“I sincerely believe that banking establishments are more dangerous than standing armies.''
Dosh, dough, loot, score or wonga. Whatever you want to call it, money is a fundamental aspect of our everyday lives.
As a result, we need banks as much as they need us, but the trust we put in them isn't always deserved.
Often banks will lull is into a false sense of security, only to then hit us with nightmarish fees and sky-high interest rates. We've all been there...
We know that navigating your way through the world of banking can be confusing at the best of times, which is why we have dug a little deeper into this hidden world, so you don't have to.
From tips and tricks to debunking myths, join us as we uncover some surprising secrets that banks don't want you to know about...
Last year a study found that a quarter of Britons are struggling to make ends meet, with many turning to loans as a result!
1. You Won't Always Get The Advertised Rate!
Many people are unaware that lenders aren't actually required to offer the advertised rate to all of their applicants.
Only a small percentage will receive the deal, while the rest can be offered a more expensive rate.
2. Charged for extras you don't want!
Sometimes you can be offered a variety of extras depending on the type of account you have. These generally include things like free travel insurance which you will be charged a monthly fee for.
In reality though, unless you are using all
of the extras on offer -and lets be honest, which of us do?- then your account probably isn't worth the money your paying for it.
3. Retailers are charged a processing fee!
Retailers are charged a processing fee each time you splurge using a debit or credit card -can you guess where the majority of that fee goes? That's right, the bank! Even when you are spending your own money, banks profit.