I Will Teach You to Be Rich: No Guilt. No Excuses. No B.S. Just a 6-Week Program That Works.

by Ramit Sethi

Five Shiny Marketing Tactics Banks Use to Trick You 1. Teaser rates (“6 percent for the first two months!”). Don’t get sucked in by this trick—your first two months don’t matter. You want to pick a good bank that you can stick with for years—one that offers overall great service, not a promo rate that will earn you only $25 (or, more likely, $3). Banks that offer teaser rates are, by definition, to be avoided. 2. Requiring minimum balances to get “free” services like checking and bill paying. No, I’m not going to agree to a minimum amount. I’ll just go somewhere else. 3. Up-sells to expensive accounts (“Expedited customer service! Wow!”). Most of these “value-added accounts” are designed to charge you for worthless services. I can’t wait to have kids one day so my three-year-old can walk into a Wells Fargo, throw his lollipop at the bank manager, and say “THIS ACCOUNT IS CLEARLY A RIP-OFF!” Good job, little Raj. 4. Holding out by telling you that the no-fee, no-minimum accounts aren’t available anymore. They are. Banks will resist giving you a no-fee, no-minimum account at first, but if you’re firm, they’ll give you the account you want. If they don’t, find another bank. There are many, many choices, and it’s a buyer’s market. 5. Bundling a credit card with your bank account. If you didn’t walk in specifically wanting the bank credit card, don’t get it.