Secrets that banks don’t reveal to you | Fusion - WeRIndia

Many people don’t realize that banks charge them for a lot of things.

There are many hidden charges and extra things hidden in fine print that people don’t realize until they have to pay.

Here are some of the sneakiest tricks that banks use to get extra money from people.

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Don’t trust advertisements

Ads are made to draw people in. They give numbers that are not accurate or they are usually conditional.

Most of the times, you don’t get the rate that banks advertise. They don’t have to always offer the rate they specify to all customers.

This means you need to check what category you belong to and see what is offered to you.

Paying debts off early doesn’t save money

Many people with debts often try to pay it off quickly to avoid extra charges. People think it is good to clear loan EMIs early as well.

However, do you know that banks can charge fees for paying off the loan before the end date? Make sure you read all the terms before taking a loan.

Digital might be costlier

In this modern era, many people are going digital. However, Indian monetary system isn’t exactly encouraging this.

Retailers are often charged an extra fee when customers uses their credit or debit cards. Ultimately the extra fee falls on the customer.

Maintenance fees

Many banks charge a maintenance fee for maintaining your account. The condition could be that you need a certain amount of minimum balance to avoid this fee.

Make sure to go for a bank that offers zero maintenance charge.

Card fee

Card users should know that cards are not free. Customers usually have to pay anything from ₹100 to ₹500 a year for their debit card usage.

It also costs extra if you lost one and have to get a new card.

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