Password must be 8-15 alphanumeric characters with these requirements
- Minimum one number (0-9)
- Minimum lowercase letter (a-z)
- Minimum one uppercase letter (A-Z)
- Minimum one special character "#?!@$%^&*-+<=>"
- Example password 99azTR?!@
Is it legal to deposit cash to a bank account? What are the advantages and disadvantages of depositing money to your bank account? Depositing cash to a bank account is very common in Latin America since it is very usual for people to collect their payroll or make payments in cash for the mistrust generated by banking systems and governments. Therefore, it is very common in Latin America to open a first current account with 40 or 50 years of age.
How can you deposit cash? The process of depositing cash is very simple and fast, you just have to go to a bank and deposit the money in the bank. Depending on the amount you want to credit, the bank can request contracts to verify the origin of the funds and its possible relation to any illegal activity such as money laundering.
Who can deposit the money? The client in person or a lawyer to whom the client has given the power can deposit the money.
Is it legal to deposit cash to a bank account? Yes, it is completely legal to deposit your money. There are no laws that prevent doing so and it is the client who decides when, where and how to do it. There are also no laws that oblige you not to deposit money, that is, a natural person has the right not to have any bank account opened in a bank in his name in his life. But this has its advantages and disadvantages.
The main advantages of having your savings deposited to a bank account are:
The disadvantages of having your money in a bank account and not in cash are the following:
The decision of depositing the savings in a bank account or not is on the client but if you have the money in a very safe place it is best to have it closer to yourself and under your own control. With the current economic crisis we see how many banks went bankrupt and when the governments do not rescue some of them the money gets lost. We recommend that you get informed about financial policies established by your government for banking guarantees before depositing your savings in a bank account.