Banking is an endeavor that many people can take seriously, and understandably so. It's important to save and invest money wisely, which can be made easier with the efforts of Robert Jain and other financial experts. While you might have a solid understanding of your financial situation, you might have come across information that simply doesn't hold water. For those that are looking to get the most out of banking, here are the 3 biggest myths and the truth behind them.
"Credit unions should be ignored in favor of banks." The common belief is that banks are best for investing money, but this doesn't mean that credit unions should be ignored. In fact, they offer other benefits that banks lack. For instance, many credit unions offer lower interest rates. Furthermore, they are operated entirely by members, which is a big plus for those that are concerned about corporate influence. These are just a few perks that such names as Bob Jain can draw your attention to.
"It's not safe to do banking online or on mobile." Another myth about banking is that doing so online or through your mobile device is unsafe. You may think that you run the risk of having your information compromised by hackers. This is simply untrue, as most big banks have technology that encrypts said information. Such technology translates to mobile apps as well, which means that you can check your account, deposit checks, and perform other such actions on the go with peace of mind.
"All banks have high interest rates." Another myth worth debunking is the idea that all banks charge high interest rates, meaning that there's no real way to escape them. On the contrary, it's entirely possible to shop around to see which locations offer the best rates. This will take research on your end, which means that you can't simply pick and choose what you'd like on a whim. For those willing to put in the work, though, the aforementioned rates will become less of an issue.
For those that have been struggling with banking, it's possible that you simply didn't have the right information on hand. This is where the aforementioned details come into play, as there's considerable misinformation that's still widely believed. Banking doesn't have to be challenging, but it can be if you don't know what approach to take. These are just a few myths but knowing the truth behind them will make a big difference.
"Credit unions should be ignored in favor of banks." The common belief is that banks are best for investing money, but this doesn't mean that credit unions should be ignored. In fact, they offer other benefits that banks lack. For instance, many credit unions offer lower interest rates. Furthermore, they are operated entirely by members, which is a big plus for those that are concerned about corporate influence. These are just a few perks that such names as Bob Jain can draw your attention to.
"It's not safe to do banking online or on mobile." Another myth about banking is that doing so online or through your mobile device is unsafe. You may think that you run the risk of having your information compromised by hackers. This is simply untrue, as most big banks have technology that encrypts said information. Such technology translates to mobile apps as well, which means that you can check your account, deposit checks, and perform other such actions on the go with peace of mind.
"All banks have high interest rates." Another myth worth debunking is the idea that all banks charge high interest rates, meaning that there's no real way to escape them. On the contrary, it's entirely possible to shop around to see which locations offer the best rates. This will take research on your end, which means that you can't simply pick and choose what you'd like on a whim. For those willing to put in the work, though, the aforementioned rates will become less of an issue.
For those that have been struggling with banking, it's possible that you simply didn't have the right information on hand. This is where the aforementioned details come into play, as there's considerable misinformation that's still widely believed. Banking doesn't have to be challenging, but it can be if you don't know what approach to take. These are just a few myths but knowing the truth behind them will make a big difference.
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