When it comes to your money, your priority should be to make sure it’s safe. Unfortunately, there are a lot of myths and misinformation about Banking Myths that can cause people to shy away from it altogether. Banking myths can be scary, but they’re not accurate.
Here are 4 banking myths you should stop believing:
1. Myth: The bank is going to take my money if I don’t use it
The truth is that banks don’t want your money to sit in your account and earn nothing. They charge you for keeping your money in the bank. If you have a high enough balance, the bank may even offer you a checking account with no monthly fees.
2. Myth: I need to have a lot of money to open a bank account
This is another myth that is not true. Many banks have no minimum balance requirements and will even offer you a free checking account if you maintain a low average daily balance.
3. Myth: I can only bank at my local branch
4. Myth: Banks are scams waiting to happen
This myth might make sense based on some of the fraudulent banking practices, but there are plenty of industries that are more likely to rip you off than banks are. Plus, banks are heavily regulated by the government, so it’s pretty safe to bank with them.
If you have any other myths about banking that you’d like debunked, please let us know in the comments.