Aug 2009
7
by micharch
Secret #1: For many banks, the most profitable customers aren't the mass affluent -- they're "Joe Lunchbox."
Secret #2: Banks hope frequent overdraft customers don't understand the alternatives.
Secret #3: Those helpful new customer set-up kits, designed to make it easy to switch banks, also try to make the account "sticky."
Secret #4: Long-term relationships matter.
Secret #5: Banks want you to enjoy the "advantages" of paying with credit, debit, check and cash -- because it will make you more likely to lose track of your money.
http://finance.yahoo.com/expert/article/moneyhappy/181074
©2009
Re: Secrets that Banks Never Wanted You to Know About
Yep..secret #2 is absolutely true...experienced that as a young man without much financial discipline. You have to ask about the overdraft protection. Many banks won't even transfer funds from your savings to cover an overdraft without charging a big fee. Thankfully I learned from the experience and haven't bounced any checks since.