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.
"I should choose a bank over a credit union." While you may think that your money will be better invested in a bank, it would be unwise to overlook the pros of a credit union. According to names such as Bob Jain, credit unions are run by members, not by higher-ups. What this means, in theory, is that you have more control over your money and the union's direction. This is just one of the many reasons why credit unions should be considered.
"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.
"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.
"I should choose a bank over a credit union." While you may think that your money will be better invested in a bank, it would be unwise to overlook the pros of a credit union. According to names such as Bob Jain, credit unions are run by members, not by higher-ups. What this means, in theory, is that you have more control over your money and the union's direction. This is just one of the many reasons why credit unions should be considered.
"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.
"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.