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September 4th, 2008

Five Secrets Your Bank Won’t Share



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!”

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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