The Canadian Banker Association (CBA) states that there are approximately 6,303 bank branches across the country. Regardless if you work with a rural, small-town branch or a larger corporate facility, banks can be seen as a little more secretive than we’d like them to be.
In a study conducted by the CBA, it shows that about ninety per cent of people in Canada trust banks as being stable and secure. Given this fact, it’s no surprise that a bank can help educate a person on their finances; however, there are some features of banking that often go missed, and this can incur some added fees, overdrafts and a lot of confusion.
How can someone ensure that they’re up-to-date on private banking information? Here are our three tips to remember when it comes to you, your bank and the money in-between:
- Negotiate Well
There are several different expenses that your bank can charge you, and a lot of the time, people are unaware of them until they’re charged. Unfortunately, banks have a right to pay themselves back. However, it’s common for Canadian banks to remove added fees, and sometimes all it takes is negotiating to have them either cut down or dropped entirely.
Overdraft fees can drain your wallet due to high interest rates. If you have a tendency of going over your monthly credit limit, block your card at its capacity to prevent yourself from getting charged.
- Read the Details
Whenever you’re going for something new, it’s crucial that you know every detail of the agreement. Particularly when it comes to banks; whether you’re applying for a new credit card or opening a bank account, make an appointment with a financial advisor so that they can go through the terms and conditions with you. Alongside this, the more research that you do, the less likely you’ll have to deal with undesired financial surprises in the future.
- Educate Yourself
Keeping yourself updated financially will help you better determine if something seems off with your banking process. Due to tough guidelines and requirements, most of the time, the rates that banks advertise are hard to qualify for. Not to mention, they don’t always promote their best rate accounts. Compare bank rates, do your research, and ask questions – the more you know about how a bank works, the better deals you’ll get.
Turning a blind eye to how the financing industry functions and not negotiating added fees, or neglecting to read the fine print, could be extremely costly to you. The next time you have a banking inquiry, be sure to keep these tips in mind to avoid confusion and ensure that you’re availing the best deals.
If you are working on educating yourself on finances, you should also think about building your credit. Visit Canada Auto Experts or call 1-855-550-5565 to talk to a credit specialist today!