Really didn't have anything to say today, but then...
I was visiting some other finance blogs; including the leader, Walletpop, when I ran into a story that reminded me of a nasty episode from about a year ago. Read over at their blog that bank employees are commissioned sales representatives; imagine that? The author told about some bank practices where they try to steer you toward product you don't want, just to get commissions.
I remember when I moved to the area where I now live. I went to the local bank to open a checking account and was asked if I wanted to apply for a credit card. I told the bank representative "no", that I had a lot of credit card debt and that I would get turned down. Besides, every application for credit is a negative mark on your credit rating, so I certainly wouldn't apply for credit that I didn't even want. The bank representative talked me into opening a savings account however, and called the plan something like the "triple plan".
I guess I should have been wiser, because it ended up that the "triple" plan meant I was establishing not only a checking account, but a savings account and a CREDIT CARD account, too! Unbeknownst to me, I had applied for a credit card even though I had told the guy I didn't want to do precisely that. As expected, I was turned down for the card, and, of course, my credit rating was impacted.
I'd tell you the guy's name and the name of the bank, but I still bank there today just because their location is so convenient. One day I'll close my account with them, but for now at least I'm aware to look out for the banker's dirty tricks.
I was visiting some other finance blogs; including the leader, Walletpop, when I ran into a story that reminded me of a nasty episode from about a year ago. Read over at their blog that bank employees are commissioned sales representatives; imagine that? The author told about some bank practices where they try to steer you toward product you don't want, just to get commissions.
I remember when I moved to the area where I now live. I went to the local bank to open a checking account and was asked if I wanted to apply for a credit card. I told the bank representative "no", that I had a lot of credit card debt and that I would get turned down. Besides, every application for credit is a negative mark on your credit rating, so I certainly wouldn't apply for credit that I didn't even want. The bank representative talked me into opening a savings account however, and called the plan something like the "triple plan".
I guess I should have been wiser, because it ended up that the "triple" plan meant I was establishing not only a checking account, but a savings account and a CREDIT CARD account, too! Unbeknownst to me, I had applied for a credit card even though I had told the guy I didn't want to do precisely that. As expected, I was turned down for the card, and, of course, my credit rating was impacted.
I'd tell you the guy's name and the name of the bank, but I still bank there today just because their location is so convenient. One day I'll close my account with them, but for now at least I'm aware to look out for the banker's dirty tricks.
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