“The banks are your friends,” of course, note the sarcasm in the phrase; it is time to wake up. This is one of the biggest lies that you have been introducing since you started being a newbie in the world of finance. The reality is different, and although it sounds harsh, these banking institutions use many great tricks with only one purpose: to take away our money.
The big banking groups live on money, like blood-sucking vampires, but in an economical version. Is there a way to evade their tricks? Yes, you will have to pay attention here and apply each piece of advice. In this article, we are going to present to you the 5 most used lies by banks and how to avoid them.
You are obligated to pay commissions
The first lie on the list is one of the most common, and surely you have already encountered it. It is about the blessed commissions, which, to anyone, would give a good headache. These are applied for ” account maintenance” and a myriad of reasons that do not have much foundation.
This point is that the banks claim they cannot eliminate them from any account of a natural person or even small businesses. It is a fact, however, that these can magically be eliminated from large accounts. Is not it suspicious?
But for your information and your benefit, you can evade these commissions calmly, all in a legal way. For this, you only need negotiation skills and follow certain tricks. First, record this. The client is not obliged to pay commissions.
Surely, they will send you right to the office of some promoter, where they will entangle you with many words and credit promotions. Evade all this and state your situation. As a last option, if they refuse to help you with the negotiations, announce your definitive withdrawal from said bank. Believe it or not, this works since you will not want to lose a client.
To close your account, you must go to where you have opened it
Any bank wants to keep its clientele “dependent” on its financial management and the whole thing. The point is that when some of them finally want to close their account to stop dispensing with their services, they go to the second lie of this article: ” you must close your account at the branch where you have opened. “ Total lie!
It should be noted that any bank has the power to close an account from any branch, whether the customer is physically present. You can use media such as telephone, written requests, either paper or digital (email).
As you probably have already noticed, losing a client to the bank is an intolerable fact. They will not let you go that easy. Insistence is the key to achieving your goal.
Advice on investments
The misnamed ” investment advisors “strategy is used to attract large and small victims to a trap that will end up just getting your money. These come to you seeking to make investments in products that they consider effective for capital gain, which is nothing more than a hoax.
In this situation, you should know that every action taken by the bank is linked to orders from government institutions, which have other purposes than helping you with your money.
For example, in Spain, there is the case of the Territorial Directorate, which is, in most cases, the one that dictates to the banks “what products they must sell to their customers.”
Once these meetings have been carried out, which are not so different in other countries (even in Latin America), the banking groups must sell a specific product right and left. This includes youth or elderly clients.
Remember, the bank is not your friend; much less can advise you on managing your finances. Such staff may not even have any training at the economics level, so you know how serious the issue is.
To avoid falling into this vile trap, he resorts to other media to obtain information regarding elements involved in the current market. This way, you will have a much more realistic idea of where you should invest your money.
Promote ” instant credits and low interest“
Put yourself in this situation: you are looking for a quick way to get money to invest in your new project or business. You go to the bank for a loan and perfect, they have approved you! Everything seems magically good, and they have mentioned an interest rate of 2% in a period of 2 or 3 years. What more could you ask for?
Be incredibly careful to fall into this specific lie since the repercussions that could have on your financial life could be quite damaging. Credits rarely remain with a fixed interest rate and less at such long terms.
Inflation is a factor that you should consider before going to any of those false-friendly loans proposed by the bank. In extreme cases, people have ended up paying more than twice what they originally purchased for simple increases of up to 15% interest abruptly.
Offer “free” products
In many cases, banks go to the lie to offer credit cards, specific products, or ” give away ” discounts. They boast of offering their customers all this for free, do not let them persuade! Without exaggerating, in at least 95% of cases, it is like signing a contract with very small letters hidden in between.
The bank will never tell you about the hidden costs that are included in the gifts it offers. Among them are tax costs, annual maintenance, or transportation, if it should be sent to your home.
These costs are sometimes really exaggerated, reaching, for example, three times the cost of a shipment of any of these gifts to your home than what you would pay for high-quality entrustment services. How about?
But more than that, the products that the banks offer for free will force you to stay in the bank. You may be accepted to keep your card, account, and other tools linked or affiliated to a specific bank without the right to cancel any. Be careful with this!
Finally, the best you can do is limit the use of the bank to save your money without many commitments, or if you prefer, go to other institutions such as Credit Unions or cooperatives, which do not go (not as often) to such lies.
It should be noted that not all banks fall within the same lot described here. However, since paper money stopped having the backing in gold that it previously had (more than 100 years ago), we are before an economic society that cannibalizes itself. It is better to keep at bay the operations you do with these institutions since no other.
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