Spot The Bank’s Sales Tricks
Don’t Fall For The Bank’s Sales Tricks!
How can you avoid upsells? What if your bank puts you on the spot? How do you say no?
Tune in to this discussion with Doug Hoyes and Scott Terrio for tons of practical advice and learn all the subtle tricks the bank uses to get you further hooked into their products.
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3 Ways Your Bank Tries to Sell You
These are the three most common ways your bank will try to get you into either investments with them or use a new credit product. Familiarize yourself with their tactics to stay alert:
Bankers study your account before you meet with them. You may need to discuss an unrelated issue and during the conversation, your banker might make a sales suggestion that resonates with you because it’s been customized. Know that your bank is aware of your transactions and can sell investments or loans based on what they think you may want.
Bankers will make courtesy calls. As they call to check in on how you are doing, they may also try to pitch you a new credit card or mortgage offer, or an offer to increase your credit limit. You don’t have to act or approve. You can say no or think about it and get back to them at a later time.
Your banking app has offers too. It’s not always a person selling to you. Be mindful of offer suggestions within your banking app. Again, it tracks your spending behaviour and creates customized offers that may even be placed right under your chequing or savings accounts.
How Lenders Encourage Borrowing
It’s not just banks that try to sell to you. Virtually all financial institutions and lenders, including even credit score providers work hard to get you to spend or borrow more than you need.
Tune in to this discussion with Scott Terrio to learn about the role that banks, credit unions, and credit score providers play in influencing our money decisions.
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