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Top Banking Myths Debunked

April 23rd 2015 by
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You have plenty of options when it comes to managing your money, but it can be difficult figuring out what’s the best option. Bank or credit union? Are big brands important? Is digital banking easier?

With so many myths floating around, it can make your decision-making process even more difficult. Our goal today is to help you make informed decisions by debunking these myths.

Myth #1: Money is only safe if it’s in a big bank

Financial institutions, no matter the size, are regulated under the same government bodies. While banks are under the FDIC, credit unions fall under the National Credit Union Administration (NCUA), with deposits insured up to $250,000.

Myth #2: You need to talk in-person if you want a loan

Loan applications can be submitted online. At Aspire, you can talk to a Loan Expert if you have any questions during the process. If approved, you are able to e-sign documents and don’t need to worry about visiting a branch.

Myth #3: You don’t save any money with online banking

Many people believe that any money they’d save from not driving to the branch is negligible. However, a study from the BBB and FTC found that people who bank online save $1,100 in checks and postage and 60 hours in their lifetime.

Myth #4: Transactions take longer online

Another common concern is that transactions take longer to process online. However, Bankrate.com found that online transactions to the same amount of time or shorter than ATM processing times.

Myth #5: Only young people are using online and mobile banking

Older adults are concerned about the learning curve for using new technology. However, a Digital Insight study found that almost half of Baby Boomers and Seniors utilize digital banking services.

Myth #6: It’s difficult to qualify for a credit union membership

There’s a credit union for everyone! Most provide service to those who live, work or worship in a certain area. Some, like Aspire FCU, may only require a membership to the American Consumer Council, which is free to join.

Myth #7: You won’t have access to many ATMs with a credit union

Most credit unions belong to a network that offers a network of 70,000+ ATMs in convenient places like 7-11 and Walgreens.

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