Money Management

5 Ways Banks Can Legally Screw You

By | Monday, February 05, 2018

If you’re a functional adult with nearly any amount of money to your name, you probably have a bank account. And if you have a bank account, you realize how much trust you put into the bank — along with how much money you put into them. You trust your bank to keep all of your hard-earned cash safe, protect you from people who may threaten it, and help you through times of financial hardship by, at very least, not making life more difficult.

But here’s the thing: banks have to make money somehow. When you put your money in a savings account, or swipe a bank debit card, or go get a loan, you’re not just the bank’s business partner — you’re their customer. So, there are a few things they can do that are fully-legal, but actually might mess with you a bit, financially.

Everything from charging fees to not working with you to refund fraudulent charges are all ways your bank can actually turn from your financial safe-haven to the thing that actually damages your financial life more than anything else.

In our most recent installment of the 3-Minute Guide over on the TFD YouTube channel, Erin talks through the five most common ways that banks can (totally legally) screw you over. Check it out and get all the shady details on how banks might be messing with you in this week’s 3-Minute Guide, brought to you by Skillshare.


Image via Unsplash

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