Have you ever considered that your bank is unfairly taking your money?
If you are like most people, you might feel inclined to answer with a no. We have come to accept that our banks take our money as a matter of course. The banks use this money to lend it out at a profit, and we are supposed to be grateful for the small service.
But is it really so simple? Do you really have to be grateful for the service?
Between the fees of owning a bank account and feeling disadvantaged every time you look at your statements, it can be a hassle having a bank account. While it would be convenient to avoid all these needless fees, it’s impossible to get along in everyday life without a bank account.
Because bank accounts are necessary, it’s important to be aware of ways that you’re being ripped off by your bank. This way, you can take the steps needed to avoid losing money.
#1- Little to No Interest
If you have a bank account, it’s likely that you’re earning little to no interest on your savings. This is because the banks charge interest on all of their accounts.
Most banks do not offer any sort of interest for checking accounts or debit card purchases. Those that do offer very low interest and that interest only applies to certain purchases.
They are not concerned with how much money you actually have in your account, and they will use whatever means necessary to make money off of you.
#2- No Cashback
Of course, banks do not usually offer their customers any sort of cashback incentives. This is especially true for debit card usage. Most bank customers know that banks can afford to offer some sort of reward incentive, yet most of the time this is never an option considered.
Instead, they take a small fee from each purchase that you make. If you have a bank account, it’s likely that your bank takes a fee on every debit card purchase.
It doesn’t matter if you use your debit card for convenience, such as at the grocery store or gas station, or if you use it for emergencies like an ambulance ride or an unexpected car repair. In both cases, you are being charged for using your bank’s services.
#3- Maintenance Fees
A wide variety of banks implement something called a “maintenance” fee. This means that the bank charges customers a sum of money each month for having an account with the bank.
Many banks will charge you for every single maintenance service that you request. This is a money–making opportunity for the banks, as they can collect a fee for every repair that needs to be done.
You may not even realize this, but most banks will charge you for anything from checking your balance to transferring money from one account to another. Banks don’t even have to give a reason for charging these fees. You’re simply being charged because the bank wants more money and it will use any means necessary to get it.
To have these fees waived, users have to keep a certain amount of money in the account at all times. Because this sum is usually quite high, banks are charging customers money for not having enough money.
#4- ATM Fees
The ATM fees that you pay at your bank are simply an example of how the banks use their services to their advantage. While most people don’t realize this, you will be charged a fee for using an ATM machine in your bank.
Big banks want their customers to use in-network ATMs. As a result, they tend to charge fees of nearly $5.00 if a customer needs to use an out-of-network ATM.
The fee that you pay for using an ATM machine is usually determined by the size of your bank account. As long as you have enough money in your account, you will not be charged a fee. However, if you don’t have enough money in your account, then the bank will charge you a fee to use an ATM machine. This is just another way that the banks use their services to their advantage.
This means that to avoid fees, a customer needs to either search for an in-network ATM or use no ATM at all, which is inconvenient.
#5- Overdraft Fees
As another way to punish customers for not having enough money, most banks charge overdraft fees.
If you use your bank account to pay for something that you don’t have money for, then you will likely be charged a fee.
Rather than not allowing the customer to overdraft their account, banks allow charges to post that are not actually in the account. As a result, the customer is then fined due to the fact that the bank allowed the transaction.
When this happens, it’s likely that you will be charged a higher interest rate than the standard rates. This is an example of the banks using their services to their advantage. They want your money and they will do whatever it takes to get it.
Banks do not get rich by helping their customers better their financial futures. They typically get rich thanks to the myriad of fees that they implement for the slightest inconvenience.
There you have it, some of the top ways your bank is unfairly taking your money. There are options like
the Aspiration card that allows users to escape these five bank-related pitfalls.
How to Deal with Deceptive Practices from Banks
As a consumer, you have the right to be treated fairly. You have the right to be protected from unfair practices that take advantage of you.
Unfortunately, most people don’t know how to handle these situations. The first step is to become educated about the banking industry. There are many great resources available for learning about this topic.
In addition, there are ways that you can combat these practices without having to resort to lawsuits.
1. File Consumer Complaints
The first basic rule of tis to file a complaint with the appropriate regulatory agency. Most of these agencies are very well–established and have established policies that help them ensure that their clients are treated fairly.
When dealing with a bank, it’s important to first make sure that you are not being taken advantage of. The best way to do this is to file a complaint.
There are many ways that you can file a complaint to consumer advocates, including by using the Better Business Bureau or even filing a complaint with the Bureau of Consumer Protection at the Federal Trade Commission.
These are organizations and federal agencies dedicated to providing consumer protections and preventing damages or injury to consumers of credit card services, among others.
In addition, you can contact your local branch of the bank directly. Most banks have branches in different areas and they will be happy to help you if you have any problems. If this doesn’t work for you, then feel free to contact the Better Business Bureau as well.
2. Report Violations and Deceptive Practices
The second step is to make sure that you know what deceptive practices are taking place so you can move forward to reporting violations, if any are taking place. This is a vital step, as most banks will use deception to keep their customers in the dark about how they’re being ripped off.
This can be done by taking advantage of the online resources that exist for this purpose. If you take advantage of these resources, you will learn about banking practices (such as deceptive debt collection practices), the laws that bind them, and how they can be used to your advantage.
Reporting violations and deceptive practices is very important. While it’s crucial to protect yourself from unfair practices, it’s also important to report them so that the banks will be held accountable.
After reporting violations to relevant federal agencies such as the Better Business Bureau, then they will notify the bank of your complaint. If you are reporting violations to your state Attorney General, then they will also notify the bank of your complaint.
This is a good way to ensure that you are being treated fairly by the bank.
3. Change to a Different Credit Card Company
While there are no real ways to avoid banks altogether, you can still reduce the amount of fees that you are charged. What you need to do to deal with deceptive practices from banks is find a way to better your financial future. The best way to do this is to switch to a different credit card company.
Not only will this change allow you to potentially avoid exorbitant fees, but it might also give you a higher credit limit than what your bank is currently offering.
This can be done by investing in an Aspiration card, which can provide the opportunity for users to earn money on every purchase.
There are a number of different options available, and users can make the decision that is best for them. For example, they can choose to have their monthly bill paid automatically with the Aspiration card. This way, users won’t have to worry about bills or expenses at all.
4. Call for Legal Action
The third step is legal action. If the bank does not respond to your complaints in a timely manner, then you may need to take legal action against them for any damages that you have incurred as a result of their actions.
You can do this by filing a lawsuit against the bank for damages that they have caused as a result of their deceptive practices and/or violation of consumer protection laws. When filing such a lawsuit, it’s important to know how much money you are owed and what exactly has been damaged as a result of these violations.
5. Report Any Suspicious Behavior Quickly
Finally, w
hen dealing with any sort of financial institution, it’s important to be aware of suspicious behavior. This means keeping an eye out for anything unusual about the account or services that you are receiving from your bank.
If something doesn’t seem right, then take action immediately. For example, if there is an unusually high fee being charged on your account and there is no explanation for it, then report this issue immediately.
You should also report any suspicious issues as soon as possible. Fraud is one of the most common issues that you will encounter when dealing with banks. In addition, there are some simple ways that you can help prevent fraud.
The best way to do this is to make sure that your account information is kept safe and that it is secure. If your account information is compromised, then you could be a victim of identity theft or fraud.
And if you receive a fraud alert, then you should report this in the form of a fraud claim to your bank immediately. Making a fraud claim as soon as possible can help you minimize any damages to your savings account. 
