Friday, February 20, 2009

Some things that our bank and banker won't tell us

By YiLin Zhu on Feb. 20 2009

People work hard to make money, and then put the money in the bank either to save it for later use and making interest or just for security. However, some times when we walk into the banks and were recommended to some new products and services that the bank offers, and by the end of the month, we may receive a list of unknown fees shows on our balance sheet. But we have no idea how did this happen? Or is there anything we need to know about our banks and our bankers.

First of all, banks will never tell us that their tellers and other bank employees will get a “referral fee” for steering us toward their investment products. Secondly, fees are a big business for banks, and punitive fees such as no sufficient funds fees rake in the big bucks. So as long as there is no fraud involved, the banks don’t mind when customers bounce their checks. When banks are going to merge with another bank in a month, they also won’t notify their customers that they might mess up our accounts. Most commonly, even though all the banks tell us they respect our privacy, but the banks are still willing to sell our personal information to other agencies for a profit. So when we’re giving out our information or accepting the services provide by the banks we do need to be more careful.

Source #1; Source #2; Source #3;

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