Why Banks May Be Hoping You’re Not Paying Attention

Why Banks May Be Hoping You’re Not Paying Attention. ... like advertising the account had a “top savings rate,” may mean the bank is liable for damages. By 2023 the rate was lower than the ...

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FAQs about Why Banks May Be Hoping You’re Not Paying Attention Coupon?

Do banks know if customers are not attentive?

Banks know their customers are generally not attentive to account details. A study commissioned by Capital One found that many people check their savings account less than once a month, and about half don’t know what interest they are earning. Is making a profit from customers’ inattentiveness illegal? ...

What if you're unhappy with a bank's customer service?

If you’re unhappy with a bank’s customer service, simply close your account and go elsewhere. “With some of these digital companies, if I can’t reach human help, when the issue is over, as soon as I find a way, I’d switch,” says Hyken. But closing a financial account presents its own headaches. ...

Why did a bank not email customers about a new account?

The consumer bureau alleges that the bank instructed its branch employees not to volunteer information about the new account. And although customers were able to switch accounts at any time with no fee, the bank didn’t email its existing customers about the new account until the agency began its investigation. ...

Are big banks paying out more in interest?

Major banks are paying out more in interest on some deposits. The team at "The Indicator from Planet Money" digs into why big banks aren’t paying you much interest on your plain savings account. LEILA FADEL, HOST: The Fed is holding interest rates at its highest levels in two decades. ...

Do banks make up for bad rates?

Banks make up for those dismal rates with perks like numerous branches and A.T.M.s, but they also know many of their customers won’t hunt for better deals out of inertia. ...

What are the biggest issues in Australian banking?

This was published 11 months ago One of the biggest issues in Australian banking — whether you’re a shareholder or a borrower — is the stiff competition in the $2.1 trillion mortgage market. Banks are throwing cash backs worth thousands of dollars at customers to entice them to switch banks, as well as offering lucrative interest rate discounts. ...