Name: Top 10 Dirty Secrets Banks Don't Want You To Know
Uploaded: 2021-01-11T18:46:42.000Z
Duration: 12 min 16 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

And today we're counting down our picks for the top 10 dirty bank secrets.

You control the debt you control every I'm wondering what this fee on my A Countess.

From a financial standpoint, you are now in heaven for this list will be ranking the secrets and tips the banking industry prefers that you not know.

And what is the reason you're requesting alone today?

Taking out a loan or a line of credit with the bank could be a scary proposition.

Oftentimes a bank will offer up insurance on these financial products, framing it as a safety net of sorts, in case you fall on hard times and have difficulty paying back your debt.

Do you have an account with us and how What is your account number?

Unfortunately, there are occasional exceptions to these insurance plans that involve reading some very fine print.

These exceptions are rarely in favor of the borrower, meaning that the bank can collect on a portion of your debt.

Even if you paid for an insurance plan, that is the deal.

So be sure to take all the time you need with that contract before you sign up, number nine banks can reorder your transactions.

Balancing a checkbook can be complicated if you're someone with a lot of transactions.

If you're someone who doesn't keep a lot of cash and your account, the order of your purchases and deposits can absolutely make the difference between your account being in the black or slipping into the red.

Some banks can order your daily transactions by their amount rather than the order in which they occurred, meaning that you could become overdrawn by accident.

As we told you, we can't cover that amount within 24 hours.

Furthermore, some institutions may run your deposits after your purchases, or take a while to factor in that check, meaning that you may incur overdraft fees at the worst possible time.

So what, We're supposed todo we're just supposed to give up and accept that this is the way of the world.

Number eight Ah, little debt can sometimes be useful.

Banks make money off lending and debt, but you don't have to take on a lot of debt in your life.

After all, getting yourself in the mountains of debt is not a good idea.

However, having absolutely no debt history could be justice detrimental, especially when attempting to convince a bank toe lend to you.

It's important from their end to know that you're a trustworthy individual who has a history of paying back debt.

A good idea for young borrowers is to start small with a store card at a place where you do a lot of shopping, preferably one with a low credit line.

That way you can build a little credit without worrying about getting in over your head.

With debt, you control the debt, you control everything number seven Cash is king.

Have you ever been to a restaurant or store that Onley takes cash?

It may seem to be an odd choice in the modern day, but there's a very rational reason behind it.

Businesses get charged for every swipe of a credit or debit card, often including refund swipes and even miss swipes, so you can understand why they just rather not deal with that sort of cash bleed.

On the other hand, some banks or credit unions also charged their members of fee when they swipe their cards as debit rather than credit.

It's usually something small, like a quarter, but it's still a wise move to read the fine print and make sure this isn't something that affects your account.

Most of us love to travel, and oftentimes the excitement of our upcoming trip can factor into forgetting something very important.

Be sure to let your bank or credit card company know in advance when you're planning to leave the country on vacation.

Otherwise, be prepared to get hit with a lot of fees for swiping your credit or debit cards while on foreign soil.

It's sort of like roaming on a cell phone plan.

It's super expensive and best to be avoided.

If you could do so at all costs, either bring cash or give your bank a call and explore your options.

Speaking of cash, the next entry on our list is something you should think about before and after any vacation into a foreign country.

It may seem smart and convenient to exchange any of your own currency at a bank to the denomination of where you're going, but there are other options.

Oftentimes, banks won't be offering you a very good deal when it comes to an exchange rate.

Not when there are specialists you can visit to get a smidge more for your money.

Oh, and be sure to do this before returning home to There are usually plenty of options for tourists to do.

From a financial standpoint, you are now in heaven.

Number four, the right of set off the right of set off, also known as a banker's lean refers to when you have both a checking or savings account and alone from that same bank.

This could be a mortgage business or personal loan, and it basically means that the bank can take money from your savings or checking.

Should you fail to make payments on your other loan.

Now any sort of big money loan should always be negotiated in good faith.

But sometimes things happen and we can't make those monthly payments.

This is where the right of set off comes in.

Transferring your funds into another bank could delay this, but only as long as it takes for the bank to come at you by other means.

No one likes to talk about fraud, but unfortunately, it's a growing concern.

There isn't a one size fits all solution, but among the possible fixes the card industry is recommending is a technology called token ization, which replaces cardholder information such as account numbers and expiration dates with unique Siris of numbers that validates the customer's identity.

Debit cards may be favored for speed and convenience, but it's paying by credit that gives you the most protection when it comes to fishy activity.

When you use your credit card, your protected under the liability umbrella of the credit company.

Whereas when you use a card as a debit, any fraudulent activity still results in your money being spent.

Who are the perpetrators of these cybercrimes?

They could be sitting next door behind the keyboard there, or they could be on the other side of the world.

Quite frankly, because those funds air gone, there's a smaller window for you to report any fraudulent activity.

After this window closes, you may be held liable for more than you bargained for.

Hey, I don't wanna hear that defeatist attitude.

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Top 10 Dirty Secrets Banks Don't Want You To Know

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