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Addressing Typical Retail Banking Myths

The financial services industry can change quite rapidly. While a lot of this change primarily benefits you as the consumer, it probably won’t come as a surprise that there are many antiquated misconceptions and misunderstandings about banks that are simply untrue. While some of these myths were perhaps more valid several decades ago, they can now be rendered as completely obsolete.

Banking The Right Way With Commerce Bank of Wyoming

At Commerce Bank of Wyoming, we want our valued community customers to get the right information when it comes to banking at our Rock Springs location. Safely securing your hard-earned money in a bank shouldn’t be something that leaves you with a whole lot of confusion, so we’re going to address several common retail banking myths in today’s blog post. From the changes that bank apps have brought along with them to other online banking services, let’s dive into some of these banking misconceptions.

Myth: To Be Safe, Money Must Be In a Big Bank

While your money is completely safe and secure in a bank branch of any size, a lot of people seem to believe that their money has to be in a giant bank. Most national banks and community banks insure customer deposits with insurance from the Federal Deposit Insurance Corp (FDIC) which generally backs up transactions up to $250,000.

Myth: With Online Banking, You’ll Never Have To Visit A Branch Again

No one would disagree with us if we said that online banking is convenient - it’s a fact. That being said, there are times when it might be best to physically step foot inside of your local community banking branch. Wait, are we really suggesting that you actually talk face-to-face to a real human? Though genuine communication is becoming a lost art these days, we are suggesting that you come in and visit us...in person!

If you want to do something that isn’t straightforward, such as setting up a trust or helping an aging relative manage an account, then sitting down with someone can really make it easier to understand the entire process and work through the various steps involved. After all, communicating in person is by far the most effective form of communication.

You might even get a better deal on something if you show up in person. Indeed, many banking professionals agree that taking the time to have an actual conversation with a person can be meaningful. For example, by sitting down with a community bank representative, you might discover that you can get a certain discount on your mortgage if you set it up at the same bank where you have a checking account.

Myth: Smaller Banks Are Behind On Technology

While the big guys are sure to have some of the latest tech available for their customers, local banks also tend to be pretty tech-savvy. If you’re not sure what your bank offers or you are considering switching banks, take some time to look into the technology that’s available. You might actually be pleasantly surprised at the number of tech-friendly perks that your local community bank or credit union will provide you.

Myth: With Automated Bank Transactions, You Don’t Need To Keep Records

Various banking features like direct deposit, automated billing and online monthly statements are incredibly useful and convenient and can help you streamline your finances. However, if you’re not vigilant about your money, you might not catch any errors that the bank could potentially make. Plus, if there’s any fraudulent activity on your account, you might not be able to catch it.

Identity theft is a major issue these days. The number of identity fraud victims increased from roughly half a million consumers to over 13 million people back in 2013, according to Javelin Strategy & Research. Yikes! This amounts to a new identity fraud victim about every two seconds. Well, if you don’t report the fraud in a reasonable amount of time, you could face the liability for these financial losses even if it wasn’t your fault to begin with.

To keep your checking account safe - the most commonly used bank account with most consumers - review your account activity on a weekly basis. Check and make sure that all bank fees are accurate, and if you spot a transaction that you didn’t authorize, notify your bank immediately.

Bank Safely And Accurately With Commerce Bank of Wyoming!

Confusion shouldn’t be part of the banking process. At our Rock Springs community bank, we want to make sure that the community we serve is fully informed with accurate information about various banking processes. Do you have questions about anything? Feel free to get in touch with Commerce Bank of Wyoming to learn more about online banking, opening a bank account, home equity, being a first-time buyer, and other services we offer.

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