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The 5 lies most used by banks and how to avoid them

” Banks are your friends “, of course, note the sarcasm in the sentence, it’s time to wake up. This is in particular one of the biggest lies that have been introducing you since you started being a newbie in the world of finance. The reality is different, and although it sounds hard, these banking institutions use many great tricks with one purpose: to take our money .

Large banking groups live on money, like blood-sucking vampires, but in an economic version. Is there a way to avoid his tricks? Yes, there are, but you will have to pay attention here and apply each advice. In this article, we will present the 5 lies most used by banks and how to avoid them.

 

You are obliged to pay commissions

loan payment

The first lie on the list is one of the most common and surely you have already encountered it. This is the blessed commissions , which, anyone would get a good headache. These are applied for ” account maintenance” and endless reasons that really do not have much foundation.

This point is that banks say they cannot eliminate them from any natural person account, or even from small businesses. It is a fact, however, that these can magically be eliminated from large accounts. Not a suspect?

But for your information, and your own benefit, you can evade these commissions, quiet, all legally. 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 straight to the office of some promoter, from where they will entangle you with lots of words and credit promotions. Evade all this and raise your situation. As a last option if they refuse to help you with the arrangements, announce your final withdrawal from the bank. Believe it or not, this works, since they won’t want to lose a customer.

 

To cancel 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 one of them finally wants to cancel their account to stop dispensing with their services, they turn to the second lie of this article: ” You must close your account at the branch where you have opened it .” Total lie!

It should be noted that, any bank has the power to close an account from any branch , whether or not the client is physically speaking. You can use media such as telephone, written requests , either on paper or digital (email).

As you may have already noticed, losing a customer to the bank is an intolerable fact. They won’t let you go that easy. Insistence is the key to achieving your mission.

 

Advise you about investments

investment loan

The so-called ” investment advisors ” are a strategy widely used to attract large and small victims to a trap that will end up just getting your money. These come to you, looking for you to make investments in the products that they consider effective for capital gain, which is nothing more than a hoax.

In this situation you should find out that every action carried out by the bank is actually linked to the orders of government institutions, which clearly have other purposes than helping you with your money.

For example, in Spain , there is the case of the Territorial Directorate , who is in most cases, the one that dictates to the banks “what products they should sell to their customers”.

Once these meetings have been held, 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 clientele.

Remember, the bank is not your friend, much less is trained to advise you on how you should manage your finances. Such staff may not even have any training at the economy level, so you have an idea of ​​how serious the matter is.

To avoid falling into this vile trap, he better uses other measures to obtain information regarding elements involved in the current market. This way you will have a much more real idea of ​​where you should invest your money.

 

Promote “ instant and low interest credits ”

credit interest

Get 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’ve approved one! Everything seems magically good, and they have mentioned an interest rate of 2% within 2 or 3 years. What more could you ask for?

Be very careful with falling into this specific lie, since the repercussions that could have on your financial life could be quite harmful. Loans rarely remain at a fixed interest rate and less for such long terms.

Inflation is a factor that you should consider before going to any of those fake friendly loans proposed by the bank. In extreme cases, people have ended up paying more than double what they initially acquired for simple increases of up to 15% interest abruptly.

 

Offer “free” products

Offer “free” products

On many occasions the banks go to the lie of offering credit cards, specific products or ” giving away ” discounts. They boast of offering their customers all this for free , do not be persuaded! Without exaggeration, 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, in case it must be dispatched to your home.

These costs are sometimes really exaggerated, for example to be three times the cost of sending any of these gifts to your home, than what you would pay for high quality parcel services. How about?

But more than that, the products that banks offer for free will force you to stay in the bank . You may be accepting 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 thing 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 so often) to such lies .

It should be noted that not all banks enter the same lot described here. However, since the paper money ceased to have the gold backing it had previously (more than 100 years ago), we are facing an economic society that cannibalizes itself . It is better to keep the operations you carry out with these institutions at bay, since there is no other.

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Why didn’t I get a transfer from a loan company? Reasons for Delays

Every now and then on the loan forums regarding payday loans online, there are queries about the content “I have submitted a loan application with [company name] and I haven’t received the loan yet. I used to take a loan from another company and I waited there for no more than 30 minutes. Why haven’t I got the money yet? ” Borrowers have already got used to the slogans “loan in 15 minutes” and loan 24/7.

Although this is possible and is becoming more common, such loans will not be available everywhere. Sometimes this is due to the company’s business specifications, and sometimes it depends on external factors. So it may happen that the borrower receives the money later than he would have expected. What are the reasons for this?

A loan in 15 minutes and bank sessions

money cash

The above slogan will not necessarily be a marketing ploy aimed at attracting as many customers as possible, but in some cases it may bear its hallmarks. For most companies, this time will not apply to the time to receive the money, but to the time spent on completing all formalities, submitting the application and obtaining the loan decision. This actually happens very quickly – the conclusions are simple and intuitive, and then considered by an automated system. It is worse with how much time it will take for the transfer to reach the customer.

So you can be lucky and receive a transfer really expressly at the next banking session. You can also choose a company that has accounts in many banks, including one in which you have an account yourself. Transfers within the same bank are booked expressly and are not subject to session hours]. The full list, as well as what determines the speed of granting a loan, can be checked in the article “Which company will I get the loan in the fastest way – company review”.

Loan companies don’t always send money immediately

money cash

Although loan companies announce that the loan will be sent to the customer immediately, this does not always mean a few seconds after the loan decision is issued. Usually this is the case, but just in case loan agreements contain clauses stating after what maximum time the loans can be sent (it can be even several days) and try to fit in this area. This is insurance against unexpected situations (e.g. system failure). In addition, it is highly probable that the delay in payment may occur during hot loan periods, e.g. pre-holiday periods. Loan companies must then handle a larger number of clients than usual and analyze more applications. It is therefore natural that delays may occur.

The fault may lie with the bank

money cash

While waiting for the bank transfer to be received, one should also bear in mind that the delay in booking the payment of the loan may also be on the side of the banking institution. The reason can be both technical breaks and failures. The first ones are not extremely bothersome and usually take place at weekends and at night, so as to make the lives of customers as little as possible. They will not be a problem. However, it may be failures, which unfortunately happen quite regularly. This is by no means incomprehensible – the numbers of customers using electronic banking are huge, and therefore the number of operations performed at the same time is huge. Some banking systems do not tolerate overloading well and may not be able to handle so many operations at once. Sometimes there are delays in delivery of transfers (and even mistakes about recipients) or operations will be performed twice. What to do in this case? Information about bank failures spread at the speed of light, so if we know that this is what happened in our case – it remains to be patient and wait for the failure to be removed.

What to do if the transfer did not arrive in time?

money cash

After making sure that the fault is not on the bank’s side and waiting for hours of bank sessions, do not panic. It is better to contact the loan company and ask for clarification in the transfer. Handling multiple requests at once can sometimes result in a small mistake or omission. An informed lender should, however, solve the problem immediately. A considerable delay in repayment of the loan may be the basis for submitting a complaint and demanding compensation – it may be e.g. a reduction in the cost of the loan. However, we should remember that the loan company has 30 days to consider it, so if our loan is payday loan, we will most likely have to pay it back before the loan company reviews the complaint. Under no circumstances should the repayment be waived!