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How to Avoid Common Banking Mistakes

By: William J. Lynott
Posted: June 28, 2011, from the July 2011 issue of Skin Inc. magazine.

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Failing to check with other banks for the best interest rate. The banking industry has become very competitive in these difficult times. The result is a wide variance in such things as interest rates on loans. Always shop around for the best interest rate; there are many other places, especially online, that offer attractive deals whether you are saving or borrowing.

Opting out of paper statements. You’ve probably noticed those inviting suggestions from your bank that you opt out of receiving paper statements each month. It’s a good idea for the bank because it saves them time and money, but it may not be a good idea for you. It can be much easier to spot irregularities when you examine your paper statement each month than it is on a website, and banks can and do make mistakes.

Avoiding a personal relationship with your branch manager. If you want to be sure that you’re getting the most favorable treatment from your bank, it’s important to establish a personal relationship.

Don’t hesitate to ask for a meeting with your local branch manager to introduce yourself. Tell the manager a little about yourself and your business. When it comes to straightening out a problem or asking for a loan or other help, there’s no substitute for being personally acquainted with the powers that be.

William J. Lynott is a veteran freelance writer who specializes in business management, as well as personal and business finance. His work appears regularly in leading trade publications and newspapers, in addition to consumer magazines such as Reader’s Digest, AARP Bulletin and Family Circle.