I spent over 10 years in retail banking. Before I worked in Banking I had no idea that banks are in business to make a profit. I thought Bankers were there simply to assist customers with their needs. It really never occurred to me that the bank was making money off of me. Below are the 5 things your Banker isn't telling you.
Fees are negotiable. That's right. You can ask for NSF charges and monthly fees to be waived. Typically financial institutions are able to refund a few fees a year as a courtesy. Sometimes they will see if you are willing to accept half a refund, but if you hold firm, in most cases they can refund you completely.
There are many accounts with NO fees. If you haven't checked out your local Credit Union, now is the time. Most Credit Unions will offer checking and savings account options with no fees whatsoever. Several Banks also waive monthly service fees with certain requirements. If you are in an account that charges a monthly service fee, switch ASAP!
Buying a new car is a BAD IDEA. There is really never a good reason to buy a brand new car. Brand new cars depreciate immediately after you drive them off the lot! Even with an offer that sounds too good to pass up, like 0% financing, you could end up thousands of dollars "upside-down" with lots of negative equity, and in most cases the money spent on a monthly car payment could make you very wealthy in the future if invested.
Retirement savings is IMPORTANT. Like, really important. Most Bankers have very little training when it comes to saving for retirement. They are busy trying to learn their financial institution's retail and loan products and typically the last thing on the list is Individual Retirement Accounts (IRA.)
Bankers are salespeople. The reality of a job in Banking is that you are expected to meet sales goals to keep your job. For Example It might sound like the Banker has your best interests at heart when they suggest a home equity loan to consolidate debt, but in actuality, consolidating debt using your home's equity as collateral could mean that if you are unable to pay your bill your home could be foreclosed on. Always do your research before deciding to proceed with a product suggestion.