The entire globe is in a tail spin economically due to fraud involved in American bank mortgages. The government, controlled by those who have the most to spend is providing the golden parachutes to those who committed crimes against the American home owner. Yet consumers are left with only the new awareness of all the unsuspecting frauds, and the ability to exercise extreme caution. Financial literacy does pay !
Banks will not offer anything that will benefit you unless prompted, no matter how high your credit score. The best customers with clean credit ratings, ongoing relationship with the lender and adequate collateral still have to ask for the loan rate to be lowered by one-half to one percentage point. It is your financial life, it is up to you to be prepared to go in fighting for the best deal you can get. And you must be prepared with knowledge and options to negotiate any terms to your benefit.
When taking out a loan, tell the loan officer you don’t want ‘Credit Life and Disability Insurance’ on your loan. This insurance cover’s the bank’s interest – not yours. While not required, such insurance is often slipped into the loan, increasing its cost, without the customer knowing or understanding that it is a charge that can be refused. This added premium is then subject to hidden finance charges over the entire life of your loan. Check with your own personal insurance man for his opinion of what will cover your needs.
Bank’s marketing strategy is to collect as many fees as possible. Overdraft checking fees is their favorite! They will allow you to even over charge on your debit card, of course, you find out later when you receive the notice of the fee. Ask your bank to ‘red flag’ your account, usually a no cost service. With the account red flagged they should call you to notify of the overdraft. IF you can cover the overdraft that day, the bank normally waives any overdraft fees.
Shop and compare banking fees and options when considering opening up a checking account. One I found even charged you to close the account. Please be aware of the small print, ask and compare before signing anything.
Banks will not offer anything that will benefit you unless prompted, no matter how high your credit score. The best customers with clean credit ratings, ongoing relationship with the lender and adequate collateral still have to ask for the loan rate to be lowered by one-half to one percentage point. It is your financial life, it is up to you to be prepared to go in fighting for the best deal you can get. And you must be prepared with knowledge and options to negotiate any terms to your benefit.
When taking out a loan, tell the loan officer you don’t want ‘Credit Life and Disability Insurance’ on your loan. This insurance cover’s the bank’s interest – not yours. While not required, such insurance is often slipped into the loan, increasing its cost, without the customer knowing or understanding that it is a charge that can be refused. This added premium is then subject to hidden finance charges over the entire life of your loan. Check with your own personal insurance man for his opinion of what will cover your needs.
Bank’s marketing strategy is to collect as many fees as possible. Overdraft checking fees is their favorite! They will allow you to even over charge on your debit card, of course, you find out later when you receive the notice of the fee. Ask your bank to ‘red flag’ your account, usually a no cost service. With the account red flagged they should call you to notify of the overdraft. IF you can cover the overdraft that day, the bank normally waives any overdraft fees.
Shop and compare banking fees and options when considering opening up a checking account. One I found even charged you to close the account. Please be aware of the small print, ask and compare before signing anything.
Please contact your personal credit risk assessment planner at SPECTRUM RESOURCES to learn more ways to live inside your income. Call 863-967-0660 or email: SpectrumResources@tampabay.rr.com and visit all our blogs to learn more: http://moneysavingtips.polkvoice.com/ and http://spectrumresources.wordpress.com/ and come back to: http://financialeducationandoptions.blogspot.com/
Tax exempt donations are always welcomed to help us help others with financial education. Mail to: SRDC 2014 Brentwood Dr. Auburndale, FL. 33823
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