Bank accounts have long been the backbone of the United States of America. Banks have been around for quite some time and have never disappeared or gone away. As a matter of fact, the government even went out of their way to bail out banks because of the fact that they are so important to the American economy.
While some people will debate over the dangers of banks being so powerful, it cannot be argued that they are important to everyone’s lives. As a result, most people will have to understand how to apply for a bank account when they grow up. Here are some random facts about community banks, your money, and how to apply for a bank account.
First and foremost, it is a good idea to apply to a bank for a bank account that offers some form of credit. This will allow for you to have simple banking interactions between your checkings and savings and your credit card account. According to data released from the Federal Reserve, just about 70% of all Americans have at the very least one credit card. What this means, in turn, is that just about 174 million Americans have at the very least one credit card.
When trying to figure out how to apply for a bank account, make sure you look into online banking and a mobile banking services. A Gallup survey was conducted in 2016 that revealed that just about 60% of all Americans agree that the United States will be a society without cash in the future. This means that people will make purchases with credit cards, debit cards, or a new form of electronic payment.
As of December 2016, the U.S. banking system had $16.8 trillion in assets, supporting the world’s largest economy and the greatest diversity of banking institutions and the highest concentration of private credit. Also in 2016, net income was up 5% to $169.3 billion. This statistics points to the power of banks and why it is important to know what you are doing when you plan out how to apply for a bank account.
According to the 2016 Federal Reserve Payment Study, between 2012 and 2015 payments made using debit cards grew from $2.1 trillion to $2.56 trillion, with more than 69.5 billion debit card transactions recorded in 2015. Having a debit card is an important part of figuring out how to apply for a bank account. You will want to be able to make your purchases on the go, without anything holding you back!
Another great idea to keep in mind when trying to understand how to apply for a bank account involves getting into interactions with community banks. Community banks are incredibly popular and common for people that do not want to put money into accounts with national banks. They are banks that put the members of their community first and value the average American.
Just about 99.5% of all United States banks are Community banks. Furthermore, in more than 600 counties, community banks are the only physical banking locations available to the locals. So keep this in mind when you plan out how to apply for a bank account.
Community banks hold more than $4.9 trillion in assets and $3.3 trillion in loans to consumers, small business owners, and the agricultural industry, according to data from the Independent Community Bankers of America. So this means that there are a large number of important local business owners that trust their community banks. Keep this in mind as you move forward with your process of how to apply for a bank account.
In Conclusion
Every single year there are people across the United States that want to figure out how to apply for a bank account. This is often done by younger people who are preparing to move on to college and want to start their lives. It is important for them to get involved with banks that can be trusted with their finances and their future.