Evaluating Customer Service Quality
The most important thing is customer service the bank should respond to your request and problems as soon as possible, because most of us avoid opening an account in a certain bank due to the bad experience of someone we know or by listening to the news. Though customer service matters we also look an interest rate provided by the bank, then we should compare shall the bank and choose the one that offers best deal. We should also look carefully at the terms and condition. At times we get an interest rate of only 1% from our bank but if we check online we could also get an interest rate as high as 4%, so don’t jump to conclusions and check all the banks before opening an account.
How to Choose the Right Bank
So many banks which one to choose
There are several banks these days, with increasing demands there can be 5 to 6 different banks in your neighborhood alone. It’s a good thing as different banks have different good and bad points; it gives the customer an option to choose from. What do you want in your bank you decide, friendly customer service, CEO is known, the help you out during troubles, it’s close to your house there are several factor that affect. So before dealing with any bank to a back ground check see if all the other customers are happy and the bank does not irritate them without reason. Check if all the modern facilities are there today there are 100’s of banks big banks, small ones, government ones and cooperatives banks you have tons of choices so choose well.
Understanding Payment Protection Insurance
Banks making maximum profit from payment protection insurance
Most of us take a loan at some point of time; the bank gives us the option of payment protection in case due to is ill health or loss of job we are not able to pay for the premiums. But we are actually being fooled the only person really benefited from this are the bank they make 90% profit on your payment protection policy. It’s good that you will not have to worry about loan but there a few clause you have to read into, you will not get the claim if you are self-employed or a part timer, if your current medical condition is caused by a past medical condition etc., yes there are such clause so before signing the paper read within the lines it might save you from later regret.
They provide you with minimum data and info later you cannot even make a claim, even if you are able to make one it depends on the provider for how much time you loan premiums are paid. Avoid such a situation by taking an independent insurance policy where the company tells you everything and you can be benefitted. If you listen to the bank without checking the policy you will suffer.
Alternative Financing Options for Loans
Banks not sanctioning your loan go for owners financing
You want to buy a house but the bank declines to give you a loan or the rate of interest is high go for loan financing. You can easily get a financing online by searching a bit, the landers will start calling you soon. Though there are a few criteria’s for this as well like credit history, debt to loan ratio etc. But if you get approved there is no down payment required as the bank keeps your land and house both as collateral, while bank can make you pay 20% of the house value for down payment. This facility is available from mountains to coastal areas so were ever you want you can buy land.
