5 traps in bank accounts

May 16, 2019

Banks wanting to attract customers often do not tell the whole truth in advertisements. It is only when using an account that we learn that it is not as attractive as the bank assured us. Learn about the 5 most frequently used traps used by banks.

1. Account for free but only for a certain period of time.

An increasingly common trick of banks is to advertise your account as free, while it is a temporary promotion. The account will be free, but only until the end of the year. Therefore, always before you create an account you need to check the table of fees and commissions and check whether the free of charge results from the price list or from a temporary promotion.

2. Account for free but only with regular payments.

Another trick is to offer an account for free, but only if a certain amount is credited to our account. As long as the account is credited with withdrawals or other transfers, we have a free account. However, it is enough that at least one month such a transfer will not appear, the bank will immediately deduct the fee for the account.

3. High interest rate but only up to a certain amount.

To attract to the bank people who want to save money banks use a simple trick. They advertise their deposits as very high interest rates, while such interest rates apply only to a certain amount (usually quite low) and above this amount our money will be interest rates at a much lower level.

4. Renewable credit but also interest on unused amount.

Having a revolving credit, we usually pay only interest on the amount used. Some banks, however, have also introduced interest on the unused amount if we do not use at least half of the limit granted to us. It is necessary to check this in the table of fees and commissions before deciding on a revolving credit.

5. Free card but you have to pay with it.

Most banks offer free debit cards, but to be free we have to pay with them a certain number of times or for a certain amount. If you do not meet this requirement in a particular month, the bank will charge a fee for the debit card.

As you can see, the offer does not have to be as attractive as the banks advertise. Therefore, always check the terms and conditions of the promotion and all the stars and footnotes carefully before you decide to open an account or take out a loan. This will prevent you from being surprised by the additional fees that you would have to pay if you didn’t meet the requirements that banks impose on their customers.

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