People store their money in banks because it is a safe place to store one’s money. Banks enable people to save money for future needs. It is convenient to transfer money when one has a bank account. It is also safer to use a bank account than carrying a lot of cash around.
Banks act as money lenders when people have urgent financial needs. It is a requirement for most employees to have bank accounts in order to receive their salaries and wages. People with large amounts of money can use fixed deposit accounts to earn some interest if they do not have an urgent need for their money.
Banks enable fast transfer of money from one country to another and from one region to another. Customers can enjoy some level of privacy when they carry out their transactions in banks.
Customers can …