You are more in the dark than you think!

Over the next couple of weeks, we are going to highlight some really important points from an article we recently read entitled ’15 secrets your bank will never tell you’

This is not intended to bash on the banks. This is intended to shed light on the many things that we need to know if we hope to have control of our Financial Future.

A lot of us assume that when speaking to our banks we are getting a complete picture. That they are giving us all the information we need to make informed and educated decisions as a consumer.

However, that may not be the whole truth. We are going to outline things that your bank may not tell you that could benefit your financial future.

1) When borrowing- you may not get the advertised rate.

· This means we can’t make decisions based on these advertised rates. Being able to get this rate is dependent on your credit report, and thus you may be forced to settle for a higher rate than what is advertised. What’s even more unsettling is often the advertised rate isn’t their best offer…most people have no idea you can negotiate and potentially get a better rate (that could save you thousands over the long haul)!

2) Some insurance is useless

· We have all been offered insurance that is promoted as a must have that could save you big down the road. What they don’t tell you is many of these insurance options are expensive and come with so many exclusions that make it highly unlikely that you’d actually qualify or collect. Did you know that bank employees are pressured to offer you these products whether it’s a good fit for you or not…like being asked ‘do you want fries with that?’

3) Post-dated cheques aren’t a guarantee

· Sometimes we will write a post-dated cheque to cover ourselves and ensure we have the proper funds to have it cashed. However, your bank likely won’t tell you that they may go ahead and cash it before the date on the cheque. This can cause you to incur penalties due to a lack of funds in your account…even if you tried to prevent that.

4) Bank employees are working towards targets

· This means that although it seems like they have your best interest in mind they are often actually striving to reach targets. It can include unnecessary products recommended to clients for the purpose of them reaching these targets- which is sales not financial advice!

5) Your debit card costs you- and costs businesses

· You might be used to paying a fee when you pay with your debit card, but the banks don’t often tell you that the business you’re buying from have to pay a fee also. This causes them to raise prices to offset those fees so you wind up paying twice!

6) Bank employees are STRESSED

· As we discussed above, bank employees have sales targets. Studies have found that this causes a great deal of stress and some of these employees lose sleep and even quit because they don’t feel good about pushing bank products all day long. Next time you visit the bank ask them to stop suggesting products…some can mark that on your account.

7) Your bank may not be your best investment option

· Banks often don’t have access to all of the saving and investment options that exist- as a consumer this hinders your ability to chose and be able to find what best fits your needs. There might be a better product for your goals- but a bank might not have access to this option (and so may call it ‘risky’ to dissuade you).

So, what are these other options that you won’t hear about from your bank?

Many of us have heard about cryptocurrencies, or real estate investing and without these options being offered by our banks many people feel overwhelmed and unsure about how to engage in these other investment opportunities.

Contact me if you want to find out more about how I educate and empower my clients to evaluate and determine with confidence what investment opportunity or strategies are right for them…without pushing you to invest in a product I promote!

One of our recent Program graduates said “I have gained a tremendous amount of knowledge in this program which gives me confidence to Invest with the right tools I have learned. I am able to look at different Investments and analyse them critically with my newfound knowledge.” — Bhagesh V.

Wouldn’t you like to feel that level of confidence when it comes to your money and your Financial Future?

Stay tuned next week when we will share the other 8 things that banks likely won’t tell you!