Banks really do make most of their money from fees. A banker is basically a salesperson for the bank’s products. A computer decides what kind of loan you’ll get. And if you’re an independent businessperson, farmer or entrepreneur, your bank may see you as a bigger credit risk than you are.
Those are just a few of the “six dirty secrets your banker has been keeping” according to Investopedia. They run the gamut, but most boil down to one thing: a bank makes its money selling services and financial products, and their fundamental concern lies in selling still more services and products, even if it’s not always in the customer’s best interests.
Well, we knew that. But it doesn’t hurt to be reminded to be a vigilant consumer, especially at the bank.