My Bank Wants To Make Money From Me
There is a long standing image we share about banks. It may have once been true but it is now just a relic from the past. It is the myth of the caring bank manager. Do you have any idea who your bank manager is? Do you suppose that if you phoned your bank and asked for an appointment to see the manager you would get to see him? These days the bank manager is a distant and irellevent figure and this clearly demonstrates how banks are these days. They are commercial oraganisations with just one priority. Making money from their customers.
If you walk into a bank and ask to open an account because you get one small payment each month they will have little enthusiasm or interst in you. They won’t expect to make any money from you. Walk into the bank and tell them you just won 8,000,000 on the lottery and you will be offered coffee and a comfortable ‘fireside’ chat. They will be talking to you but they will be seeing money and profit signs in their eyes. This shows where their priorities are. They are not your friend. They are not your mentor and advisor and they are not your husband, wife or partner. They are a business which makes it’s money from people like you.
Their staff may have been set targets of how many financial products they are expected to sell each week and they may well receive a bonus for achieving that target. This being the case, do you suppose that they have your best interests or their own bonus payment at the end of the month? They are only human after all. At least they might feel a little guilty about it but the bank as an organisation doesn’t care. You are just a number to them and you are either profitable or you are not. If they can’t make a profit from you then they don’t want your business.
There is nothing actually wrong with that approach. A business exists to make money and the banks are businesses. What is wrong is that they allow and encourage this myth that they are your friend. They Are NOT your friend. Don’t be hoodwinked.
When you deal with your bank always, always, always keep in mind this phrase. ‘They want to make money from me’. They do provide useful services and they are almost essential in modern life but they are not your friend and their services are provided to you because they want to make money from you or from your money.
They demonstrate self interest time and time again. Do you think that them charging you excessive amounts of money for a failed payment is good for you? If I wanted someone to educate me about keeping track of my balance I would hope they would do more than just treat me like a criminal and fine me. Banks are not your friend. It is a purely business relationship.
Never trust your bank and assume they will do what is best for you. Never simply accept their advice -consider if it is right for you and perhaps get a second opinion from a qualified professional who will not benefit from you taking the action suggested. If financial advice is given that benefits the person giving that advice then it should always be treated with caution. If financial advice recommends a competitor then it may be more genuine.
Always remember…’My Bank Wants To Make Money From Me.’
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