By Jason McDonald It's understandable for the average person to be concerned with their finances. They want to make sure that they are...
It's understandable for the average person to be concerned with their finances. They want to make sure that they are not only able to pay their bills but have enough money saved in case of emergencies. These are just a few reasons why smart banking goes a long way, but there are a few mistruths that, no matter how much accurate information exists online, people still believe. Here are 3 common banking myths debunked by Robert Jain.
"Credit unions aren't as beneficial as banks." The truth is that these establishments offer unique pros and cons alike. On one hand, banks are larger, which means that you can find them in most places. However, you don't have control over how these establishments operate. Conversely, credit unions are smaller, oftentimes local, but the voices of their members tend to be more prominent. As names like Bob Jain will tell you, the "better" option varies on a case-by-case basis.
"Mobile banking is not as safe as traditional banking." You may think that sending your personal information online is unsafe, including when it comes to banking. The truth is that banks are mindful of how said information is sent and received. For instance, if you use your bank's mobile app, you will be able to check your account, send money, and deposit checks as safely as possible. Your details will be kept safe at all times.
"No matter what bank you choose, you'll still have to pay high rates and fees." This is another myth that every current and future bank client should know the truth behind. There are many banks that are competitive in terms of the rates and fees they offer. What this means is that you can shop around to determine the location that charges the least. Needless to say, this will make saving money easier on your end.
Hopefully this banking information will help you regain or better maintain control of your finances. There is plenty of misinformation floating around, especially online, which is why it's important to know the misconceptions that should never be fallen for. Furthermore, by understanding the truth behind them, you'll be able to not only save money but possibly earn more in the future. You have more control over your financial situation than you think.
"Credit unions aren't as beneficial as banks." The truth is that these establishments offer unique pros and cons alike. On one hand, banks are larger, which means that you can find them in most places. However, you don't have control over how these establishments operate. Conversely, credit unions are smaller, oftentimes local, but the voices of their members tend to be more prominent. As names like Bob Jain will tell you, the "better" option varies on a case-by-case basis.
"Mobile banking is not as safe as traditional banking." You may think that sending your personal information online is unsafe, including when it comes to banking. The truth is that banks are mindful of how said information is sent and received. For instance, if you use your bank's mobile app, you will be able to check your account, send money, and deposit checks as safely as possible. Your details will be kept safe at all times.
"No matter what bank you choose, you'll still have to pay high rates and fees." This is another myth that every current and future bank client should know the truth behind. There are many banks that are competitive in terms of the rates and fees they offer. What this means is that you can shop around to determine the location that charges the least. Needless to say, this will make saving money easier on your end.
Hopefully this banking information will help you regain or better maintain control of your finances. There is plenty of misinformation floating around, especially online, which is why it's important to know the misconceptions that should never be fallen for. Furthermore, by understanding the truth behind them, you'll be able to not only save money but possibly earn more in the future. You have more control over your financial situation than you think.
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