Beware,Deceptive,Bank,Charges, finance, share, loan Beware of Deceptive Bank Charges and Other Unfair Tricks
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
There used to be a time when banks were seen as the go-to place for keeping your finances safe but nowadays these institutions are imposing all sorts of unfair bank charges to their customers that you may actually end up spending more than what youre actually saving.This isn't to say however, that you should do away with bank services all together but the reality is, these institutions employ a lot of tricks to get you to spend more of your hard-earned money. The best way to combat these misleading ploys is through awareness. If you are aware of how banks trick their customers, you will be able to take measures to ensure you arent being fooled.Courtesy Overdraft ProtectionOne of the most deceptive tricks that banks employ is the courtesy overdraft protection program. In essence, a courtesy overdraft, also referred to as bounced check protection, is designed to provide a customer with the necessary funds should this customer write a check and not have enough money in his account to cover the expense. This saves the customer the embarrassment of having to deal with a bounced check. Most banks also extend this service to ATM withdrawals or debit card charges.At the onset, this may seem like an appealing offer. The bank is, after all, offering to loan you money without asking for security. Plus, your overdraft limit can go as high as $1,000. The thing about courtesy overdrafts is that you are charged every time you make a transaction. Some banks charge as high as 30 for each check that you issue. Additionally, with some banks customers are charged daily fees up until the time the loan is repaid.Enrollment in this plan is automatic and banks typically enroll new accounts. Some banks actually add the overdraft limit amount into your account to make it appear you have more money than you actually do. So you are actually being charged for a service that you didnt even know you about and didnt even want in the first place. Credit Card ChargesCredit card interest rates are linked to the prime interest rate and over the past year, the prime interest rate has dropped. Yet banks are actually increasing the interest rates they charge on credit cards. Add to this the confusion over what rates you actually get for your credit card. What happens is, customers are rarely informed of how much they will actually be paying for in interest.Since changes in credit card laws are about to be implemented, banks are moving quickly and are set to raise their fees even more. There will be an increase in cash advance, balance transfer and foreign transaction fees.Other PracticesBeing charged a fee for ATM usage is one of the common complaints of customers. This year, banks have imposed increases in the fees they charge their customers with some banks charging more than $2 just for balance inquiry. An additional $5 may be incurred should you decide to withdraw money. Some of the bigger banks will also start charging their customers for using ATMs of rival banks.
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