Whether as an individual or as a sole proprietor, you likely use the bank regularly. However, your use of the bank up to this point may be limited to having a checking account, a savings account, and a debit card. The bank may offer a lot more services and products than you're aware of. Some of these services could be helpful to you now or in the near future. This article will introduce you to some of the other products banks can offer.
Cashiers checks, money orders, and more
Sometimes, it's advisable for you to use a cashier's check. For example, if you are going to be handing over a large sum of money, you don't want to carry all that money around. If you do, then it can make you a target, and you could get robbed. This is an example of when you should get a cashier's check instead. You can pay for an expensive item with it without being put at risk.
Money orders are the preferred payment method for some companies. If you're doing business with such a company, then you can get money orders from the bank. In many cases, you can get cashier's checks and money orders without a fee if you're already a customer of that bank.
Once you've been a loyal customer of the bank for a while and proven to have an account that's in good standing, the bank may pre-approve you for a credit card. Having a credit card that's issued by your own bank can offer you several conveniences. It will offer seamless integration with your banking account. You'll be able to manage your credit card transactions alongside your other bank accounts, including your checking and savings accounts.
You can also handle customer service needs at the same time you discuss other matters with the bank. Additionally, having a credit card from your bank can give you the chance to enjoy preferential treatment, like lower interest rates, higher limits, and exclusive rewards.
Banks provide loans to individuals and businesses. Some examples of these loans can include auto loans, personal loans, mortgage loans, business loans, and more. One way some people like to approach a loan is by getting a line of credit instead of a traditional loan, and the bank can offer this option as well.
A line of credit from your bank offers flexible borrowing that gives you access to a predetermined amount of cash. It works much like a credit card, but often with lower credit rates and higher limits. Once you've been approved, you can withdraw funds from the line of credit as you need them. You will only be charged interest on the amount you pull out. The available amount replenishes as you make payments. This is a good option for things like home improvements, unexpected emergency expenses, or debt consolidation.
For more information on banking services, contact a company near you.