Thread: Todays Banks

Originally Posted by Disco44

What happens if you lose your ability to repay and that can happen with an accident at work or being made redundant.

You get insurance - all good lenders should have this available. It should cover accident, illness, involuntary unemployment and death

Originally Posted by ramblingboy42

The banks do nothing wrong.....in fact they do most everything right......if you dont like the way their fees affect you, go in and talk to them about how you can reduce fees by changing the way you operate your account(s)......funny thing is , they will do this for you as a free service. You can also have a chat to them about becoming an investor....its really , really simple. They will openly and honestly teach you the error of your ways. Dont fight them, join them.

This is an excellent point. Sales staff get recognition for sales they make (as in new accounts they open). A good sales rep (eg. someone who opens accounts, not a teller) is focused purely on getting your banking in the best shape possible for you. If they can see you have an account charging you unncessary fees they will jump at the chance to change you to a better product because they get something out of it. They don't get a commission but they will get another gold star next to their name and get themselves closer to a promotion or on their yearly review they may be eligible for a pay increase. (It's based on a number of factors)

If you haven't been to your bank and sat down with a sales rep in the last few years it could be worth giving them a call and making an appointment. They can do a full review of your needs.
For example, since you are all on the internet you should all be getting at least 5% on your savings without penalty. If you're not earning interest you could be and there aren't fees involved.