or it may experience technical problems that could leave you without any money for your emergency requirements.
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