Myth #1: Publishing in an Open Access journal is the only way to make my work Open Access.
Fact: You can continue to publish in any journal you wish and make your work Open Access by depositing it in an open repository. Many publishers already allow this, otherwise you can negotiate with your publisher to retain this right. Contact a librarian for more information on negotiation.
Myth #2: Paying to publish in an OA journal is the same as vanity publishing.
Fact: Open Access journals can and do use the same peer review procedures, the same standards, and even the same people as toll access (TA) journals. This isn't hypothetical, and actually happens whenever established TA journals convert to OA. The key variables in journal quality are the quality of authors, the quality of editors, and the quality of referees, all of which are independent of the journal's price or medium.
Myth #3: I can't publish in an OA journal because I can't afford the fees.
Fact: Not all OA journals charge authors fees. Many OA journals cover their costs through sponsorships or subscriptions to a print edition. Some journals will waive fees if authors can demonstrate an inability to pay. Also, many institutions are setting up Open Access Funds to help their faculty cover the costs of publication in Open Access journals.
From Peter Suber's Field Guide to Misunderstandings about Open Access licensed under CC BY 3.0