That Initial Trip to the Bank

by : Ajeet Khurana

It is not uncommon to feel lost on that first visit to the bank. I remember reading a short story entitled "My Financial Career" by Stephen Leacock. The story related the harrowing, humiliating and hilarious experiences of a man who wants an account in the local bank despite his phobia of banks. At the end of the day he is such a mess that he withdraws all his money, closes his account, and goes home. All this takes place during his his dreaded bank visit -- the beginning and end of his financial career.

However, this need not be the case with anybody else. According to my knowledge, most people are fairly adept at doing their own banking. That first trip to the bank can be rather confounding. However, this confusion is likely to be due to the many options that are easily accessible. There are savings and current accounts to choose from. There are accounts that are meant for personal savings and those that are meant for business organizations. There are accounts that offer high rates of interest for people who are interested in making investments. At the same time, there are accounts that encourage regular savings.

Someone who is new to the bank account may find himself being inundated by a great selection of accounts. "Which account do I choose" is a question that every new account holder has to encounter. When the person in consideration is a student, the best choice would be the savings account. A student will not need features like zero balance or negative balance when it comes to getting a bank account. However, (s)he will want high interest rates for this would mean that his/her money is growing. A high interest saving account could be the best choice in the case of a young bank account seeker. Different banks offer different rates of interest on their various deals. So it makes sense to look at a wide variety of deals before choosing the final winner.

Finding out about the various kinds of bank accounts that are available will stand in good stead a person who does not know the first thing about banking. (S)he will become aware of the various kinds of accounts that are available. Thus, (s)he will be able to use this info later on. The institution of banks is a necessary one for modern life. The people of today make sure they have a bank account or two.