It’s been a while since I work in a bank (actually it’s few months, I feel like being worked there ages…). And the followings are things I found and feel impressed about:
- Mutual funds are not safe
If you ever wanted to invest in some products, never ever choose mutual funds, bonds, or stocks! They are so not safe! And will lose a lot fortune at the same time.
I was running data for mutual funds we going to sell for July. The important index we will check is Return to Risk ratio. I found that the fund that performs well in June performs badly in July. And sometimes the bonds might default. (Like Brazil in previous weeks due to the corruption) These are the things we can never predict and it is where investors might lose a lot fortunes.
- Transaction fees are a lot
Whether buying funds or currencies, they charge tiny amount of the money they called admin fee or transaction cost. I thought they cannot make a lot of money from it. But hey guess what I found they make a lot per day only on mutual fund admin fee! And it is just average!
- Credit cards, Credit cards, Credit cards
My supervisor wants me to sell credit cards to my friends.
Now I finally know why they always trying to sell their clients credit cards. Clients will have to pay back as soon. If not, they will pay tons of interests. And this is where the revenue comes from.
So use your money wisely!
Hope these help you when going to the bank and hope that I can leave this nasty place soon. Have a great weekend! xx