Believe it or not, there are still some people out there in the world who don’t use banks or credit unions at all. They don’t have savings or checking accounts for one reason or another.
But studies have shown that about 95% of Americans—or right around 125 million American households—are “banked.” These people rely on the banking industry and all of the banking options that it provides for them to some degree.
And yet, there are still a whole lot of banking industry myths that exist in this day and age. It’s one of the things that prevents some people from signing up for a savings or checking account with a financial institution.
Today, we’re going to discuss some of the most prevalent myths in the financial industry and discuss the truth behind them. It should help you feel more comfortable with the idea of counting on the banking industry to take good care of your money.
Check out several common banking industry myths below.
Myth: Banks Don’t Care About Creating Connections With People Anymore
Once upon a time, people used to have to visit their local bank at least once every week or two to deposit checks, make withdrawals, etc. They had to work trips to the bank into their routines in order to keep their finances in order.
But nowadays, almost all banks offer online banking. It has led to people making far fewer trips to the bank, and it has also led to the belief that banks aren’t interested in creating personal connections with people anymore.
But this couldn’t be further from the truth! There are still plenty of banks out there that would love for you to visit them.
Farmers Bank is an excellent example of this. Although they have online banking and other forms of banking technology available, they also have lots of locations that you can visit. It’ll allow you to form relationships with bank employees who can help you out.
Myth: Online Banking Has Made Brick-and-Mortar Banking Locations Obsolete
As we just alluded to, online banking has helped people avoid taking more trips to their local bank than they might like to. It’s made it so much easier for them to handle all of their banking needs.
But there is a reason why so many brick-and-mortar banking locations still exist in this country. It’s because there is a real need for them.
While people can do a lot of their normal banking online, there are some things that they’ll want to visit a bank to do in person. For instance, if they’re trying to take out a mortgage or a business loan, this is something that would be better to do face-to-face with a bank employee versus doing it online.
For this reason, the myth that online banking has somehow made brick-and-mortar banking locations obsolete is not true. There is still a great need for brick-and-mortar banking locations all across the country.
Myth: Online Banking Isn’t as Safe and Secure as It Should Be
While it’s nice to be able to visit a bank whenever you would like to speak with a bank employee in person, you should also take advantage of the fact that you can do online banking if you haven’t done it already. We know that there are some people out there that don’t do online banking because they’re afraid it’s not as safe and secure as it should be.
However, banks have gone to great lengths to ensure that their online banking systems are every bit as safe and secure as their customers need them to be. They’re also just about always making improvements to their online banking systems to make them even safer and more secure.
This banking industry myth might have you wondering whether or not online banking is right for you. But you shouldn’t have to worry about it too much at all these days.
Myth: Keeping Bank Records Isn’t as Important as It Once Was
Back in the day, it was extremely important for people to hang on to any and all bank statements that they received in the mail. It was the only way that people could identify fraud and keep track of their finances as a whole.
If you’re someone who uses online banking, you might not think that you need to be as diligent about holding on to your bank statements. But you should still read through them and file them away in a safe place.
You never know when you might need to refer back to these statements. It’s why it’s nice to have them around at all times.
Myth: All Banks Are Pretty Much the Same These Days
There used to be only a few banks for people to choose from when they were in the market for one. Now, there are literally thousands of them available.
There are some really big national banks with branches in just about every state. There are also small local banks with just one or two branches at most.
You’re welcome to choose whichever bank you would like within the banking industry. You don’t just have to pick the one that’s closest to your house and go with it. It’s good for you to take advantage of the banking options that you have so that you end up with the right bank on your side.
Don’t Buy Into Any of These Banking Industry Myths
The banking industry is filled with all kinds of myths that might have you confused as far as which bank you should choose to work with. You should avoid buying into these myths at all costs.
You should also try to stay up on what’s happening in the financial industry at all times since it’s always changing. It’ll help you to steer clear of other myths that might pop up in the future.
Browse through the other articles found on our blog to find other informative articles about the banking industry.