Most banks have certain policies on the disclosure of your personal information to private individuals. They all have rules regarding the information it will make available. They never divulge information unless there is a court order. But it is not the same when people from credit bureaus or genuine grantors of credit, inquire about your bank records.
Banks usually are very open in supplying information. Especially if you list the bank as your credit reference.
The following are the information the bank usually discloses:
1. Checking Account status - whether it is good or there have been overdrafts.
2. Loans - if you have existing loan with the bank. They even give the information on how long the loan is and if you are making the payment on time. Also the type of loan you have with the bank, mortage, personal loan or auto loan.
3. The size of your savings account - they don't usually give the the exact amount but they give the idea how much by providing the number of figures of your deposit.
Banks give credit institutions updated information about your available credit and the manner you are paying your loan. These are at times the basis of credit card companies in giving your maximum allowable credit lines.
A good number of merchants inquire from the bank if the check you are presenting is good. They also inquire if the credit card you are presenting can cover the amount you are purchasing. They don't give the exact amount but they will tell if the merchant can go ahead with the transaction.
Now, the question is, can we prevent a bank from giving out this information?
The answer is No.
It is virtually impossible to stop them from giving away the information on your bank accounts. Unless, you are doing business with a very small bank and they know you well. You can always request them to withold any information on your bank accounts. This is especially true if the bank is not automated.
The only setback of this is, if you wanted your credit grantors to get the necessary information on your bank accounts to be able to obtain additional credit more easily.
Banks Play Tricks with Interest
Loan officers play tricks for banks to earn an additional 1/4% or even 1/2% from borrowers. Here are some of the tricks to watch out.
1. Loan officers prefer to do the negotiation at the bank. Since it is a familiar territory, they have the advantage over the borrower.
2. They don't mention the interest rate at all. They just fill it in on a note.
3. They will give you an x% since you badly need the money today. Promising to discuss it later for a much lower rate. He hopes that you'll never going to bring it up again. Certainly he won't.
4. They will talk as if the rate for a certain type of loan is final and no longer negotiable when in fact there is always room for negotiation.
5. They intentionally postpone the rate discussion for as long as possible, hoping the borrower will weaken under deadline pressure.
6. Emphasizing on how little the interest cost after taxes, comparing it with finance company rates, secondary mortgage rates or the cost of equity capital.
To counter some of these tricks, you may want to try these.
1. The first question you should ask to the loan officer is the interest rate so you will have this information as your basis for future negotiation.
2. Do the negotiation in your office not at the bank. This will give you a familiar ground.
3. Negotiate everything as a package including the rate, repayment schedule, collateral, compensating balances. Remember, bankers strategy will be to try to nail down everything else and then negotiate interest rate when the borrower has no more leverage and no room to maneuver.
What Banks Don't Tell You
1. Some banks say they let you draw on all checks immediately, provided you put up another bank account as collateral. Truth is, if a check backed by a six-month certificate bounces, the bank can break into the certificate before maturity. If it happens you will have to pay an interest penalty.
2. Banks like to publish their effective annual yield, whereas money-market funds are legally permitted to advertise only the simple interest rates. The long standing rule inadvertently conceals the fact that money-market funds do compound interest on a daily basis. If a bank and a money-market fund pay the same rate, the bank will appear to offer more by advertising the effective rate.
How Safe is Your Bank
When banks run into financial problems, they behave like any other troubled company. They sometimes try to hide problems and limp along the best they can. Here are some signs to watch out.
1. There's a high turnover among the officers. 2. Paperwork and record-keeping become sloppy. 3. The bank encourages customers to extend credit when officers know it really isn't necessary.
Women who have similar kind of thoughts about men, careers, cosmetics, shoes etc. support each other and maintain amity between them. But sometimes when you are practicing a diet you may not get the same level of support from your friend. Her attitude towards your diet, nutrition and fitness programs may de-motivate you and keep you away from weight loss goals. When it comes to choose your nutritional plans don't just jump with your friend's choice. Rather choose according to the requirement of your body's and don't compromise with your health and weight loss program.
Many people are crazy about diets and always keep on talking about weight loss, fitness programs and come up with long speeches about eating the right kind of food. In real, if you investigate you will find that she does nothing for weight loss. But still she talks a lot about her food, fitness and dieting. Its better not to feed their bogus passion by encouraging her for further talks but instead you can change the topic of discussion. You can talk about something like shoes rather than talking about diets and weight loss. This will help you to curtail the negative energy and will ensure you to focus on your weight loss goals.
Few people might have all the knowledge about weight loss regimes and techniques. She might know that how much calories are there are in twenty peanuts and the time you will have to spend on your treadmill to work out the extra calories. Although they have vast knowledge sometimes they forget what is good for them. You may find people practicing strict schedules and are obsessed with weight loss regimes. Try to help them from such life threatening fascinations. These kinds of strict practices can lead to life threatening disorders like anorexia nervosa and bulimia nervosa. Instead of encouraging her with these practices advice her to seek immediate help and not to ever participate in these malpractices because it's danger levels.
Suppose one of your friends is a real foodie who loves to have junk food items, nothing can really keep away from having junk stuffs; she is far from doing exercise, besides she smokes a lot. Now what to do with her? If you are a real friend and want her to be good and healthy then try to take the chance for occasional indulgence with her like sharing an ice cream or French fries with her. If she is your one of the best friend who meets you regularly then you must decide carefully about how to change her way of thinking instead of following her unhealthy methods. The process, which your friend is following, is not actually the way to be on a diet. Diets are for shedding the extra calories from body and help to maintain a body in a healthy state. Diets practiced in an obsessive way when becomes threatening to life must be stopped immediately and if possible proper medical attention to be provided to the person.
Numbers of diet plans are available now in the market. Many diets have become the latest trends and people follow them religiously in order to attain the perfect shape. These trendy and fashionable diets are known as fad diets, which are only a temporary solution for a lifelong long problem of obesity. Instead of going for a fad diet, plan your weight loss programs carefully according to the requirement of your body. The diet plan, which you will prepare, must tackle the energy balance equation and the calories of the body. Instead of choosing the fad diet recommended by your friend its better to consult a trained dietician who can tell you whether this particular diet plan is a friend or a foe to your body.
Both Janmarco & Alex Fyfe are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Janmarco has sinced written about articles on various topics from Make Money Online, Personal Finance and Vegetable Garden. Samuel Quino is the website publisher of .Visit. Janmarco's top article generates over 8100 views. to your Favourites.
Alex Fyfe has sinced written about articles on various topics from Fitness, Anti Oxidant and Personal Finance. Alex Fyfe is an expert in the area of health & Fitness and has published numerous documents which can be seen various article sites and on