The bank representative calling you on a busy afternoon with a loan offer that’s too good to be true knows just how to get you to his side. He’ll joke with you and call you regularly, making you feel like it’s providence waving a loan at you. It’s not fate, it’s a sales trick. Here are some things your banker would rather you didn't think about much.
Personal bankers are salespeople
The banker sitting behind the desk is no different than the guy selling TVs at an electronics store. Personal bankers have sales quotas like any other sales person, and most of their salaries depend on commission. According to a November 2012 posting on a recruitment website, for the branch of a private bank in south Delhi, candidates for the post of personal banker were only required to have passed out from a post-graduate management program. Good communication skills were the real clinchers.
Nothing is free
The term ‘free’ must raise a red flag in the case of all financial contracts It can be extremely misguiding. Broadly speaking, there are hardly any services, including banking, that have absolutely no charges.
You can change your mind
Most people do not know that there is a 15-day period after signing the contract within which they can change their minds. It’s called Free Look Period and it refers to a standard practice with respect to insurance policies. But banks tend to keep this information to themselves.
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