Do you read your bank’s fine print every time you receive it very well? It’s important to do so especially when it comes to fees, online banking, interest rates and more.
Those fine prints hold many secrets and it’s so important to detect them in order to help us accomplishing our mission of debt reduction. Those secrets will open the free door and breathe fresh air again with no fear of debt anymore.
What are the secrets that your bank’s fine print won’t tell you?
1- Your bank is here just to sell you, not serve you. If you take a deep look to what the bank goal is, you will find that they search for raising interest rates in order to gain huge money from you and others. That’s why we should pay the largest debt first.
2- If you borrow money from bank, notice the fees that you are charging with. They are in increase over time; banks are always looking for reliable revenue streams.
3- Regardless of what your credit card agreement says, you can never be sure how much interest banks will charge you from time to time.
4- Their current goal is oriented to students who represent the customers of the future. More than 120 universities have cut deals with banks to issue student-ID cards like ATM. The both are winners but students lose their life, future as well. Moreover, if they have a chance to cut hot deals with credit card issuers, they will in order to win more gains from this process.
5- Credit card purchases aren’t much better. Banks take some cuts of your total purchase price. And some banks can take more cuts when you are in another city for converting currency. The best thing to do is see which of your cards charges the lowest overseas-transaction fee OR shop using cash.
6- When you are going to sign up any documents in the bank, fine print won’t provide you with the required information such as how well banks explained their fees and other conditions. That won’t help consumers to make informed choices.
7- Recently, many banks don’t provide us with accurate information about our accounts online. Online banking has changed the way people handle their finances. They can pay bills online, transfer funds, and so on. Unfortunately, it may not always show the proper balance.
When you are going to deal with banks, deal with smaller ones where you can get higher interest on savings accounts. On the other hand, big banks charge you with high fees and pay out less interest.
The largest banks are no longer good for everyone!
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