Because banks are in a competitive business, they sometimes advertise special offers to obtain customers’ business. While these offers can make certain banks very appealing, there are a few things people should do and consider before they take advantage of what may not be a great deal after all.
1. Read the Terms and Conditions of the Offer
Because banks want customers’ business, they may try to lure them in by advertising only the perks of special offers without being upfront about the conditions. For example, they may advertise five percentage off new check purchases without immediately disclosing the minimum order amount or the fact that people will be signed up to buy new checks every month.
2. Read the Terms and Conditions of the Account
Usually, bank customers receive perks for opening new accounts. Therefore, customers should also read through all the terms and conditions of the new account they are signing up for. If the account has minimum balance requirements or if it charges a number of fees, customers could end up losing more money than they would make from the special offer.
3. Determine if the Perks are Available Elsewhere
While saving five percent on bank-issued checks is nice, five percent is not a good deal when customers can go to a website such as http://www.checks-superstore.
4. Determine if the Perks are Worth the Hassle
Some bank perks are better than others, but even good bank perks may not be worth the hassle if the perks offer products, services or discounts the customer does not really need. Customers should determine if they really need and want the bank account with the special offer or if they are just responding to effective advertising.
5. Consider the Whole Picture
Opening up new bank accounts can have more of an effect on a person’s financial situation than they realize. Opening new accounts can temporarily lower a person’s credit. Obtaining a new credit card can tempt people to dig themselves further into debt than they already are. People should stop to consider the larger ramifications of their banking decisions.
While banks’ special offers can get people into financial trouble, they are usually just an innocent way for banks to get more business. Whether or not people take the bait is completely up to them.
This is a guest post written by Madyson Grant
No More Struggling To Keep Your Home Clean
Subscribe to get your copy of this Weekly Cleaning Schedule Printable.