We live in interesting financial times.
A significant portion of our economy is funded with money gained from illegal activities such as illicit drug sales and gambling. Drug dealers are loathe to put their money in the bank and often carry around large amounts of cash (in suitcases, if you are to believe the crime dramas you see on television) with them. Many states have enacted laws that permit police to confiscate cash found in vehicles in the course of routine traffic stops, and increasingly the onus is on the money’s owner to prove that it did not originate from illegal activities before it will be returned to him.
At the same time, concern over the degree to which the dollar has been devalued by the Federal Reserve’s inflationary policies has led many people to fear keeping their money in the bank, which puts the old miser who stuffs his money in his mattress in danger of being lumped into the same category as the drug dealer, for both have large and difficult to explain amounts of cash.
While the person engaged in illegal activities has greater problems to consider than what to do with his cash, the honest person who keeps large amounts of cash on hand should rethink the wisdom of putting his money into a financial institution such as Midwest Bank of Western Illinois where it will be secure, and even earn him interest. Money deposited into checking in Galesburg, IL (or any account, for that matter) is guaranteed safe by the federal government. As of January 1, 2013, every depositor’s accounts are insured by the FDIC up to a maximum amount of $250,000. Even more important, however, is the fact that your money will not be vulnerable to loss by a house fire (home owners’ insurance policies do not cover the loss of large amounts of cash), theft or any other sort of loss. In addition there is the convenience that a checking account brings: you can either write checks for your purchases or else use a bank provided debit card with a personalized PIN number with which to pay for your purchases. By carrying little cash on your person, you will be safer from robbery and attack as you go about your daily business.
Don’t take chances with your hard earned money, secure it in Midwest Bank today!
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