Direct deposits, mutual funds and online banking are few more services that banks provide in addition to checking and savings accounts that assist customers in using and managing their money wisely.
Direct deposit is the phrase used to describe the electronic deposit of money into a bank account as opposed to a physical, paper cheque. Utilizing an electronic network that enables deposits to be made between banks is necessary for direct deposit. The Automated Clearing House is the name of this network (ACH). There is no need to wait for the money to clear because electronic cash transfers automatically credit recipients' accounts.
For small or individual investors, mutual funds might be an excellent way to have access to a professionally managed investment portfolio. A trust that invests money in stocks, bonds, money market instruments, and/or other securities after collecting funds from a number of participants who have similar investing goals.
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