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Where should I put my Money? – Opening a Checking Account
“The best place for your money is in the bank.” Most banks try to lure customers with commercial slogans along these lines. And who’s going to dispute the fact that the days of keeping cash under your mattress are long gone. A checking account allows you easy and fast access to your money. To open one up, you’ll need your passport or ID card. Most banks these days offer online banking.
The Cashless Society
It’s terribly practical. With a cash/ATM card you can withdraw money from cash machines and free yourself from the dictates of bank opening hours. You can pay the rent by direct debit or a standing order debit. Sending checks to various payees is no longer necessary. And those regular but varying costs, like the telephone bill, can be taken care of with a “direct debit instruction,” meaning the payee will deduct that month’s charges from your account, without your having to do a thing. Abuse is impossible, since you can cancel an incorrect withdrawal at any time.
Out and About
With an „EC-Card“ linked to your account you can withdraw money at cash machines in most countries around the world. The opening hours of banks and savings associations vary. Generally they’re open on weekdays from 9 a.m. to 4 p.m., on Thursday until 6:30 p.m. Some banks are closed from 1 to 2:30 p.m.
Remember:
- Before you open a checking account, you should compare the fees charged by various institutions.
- Make sure you learn how to set up direct debits (Lastschriftaufträge) or a standing order debit (Dauerauftrag).
Alternative Savings Account
The euro / cash ?
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