Do you sign anything that is presented in front of you without reading it because you have complete faith in your banker? If so, you should read this article! Here are tips that will help you become a wiser consumer but which your bank is probably not going to tell you. Buyer beware is usually a good rule of thumb, especially in the realm of banking.
Certain insurance is pointless
If you obtained a credit card through your bank, your banker could have presented you with various insurance options. However, experts claim that certain insurance packages are completely pointless. This is especially true for pricey credit balance insurance that has several limitations.
Some borrowers might not receive the quoted rate
Be wary of the quoted rates by the bank if you want to obtain a personal loan. If your credit is poor, you might not qualify for the quoted rate and will instead have to settle for a higher one.
Post-dated cheques are not always reliable
A post-dated check is not always reliable. Some clients were shocked to learn that their bank had processed a cheque ahead of the due date, resulting in fines for not having enough money in their account. Banks typically agree to return their customers’ money and invalidate the cheque, but it’s not always simple to persuade them of your point of view. You’ll probably need to spend a lot of time on the phone with your bank attempting to explain the circumstances.
Bank workers have objectives to meet
Do you regard your banker as a close friend? Rethink that! They have daily, and maybe even hourly, goals to accomplish. Some staff may be compelled to recommend things to their clients that they may not actually need in order to meet these objectives.
Bank staff are quite anxious
According to a CBC investigation of the five largest banks in Canada, some staff had to take medical leaves because they were so anxious about hitting their sales goals. Others experienced sadness, anxiety, and sleeplessness. Not just Canadian bankers are affected by this. In the US, similar circumstances have been documented.
Investing your money with your bank may not be the greatest choice
The greatest location to invest your money isn’t usually your bank. There are many savings and investment solutions on the market that banks are unable to provide. In other words, your lender might not be able to give you a better product because it doesn’t exist.