The banking sector has gone through a revolution over the past few years. Not only has the cost of banking reduced dramatically, but the ease of access to banking services has increased to a very high level. What is notable about this trend is the increase in the number of free services offered by banks.
It seems that there is so much competition in the banking sector that many commercial banks have taken it upon themselves to provide free services to their clients and potential clients in a bid to win and retain them. Or perhaps it is the result of improved technology, which has reduced the cost of running the banking industry. Either way, there are many types of free services offered by banks nowadays, which is very good news to the consumer. And while every banks has it’s own way of doing things, here are the common ones:
Many banks offer free advice to their clients on matters such as loans and investments. If you have a business plan and you need to find some advice on the financing, management, and other such matters, then your bank may be of great help to you. However, many observers are wary about this free service as there are good chances of it being biased. That, they say, is because the bank may actually have some vested interests in your situation. For example, if you asked for advice about financing a mortgage, the advice you will get from your bank will most probably lean towards their product. They will seem to be advising you on the best way forward, yet what they are really telling you is why their latest mortgage plan is exactly what you need.
Free Online Banking
With the internet having changed the way business is done in the world, banking has not been left out. Now, online banking is the in-thing in the banking industry. There is hardly a bank in the world without a website or any such form of online presence. Although there are banks that charge for all their online services, many banks have embraced a free online services policy. Such online services include funds transfer, account opening and balance inquiries. You can also inquire about the bank’s services or the status of such things as your loan applications. Many banks have integrated services such as PayPal into their systems in a bid to improve their customers’ online experience. This makes it easy to deposit funds free into your bank account, among other things.
Free Cash Deposits
Other types of free services include physical deposits. Most commercial banks have free cash deposit services for all their customers. However, there are cases when this does not apply. For example, if you deposit from money transfer institutions such as Western Union, Wire Transfer or PayPal, you may be charged some fees.
It is important not to make any assumptions concerning free services from your banks. Always consult your respective bank to ascertain whether a service is really free, even if the service is known to be free in many other banks, because each bank has its own style of doing things.