Why keep a lot of cash at hand when you have a bank account

Hand held cash

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.

CoronaVirus

Coronavirus is a type of virus that causes diseases in animals. In humas it attacks the respiratory system. But letal forms of the disease have developed lately including SARS; Severe acute respiratory syndrome,
MERS; Middle east respiratory syndrome, and currently, COVID- 19; Severe acute respiratory disease, now renamed coronavirus disease 2019.

Coronavirus disease 2019

The coronavirus disease 2019 (COVID-19) is the latest from of the disease to hit the world. It is spreading fast.The disease is known to have been transfered from animals to man.There is presently no drugs to treat or prevent COVID-19 infections.

Symptoms of COVID-19

Symptoms generally start with sneezing, coughing and running nose, and then later complicates to shortness of breadth, pheomonia, kidney failure, fever, diarrhea, decrease of white blood cells, and eventually, death.

How COVID-19 is spread

The disease is spread by small droplets from infected people when they breathe, cough or sneeze.It is important that an infected person covers his or her mouth when coughing or sneezing and doesn’t come in close contact with people to prevent the spread of the disease.

Precautionary measures

WHO has released guidelines to prevent spread of infection which incudes;

  • Covering your mouth when you cough or sneeze,
  • Washing your hands thoroughly especially when you have cold symptoms or in close contact with an infected person.
  • Have meat and eggs well cooked.
  • Not moving close to and infected person.

Incubation period and treatment of COVID-19

The incubation period of the disease is said to be between 2 to 14 days. Some cases of up to 24 days have also been reported. Fatality rate is less than 5% of the number of people infected.For many infected, the disease resolves on its own with the aid of some strong antibiotics, however there is no known drug that can directly treat or prevent the infection at this time.

Diamond Banking Mobile Banking Code and how to use it.

 

Diamond bank mobile banking code is *426#.  It can be used together with your phone number to transfer funds, check balance, buy airtime, change pin and much more. Your phone number must be the one registered with your bank account with Diamond bank. To use this code you must have opened a bank account with them. This type of mobile banking do not need internet to function; just your mobile phone number.

How to use Diamond bank mobile bank code

To register/activate *426#. For your account, follow these steps;

  1. Dial *426# with your registered phone number with the bank.
  2. Enter the last six numbers of your ATM card.
  3. Enter your diamond bank account number.
  4. Create a 4 digit pin to use for your mobile bank transactions.

To change pin

  1. Dial *426*0#.
  2. Enter the last six numbers of your ATM card & account number.
  3. At the Prompt, change PIN

To check account balance

  1. Dial *426*00#
  2. Select account number
  3. Receive account balance through sms.

To request for debit card

  1. Dial *426#
  2. Selected card request.
  3. Select account number.
  4. Selected /confirm pickup location.
  5. Authenticate transaction with your PIN.

To transfer funds to Diamond bank account or other bank account

  1. Dial *426*AMOUNT*NUBAN Account Number# (e.g.: *426*5000*3204516745#).
  2. Confirm transaction with your PIN.

To buy airtime:

(Load phone number registered with bank)

  1. Dial *426*Amount# (e.g.: *426*1000#)

(Load other phone numbers)

  1. dial *426*Amount*Phone Number#. (e.g. *426*2000*08054878626)

Requirements for Opening a Current Account with Diamond bank.

(Requirements also similar to other Nigerian Banks)

What is Current Account?

A current account is an account that allows you to deposit or receive payments using cheques. It is an account that is best suited for regular transactions.

What you need to open a current account with diamond bank

  1. ₦5000 (opening balance).
  2. Completed application form, you can download it HERE.
  3. 2 completed reference forms. (Must be current account holders).
  4. 2 signature specimen cards.
  5. Valid identification i.e voters card, international passport, driver’s license.
  6. 2 passport photo. (recent)
  7. Proof of address i.e. electricity bill, tenancy agreement.

See opening of savings account 

See opening of domiciliary account

Benefits of opening a current account with diamond bank

  1. Zero operating balance.
  2. No monthly fees.

Requirements for opening a Savings Account with Diamond Bank.

What is a Saving Account?

A savings account is the most basic type of account you can open. It allows you to deposit and withdraws funds as needed. Savings account pay you very little interest rates on funds deposited. You can’t use a basic savings account to receive cheque payments.

What you need to open a saving account (Diamond bank).

(Similar to other Nigerian banks)

  1. ₦1000
  2. One completed application form. You can click HERE to download or visit Diamond Bank Website.
  3. Valid identification; voter’s card, driver’s license, international passport.
  4. Proof of address; electricity bill, tenancy receipts etc.
  5. One passport photo

See HERE for requirements to open a Domiciliary account

Benefits when you open a savings account with Diamond bank.

(Similar to other Nigerian banks)

  1. Internet, mobile and telephone banking.
  2. Debit card ( for local ATM deposit/withdrawals and online payments)

Requirements to open a Domiciliary Account with Diamond bank

A domiciliary account is designed to help you easily carry out foreign exchange transactions. With Diamond bank domiciliary account, you can bank in the three major world currencies; US dollars, Euros and the British pound.

To apply for an open a domiciliary account as an individual with diamond bank you will need these:

  1. A minimum of $100, or €100, or £100
  2. A completed application form.
  3. 2 reference forms completed by individuals maintaining a current account in any Nigerian bank. For faster processing use current account holders with Diamond bank.
  4. 2 completed signature specimen card.
  5. Means of identification; National ID card, International passport or Voters registration card.
  6. 2 recent passport photographs.
  7. Evidence of residential address; PHCN Utility Bill, Tenancy agreement etc.

See HERE  for requirements for opening a savings account

Diamond bank Domiciliary account transfer withdrawal charges.

Outward Transfer Charges;

  • Through branch: 0.5% flat on transfers Plus $20.
  • Through internet: 0.35% on transfers plus $20.

Account to account transfer within diamond bank;

  • Internet banking: free.
  • Branch: 0.5%.

Cash withdrawal:

  • 0.25% on cash withdrawn.