Bank managers are not your friends

You probably have friends that say they have an amazing relationship with their bank managers, telling you that their bank managers are their friends and solve everything for them.

One thing you should know is: in this relationship between you, client of the bank, and your bank manager, employee of the same bank,there will always be a kind of conflict. It means what is good for your finances,it may not be good for the interest of the bank and your friend, the bank manager. Did you get it?

Your bank manager probably has already offered you some products without even analyzing your needs and goals. Banks push you to buy expensive insurance that covers minimum payments on your credit card if you’re sick or injured. They may enroll you in a plan without authorization when you get a credit card, then put the onus on you to opt out.

When you take out a mortgage, banks often link their life insurance to the application. They don’t tell you that life insurance is optional and is available at much better terms outside the bank.

 If  your bank manager had your best interests at heart, wouldn’t they tell you that the best investment is to cut down your debt, especially in the early years of a mortgage when interest costs are highest?

Do not fool yourself  bank managers work for their banks. They are not your friends. As good employees, they work to make  their banks profitable. Bank Managers have goals to accomplish, which includes offering you bad investments, high rates loans or loans with hidden fees...and so on...

Remember that even if you have a good relationship with your bank manager, the first goal of your manager is maximize the profits of their banks.  

Mintco Financial is an independent financial company that works for its clients, analyzing and researching the best solution for your financial needs." We work for you."

www.MintcoFinancial.com