5 Things Banks Do That Are SPOOKY All-Year-Round

Celsius Network
Oct 29 · 6 min read

When it comes to your hard-earned cash, naturally, you’ll have to wait in line to deposit those notes, or if you’re up to speed you’ll be fidgeting in your banking app — keeping up to date on your financials. But what kinds of things is your bank doing with your precious funds that you may not even know about?

#1 Rearranging Your Payments to Create Overdraft Fees

You know how when the end of the month is approaching, you carefully calculate your spendings to AVOID those crazy overdraft fees? (Yes, those fees starting anywhere from $20 — $35 for every transaction you make while over the limit.) Well, at times it may not matter as your bank also knows how to carefully rearrange things and easily trick their customers. One way this is done is by subtly manipulating the order in which your purchases are charged so that they can squeeze the maximum number of overdraft charges from your account. How do they do this you ask?

  • Wait till the end of the month
  • Wait for you to almost reach your limit
  • Charge you for bills you forgot about
  • Sit on your checks (and delay the process to“ensure everything is legitimate”)
  • Then they will add those charges you thought would not create an overdraft
  • Make a huge profit from charging you a fee for each and every one of those charges

What you can do about this? Calculate all your expected bills 1 week before the end of the month, and leave $50-$100 before reaching your limit. It’s a shame you have to do this, but it’s way better than giving away your $$$ for no reason!

Photo via [https://me.me]

At Celsius, we believe transparency is an essential part of offering fair and rewarding financial services. We provide our members with the tools and resources they need to achieve financial freedom. This includes comprehensive transaction logs, top-tier customer support, and unmatched community insights that allow members to evaluate the health and success of the entire Celsius community.

#2 Selling You Phony Products

A Wells Fargo report from 2016 reports that 2 million phoney accounts were opened by 5,300 employees:

“The distortion of the Community Bank’s sales culture and performance management system, which, when combined with aggressive sales management, created pressure on employees to sell unwanted or unneeded products to customers,”

Forget about those annoyingly expected bank fees, but fees on a ghost account you didn’t even sign up for? That’s just plain brutal.

Besides fake bank accounts, your bank likely won’t think twice before persuading you to buy products you won’t ever need. These are some of the things you should watch out for:

  • Insurance to cover payments when you take out credit “in case something happens to you,” but they won’t actually cover the debt if you can’t.
  • Banks usually offer the worst exchange rates. If you’re planning a vacation & the spending money for it — you’re always better off with a trusted exchange in these cases.
Photo via [https://meme.xyz/]

#3 Taking Advantage of Desperate Situations

Ever heard of 182% interest on a loan? Why would the entity you trust with your money ever ask for such a thing? You may be surprised, but people can be talked into high-interest loans pretty easily depending on their situation. Imagine knowing your paycheck is due at any moment, but you need to get to work and fill up your gas tank now. Banks will often prey on these kinds of desperate situations by offering you self destructive solutions such as a high-interest loan.

When your Boggart is: going into your banking app and it’s just as spooky as Harry’s dementors Boggart…

Photo Via [www.gfycat.com]

Celsius Network’s guarantee is to only ever provide services and products that act in the best interest of the customer. That means you can access low-interest loans from the most comprehensive terms available to find options that work best for you, as opposed to settling for the terms your bank decides works best for them.

# 4 Charging You Fees for Your Own Money

It’s fair to say that banks provide us with services of convenience and security, like storing our earnings, providing ATMs, etc. But why is it okay for them to make billions of dollars in profit on those funds and then charge us when we ask for our own money back?? Like it’s okay bro, do what you need to do with my money to make your 100% + profit through the stock market, but now that I want it — don’t charge me $6 for a withdrawal! Especially when those fees can easily add up to 5 -15% of the total withdrawal itself!

If you’re tired of your bank charging you phony fees to access your own cash, unbank yourself with Celsius Network. We’ve never had — and will never have — fees or penalties of any kind. Our members have access to high-interest income and low-interest loans without the worry of a toll collector standing in the way of their financial freedom.

# 5 They Manipulate Rates Randomly Just Because They Can

Traditional banks are centralized, which gives them the power to not only make the rules, but also to decide if, how, and when to enforce them. What’s worse? There’s not much the average person can do about it beyond switching to another bank. Banks have long engaged in practices that can be deemed racist, agist, and classist (to say the least). Here are some of the ways your bank could be manipulating your rates:

  • Applying additional charges for paying off a loan ahead of schedule
  • Offering interest-free credit cards with the purpose of collecting the debt when the deal ends
  • Luring in new customers with too-good-to-be-true promises and unsustainable offers
Photo Via [http://www.quickmeme.com]

Celsius utilizes a decentralized and democratized model in which all users, regardless of their background or demographics, have access to the exact same rates all designed with the customer in mind. Read more about how Celsius Network is taking on the big banks on our blog.

About Celsius Network

Celsius Network is a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.

Download the Celsius Network app and start earning interest on your crypto today ➡️ celsiusnetwork.app.link

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