Discover the main banking products and their points of attention so that you don't lose money or get ripped off!
Unfortunately, here in Brazil, we still do not have a significant portion of the population that understands the financial market and the economy in depth. Although the number of investors and people interested in acquiring knowledge is increasing every year, we are still far behind the average of other countries.
One of the biggest difficulties in overcoming this barrier is through access to investments, such as closed pension, for example. Almost all Brazilian investors are unaware of alternatives for making investments and other transactions other than through traditional banks.
Due to this scenario, the banks themselves offer product packages to their customers, in order to try to sell everything possible.
However, what is offered is often not the ideal product for you and your investor profile, leading to frustration and loss of money. Check out some of the reasons why you should pay attention to the packages that the bank offers and how to choose the best plans for you.
Confusion in service
Surely you or someone you know has had the experience of having a certain amount saved in your account and wondering what the best way to invest it is. Normally, the first step is to go to the bank where the money is saved and find out about investment options through your trusted manager, right?
Unfortunately, for many people this experience is quite frustrating. In cases like this, the designated manager ends up giving too much information and too little explanation about investments, leaving the client even more confused and indecisive.
Words such as historical return, term, risk factors are common along with acronyms that are completely unknown to beginners, such as CDB, CDI, LCA, LCI… and so on.
The huge amount of specifications and details about a new subject end up confusing anyone, instead of clarifying and helping in decision-making. Therefore, it is common for customers to leave with more questions than explanations in these cases and not know what decision to make.
What are banking products or services?
First of all, it is necessary to understand the meaning of banking products. As you can see from the name, they are services and products offered by banks to their customers.
The first part acts as an intermediary, in the capture and transfer of resources to maintain the proper functioning of the banking products offered.
As an example, we can look at the case of overdraft: when using this product, the bank collects the necessary funds to cover the expenses of other people's accounts who have money invested in certain investments.
Thus, the bank's revenue is obtained through the interest paid by customers, in addition to possible applicable fees and fines.
Main banking products
Currently, it is possible to observe a wide range of banking products offered by institutions.
Most of them are certainly well known to anyone who has some type of bank account. Check out the main types below and everything you need to know to avoid losing money or being scammed by the bank.
Current account with demand deposit
The current account is the main banking product used by the Brazilian population. It is used to carry out a series of banking transactions, such as deposits, withdrawals, transfers, salary receipt, among others.
For this service, you should be aware that there is a “minimum package”, that is, all current accounts offered by all banks must offer these basic services:
- Up to four withdrawals per month free of charge;
- Two bank statements per month;
- Two transfers per month between accounts at the same institution,
- Unlimited account inquiries.
Any services beyond these may be charged by your bank and you should pay attention to the table to avoid surprises on your statement.
Savings account
A savings account differs from a checking account because the money saved is already directly invested in the savings account, earning a certain rate.
Regarding this product, customers should be aware that no fees can be charged for opening, and transactions made in the account cannot be charged.
Cards: credit and debit
In addition to the accounts, the cards are other banking products widely used by Brazilians. Each one responds to a specific purpose and can even act in a complementary manner.
Credit cards work in a similar way to loans, as the bank individually releases a previously determined credit limit. Banks, in turn, receive interest and annual fees from this type of card.
Debit cards can only carry out transactions if the customer has sufficient funds in their account, so payments are made exclusively in cash.
Special check
As we have already mentioned, the special check works like a loan made by the bank which, when charging the amount due, adds interest that is often disproportionate.
This is one of the most dangerous services for customers, as interest rates can reach up to 526% per year!
Private pension
Private pension plans are also services offered by banks. Although it is relatively common to find customers who make this type of investment through the bank, this may not be the best choice.
Unlike other financial institutions, such as brokerages, banks charge very high fees, such as administration fees, for example. This causes the investment to lose value, since a portion of the income will be collected by the bank.
Therefore, it is possible to see that although the banking services offered are quite common to everyone, it does not mean that we should blindly trust them.
It's very common to go to the bank looking for explanations and leave even more confused, right? This feeling can only be combated with information, so before closing any deal, understand everything about the subject!
