Alternative Banking Options: What Else is Out There?
Banks are overrated. With high fees and too many rules, they can become an expensive inconvenience.
If you’re ready to dump your bank, there are many alternatives to banking options for you to try. Take a look at these top banking alternatives.
Credit Union
Much like a bank, credit unions have physical locations, tellers, as well as checking and savings account products. At a good credit union, you can much of the same things you can do at a bank.
The major difference is that credit unions are not for profit. This means no high monthly fees or loopholes when it’s time to payout your money from incentives.
A credit union might be the answer to your prayers if you’re looking for a fast way to set aside money for the future. Another great feature of credit unions is their business accounts.
You can get a free business account in many places which allows you to apply for business loans. These low-interest loans help you grow your business often without a waiting period to apply.
Prepaid Card
Did you know many prepaid debit cards allow you to skip the bank to make deposits? Get a prepaid debit card if your spending on credit or debit cards is minimal.
These cards are perfect for handling your transactions because they are easier to use now more than ever. You can reload cards in retail stores like Walmart or have family add it from their accounts.
Some cards even offer a free interest bearings savings accounts to account holders.
Electronic Payments
The popularity of payment apps isn’t going anywhere anytime soon. You can try these apps instead of relying on a traditional bank to house your money.
The great part about using an electronic payment system is there’s no fee to get started. The money you get paid is instantly in your account.
You won’t have to worry about weird hold times or multiple steps before the money gets debited. Banking options make it hard to get to your money but payment apps keep your money in motion in the way you want it to go.
Infinite Banking
One of the top pitches by life insurance salesmen is infinite banking. The infinite banking concept says that a whole life insurance policy is an easy way to be your own banker.
In other words, as your life insurance accrues cash value, you can begin to use the money to finance your own needs. For example, you wanted to take out money to buy an engagement ring.
You could go to your life insurance policy and remove part of its cash value and repay it over time. In this view, you’re lending money to yourself and paying it back to yourself.
The infinite banking concept is a great banking option for anyone with the disposable income to invest heavily in a whole life insurance policy because it’ll grow much faster than with a smaller policy.
Finding Great Banking Options
The banking options you choose can make or break your ability to handle transactions. Banking doesn’t have to be difficult.
But many banks have regulations and rules that keep you from handling your own money when you need it quickly. Skip this inconvenience by opting for an alternative bank to cure your woes.
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