7 Things Your Bank Manager Won't Tell You

This is a guest post by Michelle Ryan.

Though bank is the safest place to save your money, there are many hidden factors which your bank manager may not disclose to you. When you approach a bank, everyone can be friendly with you and may interact in a polite manner. Never believe their words blindly. Remember that bank is a business. It won’t upsurge your money unless there is some profit. They will make money from you. Helping you and improving your financial status may not be the motto of every bank. Here are seven things which your bank manager won’t tell you.

• Your whole credit isn’t available immediately

  Your credit information will be somewhere in account details. Bank managers may not figure out the exact date of your deposit. Because most of the banks allow you to withdraw $50 or $100 of your credit. It won’t give permission to access the whole deposited amount. Your details may not be updated immediately. Meanwhile you can overdraft your account. For instance ask your bank manager when you can withdraw the whole deposit. See his reaction. He is more unlikely to give the appropriate details.

• A post-date check means nothing

  If you’re making post-dated check, you have to trust the recipient. Because within the given time you can approach banks and may deposit your amount. If your recipient has no bank balance you will be in trouble. There are chances of check bounce. But your bank manager will not disclose the recipient account details and will accept the check in turn. This is a benefit to them as they can collect the extra fees.

• Fee is the money maker

  The fee you make is the valuable amount for your bank. Interest earned on loans, credit cards will not be disclosed by the bank manager. Recent survey says that banks earned $40 billion of amount on overdraft fees. In addition to this you may never expect the income gained from ATM transactions.

  
  

• Your fees can be waived

  Do you know that banks can relinquish your fees? Yes, they can ignore one or two fees per year. For instance as a banker you have the right to ask for fee reduction. But most bankers will not use this opportunity. You can refund the ATM fees upon request only if you’re a loyal customer. But your bank manager may not inform you about this.

• Overdraft protection will not apply to checks

  Overdraft facility will not be applicable for checks. Your bank will not explain the appropriate details regarding this issue.

• Your online account details may not be accurate

  Though the banks provide the facility to online account details, the data may not be accurate. It might not contain the same transaction details as you do. Moreover if you rely on online account details you may be in trouble. 

• Shop around for financial products and services

  Most customers feel that they can get good deals on products and services by taking the loans from the same bank. Banks will not consider your loyalty in such cases. It’s better to shop around before taking loans.

There you have it the seven things your bank manager won’t tell you or hides from you. With those in mind, hopefully you can negotiate a better deal next time.

About the author Michelle Ryan is a tech writer from London. Currently she is working on PPI claims.