Did you know about the secrets banks are hiding from us?

Are you the kind of person that has total confidence in your banker and who signs, without reading, everything that’s put in front of you? If so, we’ve got some bad news for you! We generally know what a visit to our local branch will bring.

But average consumers have no clue what goes on behind that glass window of their local bank. We talked to a few bank tellers from some major banks, and they debunked some myths but also shared a couple of secrets with us.

Check out 12 things your bank will probably NEVER tell you, but that can save you some hard-earned cash in the long run.

…The term “buyer beware” ALWAYS applies… even in the banking world!

Beware of overdraft fees

Banks LOVE overdraft fees! Many of them will allow you to withdraw more cash than you have in your account at the ATM. But don’t you worry: they’ll charge you an arm and a leg for that privilege.

In fact, tellers have seen over $600 in overdraft fees ALONE on a single $20 overdraft tab! And the sad truth is that banks encourage this. They literally make their rules around it. Know this: Every DAY you’re in the red, some banks will charge you.

Managers will even tell new employees: “Do NOT waive overdraft fees. We like it when they overdraft.” Employees say that there are so many scams happening at banks it would make your head spin!

You don’t necessarily get the advertised rate

One of the many schemes banks play on their customers is the rate they advertise on tv, online, and in newspapers. Lenders aren’t always required to give you the rate that’s advertised just because you apply.

They might only be required to offer that rate to a specific percentage of consumers who get approved, with the rest being offered a more pricey deal.

Certain types of insurance are useless

If you received a credit card from your bank, your banker probably offered you a few different kinds of insurance. But according to experts and employees, some of those insurance products are entirely useless.

This is particularly true for credit balance insurance. In the long run, it’s very expensive and comes with numerous exclusions.

It takes them three days to post checks to your account

Did you deposit a check today? Well, that’s great, but it doesn’t mean you can start throwing money around tomorrow. Banks are in NO rush! After all, if you bounce a check, they get to collect about $30 from you, depending on the branch!

Your account may not be worth the money you’re paying for it

Some bank accounts offer a variety of added extras, including free travel insurance, in exchange for a monthly fee. But unless you use ALL of the amenities they offer, the account is probably not worth the money you’re paying.

Employees recommend you opt for a standard account instead.

Banks aren’t robbed as often as people believe

Yes, people CAN be held up and locked in a vault, just like in the movies. But there is a huge amount of security in ALL banks and credit unions, and employees are taught precisely how to prevent it and what to do in every situation.

There are secret things tellers will do while being robbed to alert the police immediately. They know when and where it’s most likely to happen, what most robbers do, and how they act. And most importantly, what to do to catch them while they’re still inside the bank.

The training is horribly dull and extensive, and they must pass many tests to get on the floor. So anyone looking to rob a bank is simply looking for an easy way to get arrested!

Debit card theft and loss are not as well-protected as credit card theft.

While it’s true that some banks, like Bank of America, will cover all the fraud-ability charges, the protection isn’t as excellent as that of a credit card.

So if this is a significant concern for you, you should contact your bank and ask about all the theft and loss protection coverages that are available to you.

Post-dated checks aren’t foolproof

A post-dated cheque is far from being foolproof. Some consumers are often shocked to learn that their bank processed a check before its written date, resulting in penalties due to a lack of funds in their accounts.

Typically, banks agree to refund their clients’ money and cancel the check. But getting them to see it your way can be challenging. You’ll probably have to spend a lot of time on the phone explaining the situation to them.

Every time you swipe, banks cash in

Did you know about this? Each time you spend money or pay for anything using your credit or debit card, you pay a price. The store is charged a fee for processing your transaction. And most of that amount goes back to your bank.

So even when you’re spending your own money, the bank still cashes in as a result.

Beware of the universal default clause

You might be itching to sign up for a credit card with your local branch. But before you do that, make sure you inquire if it has a “universal default clause.” This is also commonly referred to as “the ultimate poison clause in credit cards.”

If you find out that it does, run for the nearest exit sign. This clause allows your bank to look through all your credit accounts, and if it notices that you’re delinquent in paying a bill on a different card, it gets to jack up the interest rate on the one you have with them.

Paying your debt off earlier can cost you more

Here’s an interesting tidbit you might not have known: anytime you want to pay off your debt, you actually end up paying a bit more! The fact is that with mortgages and loans, you would think that paying off your debt ahead of schedule would be a fantastic way of getting ahead.

But many lenders will hit you with an additional charge for doing that. Make sure you read the fine print on any contracts you have regarding this.

Your bank might not be the best place for you to invest your money

Your bank isn’t always the best choice for you to invest your finances. Branches can’t always offer all the savings and investment products that are obtainable on the market.

To sum it up, there might be a more profitable outcome for your situation. But your bank can’t always offer it to you.

Bonus Tip: Did you know?

Increasing the credit limit on your card is easy! For instance, let’s say your credit card limit is $400, and you need to pay off a $500 bill. Just go to your local branch, and have the teller pay $100 to your account.

This will stretch your limit. But be aware that this trick doesn’t work online. Usually, the website will only let you deposit your limit’s worth of money and 10% of your balance.

Need some help staying on track? We recommend this nifty little budget planner to help you stay organized!

Be sure to leave us a comment and let us know if you know of any other secrets you’d like our readers to know about. And if you found this article useful, we also think you should check out: 6 Tips To Pay Off Credit Card Debt FAST