Five Secrets Your Bank Won’t Shareby Tim Manni
In a market where banks should be competing for your business, many are employing tactics that seem designed to drive customers away. Courtesy of the Dolans, here are five secrets your bank doesn’t want you to know:
1. The bank pays as little as possible on your interest accounts: In order to capitalize on a higher interest rate, you’re better off researching higher-yield savings accounts, or place your cash in low-risk investments like CDs.
2. Fees, Fees, Fees: Banks have begun to behave more like credit card companies, enacting countless hidden fees. Review your account, or accounts regularly (I suggest online banking for optimum daily supervision). Be sure to call your bank once you notice any discrepency.
3. Forget bank checks: Many companies will sell you checks for less. You”ll pay less and you can finally get those Harley Davidson customized checks you’ve always wanted. Or, the Dolans suggest, “the next time you need to order checks, go to checksinthemail.com/, save yourself a bundle of dough, and get some money BACK from your bank!”
4. Know your minimum balance: Speaking of hidden fees, many charge will charge you each month your given account is below the minimum balance.
5. Processing in slow motion: Some banks can take up to a week to process checks, deposits, and withdrawals. The Dolans suggest, “if you don’t like what you see, call your state’s banking regulator. Or find another bank that will credit your deposits on a timelier basis!”