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7 secrets your bank won’t tell you ever

You don’t always get the advertised rate

One of the many ‘tricks’ banks play on their customers is the rate they advertise. Lenders are not always required to offer the rate advertised to all successful applicants. They may only have to offer that rate to a certain percentage of those who have been approved, with the rest offered a more expensive deal.

 

Your bank account isn’t worth the money you’re paying for it

Always go for a standard account. Don’t be lured into opening some bank accounts with a range of added extras, like free travel insurance, in exchange for. Monthly fee.

 

You can only go in for these accounts if you will use the extras on offer, else you will just be paying for services you don’t need.

 

Remember that every time you swipe, the banks cash in

If you didn’t know, now you know. Every time you spend or pay for goods and services using your debit or credit card you pay a fee.

 

The retailer is charged a fee for processing the transaction. Most of that fee goes back to your bank – so even if you are spending your own money, the bank is still better off as a result.

 

If the cheque bounces, you’re liable

Postdating a cheque rarely works. With stacks of deposits to process, we look at account names, not dates.

 

Paying your debt off early will cost you more

If you don’t know, anytime you decide to pay off your debt, you pay a bit more. For example, with loans and mortgages you’d think that paying off your debt ahead of schedule would be a good thing. But many lenders will slap you with an additional charge for doing so.

 

Using your card abroad could cost you a fortune

Many banks will hit you with all sorts of fees and charges if you use your card overseas. You’re usually better off changing up your spending money well in advance.

 

Don’t change your money (foreign currency) at the bank

When sorting out your holiday spending money or want to buy a foreign currency, banks often offer some of the worst exchange rates. Use a forex bureau.

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