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10 things you did not know about banks

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Do you think you know enough about the bank you park your money with? Does your bank teller
reveal all the profitable options available? Are you aware if there are any loopholes which a bank

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does not want its customers to know? To work smart on your money matters, you need to probe
more into things you did not know about banks.
We bring to you a list of ten things that you must know. Read on for better and safer banking in the
future!
T heft and loss protection on your AT M Card
Your bank must tell you about what kind of protection it offers if your ATM card is stolen or lost. It
becomes all the more important if you use your card for debit transactions.

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You might lose all your money if the card is stolen and not get even half the protection that a credit

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card customer gets.

Usually, there are better options than just getting an ATM card blocked if you ask for it.
T he more you shop, the more they earn
The bank charges you a certain fee every time you shop with your debit card or credit card. Your

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plastic money is in fact your banks wealth too.

Why do you think there are reward points for all you shoppers? The more you swipe, the more is
their profit.
It does not always take three days for cheques to clear
Cheque clearance depends on a persons credibility and the type of cheque issued.
A payroll cheque, for example, is cleared the moment it is deposited. If the customer depositing the
check has big bucks in his account, the cheque is likely to be cleared right away.
In case of overdraft, the bank can take your deposited money
Yes! The bank is allowed to compensate itself from your deposited money in the event of your
overdrafts (when your account balance is below zero) and other charges. You not only pay the
accumulated interest but also lose a part of your deposits to your overdraft loans.
Bank tellers have targets to meet
Bank tellers are like salespersons, who must meet their sales quota for the month. They must get
enough number of customers to open accounts in order to meet their performance metrics.

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When signing up with a new bank, make sure to inquire about their fees.
Fees are not the same for all banks. If you do not compare such fees with other banks, you might
end up being overdrawn (withdraw money in excess of what the account holds) in 30 days time due

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to hefty bank fees.

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The banks charges a fee for every check you overdraft, or debit overdraft. Apart from this fee, you

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pay an interest on the balance you owe, until you pay it off completely.

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You pay fees on a lot of banking activities which you may not even be aware of!

T he overdraft protection fee

In case your credit card is linked to your overdraft account, you may have to pay as much as 18% to
25% interest for your overdrafts.

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It is in their interest if you are indebted for a longer term

Banks deliberately encourage you to go for a longer term option for the repayment of your loan.
They make you believe that long terms can save you in the event of shortage of funds or unforeseen
circumstances. But, it is obvious that the longer you are indebted, the longer they can pocket
interest from you. Negotiate wisely on the loan term, after planning your budget carefully.
This work is produced by Simplus Information Services Pvt Ltd. Customer engagement through content.
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