When it comes to managing your money, there’s no shortage of misinformation. Banking misconceptions can make people hesitant to open an account, switch banks, or take advantage of convenient tools like online banking. At Midwest Bank, we believe knowledge is key to financial confidence. That’s why we’re clearing up some of the most common banking myths — so you can make informed decisions about your money.
Myth 1: You Need a Lot of Money to Open a Bank Account
Many people think you need hundreds or even thousands of dollars to open a bank account. The reality? Most banks — including Midwest Bank — offer checking and savings accounts with low minimum opening deposits.
In fact, some of our Hometown Checking and savings options require just $100 to get started. Whether you’re new to banking or looking for an account that fits your lifestyle, we make it easy to take that first step.
Myth 2: Online and Mobile Banking Aren’t Safe
We get it — protecting your money is a top priority. Some people avoid online banking because they believe it’s risky. But modern online and mobile banking platforms use advanced security features to help keep your information safe.
At Midwest Bank, we use:
- Secure encryption technology
- Multi-factor authentication
- Real-time account alerts
You can also protect your accounts by using strong passwords, keeping your devices updated, and monitoring your account regularly — all from the convenience of your phone or computer.
Myth 3: Big Banks Are Always Better
It’s a common assumption that national banks have better products, technology, or convenience. But that simply isn’t true. As a trusted community bank in Illinois, Midwest Bank combines the latest banking tools — like mobile check deposit, online account access, and local decision-making — with the personal service only a community bank can provide.
We live and work where you do, so your financial success matters to us.
Myth 4: You Should Only Save If You Have “Extra” Money
Saving isn’t just for people with extra cash. Even small, consistent deposits into a savings account can help you build financial security over time. Starting with as little as $5 or $10 a week can make a difference.
If you’re not sure how to start, our team can help you explore savings options designed to fit your budget and goals.
Myth 5: Your Money Isn’t Safe in a Bank
Wondering if your money is safe at a bank? The answer is yes. Deposits at Midwest Bank are insured by the FDIC, which means your funds are protected up to $250,000 per depositor, per account type. It’s one of the safest places to keep your hard-earned money — far more secure than storing cash at home.
The Bottom Line: Banking with Confidence
Don’t let outdated information or misconceptions keep you from taking control of your finances. At Midwest Bank, we offer secure, convenient banking solutions with the friendly, local service you deserve.
Have questions? Ready to get started?
Contact us or visit your nearest Midwest Bank branch today — we’re here to help.