Many of us have been victimized by the new age banks, which say we are here to serve you, but do the exact opposite and should change their punch line to “we are here to loot you”. At an average four out of five people have fallen into the traps of the high tech banking system these days, where the customer is fooled every minute every day with its hidden clauses and terms, which one discovers only at the end of any scheme or loan issue. The bank these days have only one motive unlike the older days and that is they just want to extract as much money as they can from there depositors.
- They will never tell you about the most beneficial schemes – The new aged banks are frauds they never tell you the real benefits or losses one can face during any money transaction or saving scheme. They try there best to get the person involved in such a way that he can not get out of it without paying the bank.
- We are here only for business – actually this is just the opposite of what they usually say, “we are here to serve you”, often boasting about there new high tech maximum beneficial schemes and loans related offers and convincing the investor that what they are doing is for a better payback but hiding the real facts .
- There is no word as free in the world of banking – If you are getting those letters or calls from the bank officials saying you are getting a free credit card or an account up gradation or you are our premiere customer and the bank is providing you with some attractive plans, then you are just being mislead as there is nothing as such free in the banking sector, one has to and have to pay something for the so called free gifts and offers. You can not even open a savings account for free these days in a bank, what else can one expect. One has to have a minimum deposit of 10,000 or so in order to get a bank account.
- We are raising the fee – Another thing which often the banks would never tell you about is the appraisal in interest fees or ATM fees. They just do it without even sending a consent letter or issuing public notice.
- The interest rates can be changed anytime – No matter what your credit card or loan agreement says one can never be sure of the exact amount of interest he or she is paying the bank, specially on your credit cards or loan payments.
- The court will never help you if you are in debt – This fact is something which millions of credit card holders are unaware about. Since 1990 the banks have included an arbitration agreement rule in there agreements and contracts of there products like vehicle loans, Credit cards etc. according to which a person can not sue the bank in case of faulty credit card debt or banks negligence causing inconvenience for the loan payee. So next time if, a bank brings arbitration against you hire a lawyer and go for a personal hearing, which is legally your right.
- We provide cheap travel transaction fees – Which is a big lie, banks never tell you the real interest they charge you when you use your ATM card or credit card in a foreign nation. Like for instance if you have traveled to Europe and have taken out an amount of $100 in Europe, you’ll be charged with an extra $7 transaction fee over that $100. On credit cards this goes up to 3 % of all the transactions done in a foreign country. So better travel with cash than cards.
- They never give you the full information regarding the terms and conditions – Have you ever noticed the minute manuscript like lines at the back of the bank documents which often come under the terms and conditions header. But that information is never complete. They hide many clauses and flauses from the customer which is totally against the law. They never provide you with the full information so that you are unable to get the best deals.
Big multinational companies or I must say the private banks have now become a real pain in the consumer’s arses. They are there only for one motive and that is by fooling people and misguiding them into the least beneficial schemes when the more beneficial ones are still present. Well my suggestion is to go for small banks as they might not give you all those silly and hypothetically attractive schemes and offers but will surely get some good deals and low interest offers for you.