4 banking myths debunked

People have many opinions and these opinions ripple across to their money and banks. From how to get rich quick, to where to put your money in the bank to common misconceptions about banking and banks in general. As a result, it can sometimes be easy to fall victim to believing these common myths. So, let’s test your banking knowledge and debunk some myths (which may be more common than you might think).

Bank fees are fixed everywhere

Bank fees can sometimes feel like a nightmare. No matter which bank you deal with, you won’t be able to avoid them. However, contrary to popular belief, not all banks have the same fees. If you think you’re spending too much money each month because of all of that cash you’re paying in exchange for your bank’s services, then you may consider switching banks.

You might be surprised at the amount of money you could save, especially when you open our digital bank account that comes with ZERO fees, no minimum balance and no annual debit card fees! You’ll no longer have to think about monthly fees that come along with any other regular bank account.

You can instantly open a digital bank account from your phone without having to step into a bank branch ever again. Open yours today.

You need to be tech savvy to use mobile banking

If you’re avoiding banking through your app out of concern that it might be too difficult, your mobile banking app is actually easier to navigate than you might think. It’s easier now than ever to manage your finances through your smartphone.

With each tap on your screen, you can track the money in your current account, see each transaction you’ve made in real time if you’ve paid through your card, or if you’ve paid a bill. You can also track your savings account, loans, and credit card payments.

If you’re concerned that you may accidentally make a transaction by accident, our banking app will always ask for confirmation before taking any action. Mobile Banking apps are meant to help you take control of your finances, so you can always keep track of your money and your financial habits anytime and anywhere.

Speaking of digital…

Online banking is risky

We all know that our phones aren’t used for just talking like they were years ago. Messages, photos, games, apps, you name them. Your phone is a hub for various things, with your bank’s mobile app included. With the move towards digitization, you don’t need to go to the bank anymore to transfer money or make transactions.

All your finances are with you at a tap of a button- you can transfer funds in seconds, pay instantly, and purchase everything you need. The common myth however that stops people from moving to the digital side is the risk that comes with it. Banks typically implement strict measures to protect your identity, data and fight the possibility of any theft.

This involves using a secure encryption software and multi-factoring authentication, which requires you to enter unique personal information in order to access your account. As long as you browse safely online, you can guarantee that your bank’s security will keep your information safe.

Switching banks is a hassle

Speaking of banking fees, one of the most common concerns people have is switching banks. There are various reasons why you’d want to switch your bank, from monthly/annual fees, to interest rates, opportunity to get a loan, or convenient digital banking services. Whatever your reasons are, switching banks isn’t a hassle and in fact, it’s easier than you might think.

You may be hesitant to make the switch, after all you don’t have the time to spend hours opening an account at the branch, right? Wrong!

You can simply open a digital account through our mobile app in minutes. It is a no-fee no-minimum bank account and you’ll get your debit card delivered to your doorstep.

Once you’re satisfied with your new banking experience and account (and trust us, you will!), then you can go the extra mile and switch completely by transferring your money and even your loan.

Now that we’ve taken you through the most common bank myths, how well do you think you did? Next time you hear something about banking and you’re unsure if it’s a myth, do your research or get in touch! We’re here to answer all your questions, concerns, and financial needs.