The revolution in the Telecommunications industry have greatly improved the way banks operate. Gone are the days when you have to wait hours at the bank to send and receive payments. You can easily make payments using your debit/ credit cards and your mobile phone. Most business merchants have upgraded their system to receive payments electronically. The banks keep on improving their cashless policy schemes. So if you still keep a lot of cash at hand, here are reasons why you should not do so.
High risk: The risk of keeping lot of cash at hand is much higher than when kept at the bank as it could get lost or stolen.
Paying Utility Bills: It is easier to pay utility bills by instructing your bank to debit your account electronically than going through the hassles of paying in cash.
Obtaining Loan or Mortgage: To obtain a loan or mortgage, you need a bank account to ensure steady automatic payments when due.
Handling large Payments: It is usually safer to handle large payment transactions electronically as the receiver won’t be able to deny in whole or part that payment was made.
Web Transactions: when doing web transactions on the internet, it is impossible to use cash in hand, you will have to make use of your bank account to transfer and receive payment electronically.
You do need cash at hand, but carrying a lot of it around is unsafe and unnecessary.