Are you sure you know everything you need to know about banks? Here are a few secrets that these financial institutions are hiding from you!
What makes the world go round? Money. Where do you stash your money? Banks. Do you know everything you need to know about your financial institution? Probably not!
Check out this guide and learn banks' secrets.
- When opening a credit card, you have to be careful of the kind you choose. Banks who offer zero interest fees for a limited number of months are actually waiting for you to miss out on your payments so that they can force you to pay more in the long run.
- Although you may not think about the possibility of your bank closing, it can happen. And if that does happen, you will lose your money along with it. However, you can get some or all of it back if your bank is part of the Federal Deposit Insurance Corporation (FDIC).
- Not using your credit cards has consequences! If you've got one sitting at your drawer and eventually decide to close it, bear in mind that it can affect your score. If you need to ask for a loan later, the bank will check your score and credit utilization, which will be high!
- When you take any kind of credit from the bank, you will be normally obliged to take out insurance just in case you won't be able to pay for your purchases. However, this insurance usually doesn't cover these expenses in case of debt! Ironic, right?
- International cards aren't as great as they seem. Making purchases with these cards abroad usually come with large oversees fees, so make sure that check the interest rates and exchange rates on your card before traveling abroad.
- Banks always are charging you for one thing or another. Even if it seems like they won't be charging any kind of fees, there's always something that they will charge you for.
- If you want to charge money for your next trip, make sure you look for an actual currency exchange firm! Most banks will probably have much higher rates, depending on where you are going.