May 19, 2025
There are many misconceptions that prevent people from taking full advantage of all the services banks have to offer. Knowing what they are can help you make smart financial choices. Here are four common banking misconceptions.
1. You Need a Large Amount of Money to Open a Bank Account
Some people assume they need a significant sum of money to open a checking or savings account. However, in reality many banks offer accounts with low or no minimums. At Ambler Savings Bank, we offer a Simply Free Checking Account with only a $50 minimum to open.
2. Mobile and Online Banking is a Security Risk
Mobile and online banking is highly secure. In addition to passwords, Ambler Savings Bank requires the use of a secure browser to access account information and perform transactions. Secure browsers use Secure Sockets Layer (SSL) technology to communicate with servers. This technology encrypts your account information so it’s virtually impossible for anyone other than Ambler Savings Bank to read it.
Additionally, the Ambler Savings Bank Mobile App uses Touch ID® and Face ID® to login. Our online and mobile banking services have control features that users can set up to restrict usage to specific merchants, set spending limits, and receive real-time alerts about transactions.
3. Using a Debit Card Builds Credit
While using a debit card can help build good payment practices, it doesn’t do anything to improve your credit score. Debit card transactions are linked to your bank account and do not impact your credit score. Building credit typically requires using credit cards or taking out loans and making on-time payments.
4. Big Banks Are Safer Than Smaller Banks
In terms of safety, a big bank may look a little flashier, but it doesn’t necessarily make it any safer. The FDIC provides the same protection of up to $250,000 per depositor, regardless of whether your money is with a national bank or at your local neighborhood bank. Community banks also tend to take a more personalized approach with their customers, which is not something you’re guaranteed to get with a big bank.
Understanding the truth behind these myths will empower you to manage your money more effectively and confidently. Ambler Savings Bank offers a variety of checking accounts to fit your needs. Read more here: Personal Deposit Products in Montgomery County | Ambler Savings Bank .