Each year thousands of students apply for a student loan so that they can pursue their education from a reputed university without any hurdle. However, a few scholars choose not to opt for a loan as they believe in some misconceptions about modern banking and no one is there to guide them in the right direction.
The experts offering assignment help have come forward to distinguish some facts from reality so that maximum number of scholars who need financial support can take advantages of the modern banking and the benefits offered by the banks to support their education and living. Let’s get started!
Central banks decide interest rate.
Most of the times, media refers to Government whenever there is any discussion about banking, and thus it is easier to make an assumption that central banks control everything in the banking sector. In reality, the central banks can only decide the minimum interest rate at which a banking institution can lend loan at. So do not stay misguided about facts like this, you can quickly remove your doubts by contacting various banking institutions.
You need to give your special security number to open an account
This is possibly the most widespread myth that you need to get over with! Yes, there is no denying the fact that you are required to present valid ID proof and other documents, but it is not mandatory to give your special security number. However, some of the exceptional account types may need this, but you always have the option of switching to other accounts if you do not want to share your special security number.
Banks control the interest rates and right to reject loan applications
The credit rating agencies have more influence on interest rates rather than a central bank. These ratings determine the cost of loans to countries, states, and individual cities, corporations, and individuals. The very first thing any bank does before issuing loan to anyone is to look at the applicant’s credit rating to decide whether giving loan is a safe idea. So, banks do not solely control any right!
Banks have lots of currency in their vaults, and they are at risk of being stolen
If you lived back in 1900’s then possibly this fact was true. The banks certainly offer safe vaults to put valuables and cash to their clients, but they do not have millions of cash in their vaults. Today’s world is more dependent on electronic and plastic money rather than cash!
Banks are not answerable to anyone
This is again one of those false facts that have gained much more popularity than the truth. Even central banks have to present valid arguments to the higher authorities. Moreover, there is a global regulatory system known as BIS. This body provides all the relevant information to the individuals who are looking for any information and have authentic documents for the same. That means, there is no bank which is not supervised by anyone.
These were some of the most common misconceptions that a major section of scholars believes to be true. Hope you are now well aware of these fallacies and will not trust anything you read on social media or entertainment websites without double-checking it. Also, you’ll be able to take better advantage of the modern banking amenities as well.
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