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What are the advantage and disadvantage of saving money in the bank?
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[QUOTE="Kingsley, post: 225872, member: 30278"] Obviously there are advantages of saving money in the bank as banks is only institution that is known for the safe keeping of money and other values, sometimes we may never know the importance of a particular thing only we are faced with crisis. There is this friend of mine that got paid a huge sum of money for a contract he was yet to carry out and I advise him to take the money straight and save it directly into his account, but he insisted on taking the money home and he said he was going to look for a safe place to keep it in his house, I was not comfortable with his decision but I had to let him do according to what he had in mind. Lo and behold he was robbed that very night and all the money was taken from him. So the truth is we can not rule out the relevance of the banking institutions. They are designed to bring stability in the world of business and in the economy of a country. The downside or disadvantage generally lies with the issues associated with their excessive bank charges and sometimes unnecessary bureaucracy in their process to administer some of their services to customers, and sometimes they do not take much actions to stop fraudulent practices by criminals. Those are the areas I see as their down side. Besides all these they are still more reliable as compared to keeping your money with any other person or any other institutions. [/QUOTE]
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What are the advantage and disadvantage of saving money in the bank?
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