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Most individuals have money in regular checking accounts which they use for their regular day to day expenses and deposits. The main issue with these regular checking accounts at banks is that they pay very little in interest rates – sometimes lower than half a percentage point per year. In addition to that most regular checking accounts have many charges including a monthly fee, fees for sending you your monthly statements, inactivity charges, fees for getting 150 checks for your checkbook and many others. In other words regular checking accounts are not only producing a very small rate of return but also are costing depositors a large amount in fees.
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