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HOT TIPS IN DEALING WITH YOUR LENDER 7/2/2007

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HOT TIPS IN DEALING WITH YOUR LENDER

KNOW YOUR RIGHTS
40 HOT TIPS TO HELP YOU DEAL WITH YOUR LENDER

1. Shop around for the best deal … look at ‘up-front’ fees and ‘on-going’ fees as well as interest rates.

2. Consider other non-bank institutions such as credit unions, building societies and specialist mortgage providers that
may not charge fees.

3. Look at the ‘reward points’ being offered. They usually ‘cost’ you in terms of increased interest rates.

4. Always read the agreement … especially the ‘fine print’.

5. If there is something in the document of which you are uncertain or you need a point clarified, ask for it to be
added to the document and signed by an officer of the lending institution.

6. If you are uncertain as to the ‘best type of account’ for you, seek professional advice or if that is not possible ask
the officer to sign the note stating that this is the ‘most suitable’ type of account for you.
If they will not sign the note to the document, you should be very suspicious of their advice.

7. Look for the ‘penalties’ and ‘fees’ associated with early repayment and / or late repayments.

8. Ask if you are receiving the ‘best’ rate on offer and have the officer sign a statement to that effect. Will you be
‘locked in’ to that rate or can you change to a better rate without penalty?

9. Be sure that you receive a statement of all costs and fees associated with the loan before you sign. Have it signed.

10. Have your legal representative sign a statement of their proposed costs.

11. Try and minimize the number of bank accounts and credit cards that you have. They are costly. Try one account.

12. Consolidate all your loan accounts into one loan account and negotiate a lower rate of interest.

13. If you intend paying out a loan early and penalties are involved, consider reducing the loan to about $100 one
month before you actually pay out the loan. Penalty interest will then be charged on only the $100.

14. Organize direct debits wherever possible i.e. have regular periodical payments taken directly from your account.

15. If you have a cheque account do you really need it ? The fees associated with cheque accounts are high.

16. Telephone and internet banking are becoming easier and are currently cheaper than the traditional method.

17. Use only your own bank’s ATM’s wherever possible. There is a surcharge on using others’.

18. Always check your bank statements for incorrect entries and fees and incorrect dates of transactions.

19. Always check your bank statements for incorrect calculation of interest debits and credits.

20. Check that interest rate changes are activated on the correct date.

21. Pay as much off your loan accounts as you can afford and as often as you can afford. This action will reduce the
balance on which you are charged interest. You will be amazed at how quickly you can reduce your loan amount.

22. Use any spare cash to pay off your loans. Reduce the amount on which you are charged interest.

23. If you lose your credit card or cheque book notify your bank immediately so that they can cancel authorization
for transactions on those accounts.

24. Keep a record of all communication with your bank. Record all telephone conversations in your diary.

25. Send a copy of any correspondence with your bank to the chairman of the bank. You get faster responses.

26. If you are not getting satisfaction from your bank on any issue, go to the proper authorities, e.g., ombudsman.
Remember that the Banking Ombudsman is appointed and paid for by the banks.

27. Always tell the truth … answer any questions asked by your bank honestly.

ATMs and CREDIT CARDS

28. Do not use your initials, date of birth or part of your name in your pin number.
It makes it easier for thieves to guess your pin number.

29. Do not write your pin number on your card.

30. Do not carry your pin ID in the same holder as your card.

31. Do not give your pin number to anyone.

32. Cover your pin number when entering it to the ATM.

33. Keep all ATM receipts and check them against your statements.

34. Be aware of anyone looking suspicious around the ATM.

35. Try not to withdraw or deposit large amounts of cash at ATMs.

36. Always use your own bank’s ATM wherever possible. There is a surcharge associated with using other banks.

37. If the ATM malfunctions and retains your card notify the bank immediately.

38. If your card is lost or stolen, notify the bank immediately so that the card may be cancelled.

39. Ignore additional instructions that have been taped to the ATM, especially those requesting you to enter your
pin number more than once.

40. Be sure to make your card repayments on time and pay more than the minimum amount required.
Failure to pay less than the minimum amount will affect your credit rating.

Author Name
Kevin Nowland -

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