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You didn’t marry your bank, so shop around for better fees and service

Published

2016

Wed

31

Aug

Michael Bowren, CEO of financial comparison website Fincheck, says that since we don’t marry our bank, remaining loyal is unnecessary and shopping around presents an opportunity to not only save money but to get better service.
 
“Just because you have been with the same bank since you were a kid, it doesn’t mean you owe that bank your undying loyalty. What counts is making sure you get the right products at the right prices for your individual circumstances.”
 
Bowren believes that due to tougher financial times, banks should be giving consumers the best products at the best prices with the highest levels of service. And if they are not, consumers should be exploring other options.
 
“Consumers will be surprised by the improved interest and savings they can achieve by reviewing the charges and costs of their personal banking products – debit cards, cheque accounts, savings accounts and credit cards. It’s really quick and simple to do this on Fincheck.co.za.”
 
With financial service products, there are minimum requirements regarding what products can be applied for. Once the consumer has established what these requirements are, they should be asking questions before they make a decision, such as:
  • How much am I paying in bank charges and could I spend less elsewhere?
  • Is my credit card giving me the best options with the lowest interest rate?
  • What am I getting free and what am I paying for?
  • Can I get better interest elsewhere?
  • What am I paying every time I swipe my card on a card machine – what percentage is the bank getting?
  • Am I getting the most interest I can on my savings account?
  • What kind of overdraft fees am I paying?
  • Is my bank alerting me when my account dips below a certain amount?
 
The alarmingly high levels of indebtedness in South Africa are well known and extensively reported, and are increasing as unemployment increases and the economy weakens. Indebtedness presents another opportunity to find the best solution to repay your debts.
 
Chief innovation officer for Fincheck.co.za, Chris Ball, says that, “Financial institutions are citing that late payments on home loans have increased dramatically in recent months. People are drowning in debt.
 
“Debt consolidation can be a highly effective tool to deal with debt – especially if money is owed to more than one institution. For example, if you have three outstanding loans to repay, all at different interest rates, a debt consolidation service will take on all the loans and charge you one fee to service these debts on your behalf.
 
“Consolidating your debt does come at a price. However, it is not supposed to cost you more than the debt! You should shop around, compare options, terms and prices. Legitimate debt consolidation services will help repay debt consistently without taking the consumer into more debt,” says Ball.
 
Fincheck currently compares 28 different financial service products on its website, has expanded its partner base dramatically, and has 4,000 to 5,000 financial information seeking consumers visiting its site daily.
 
Source: Turquoise PR & Marketing Communications
 
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