Personal Finance

Bankers are ‘BHAYANKAR’ Mis-Sellers

1. The top level management of Banks etc. takes huge targets from Insurance Companies, Mutual Funds etc. Then employees of the organization are put under severe pressure to meet the targets.

2. Since, the employee carry a SO CALLED BRAND name, they just make Investors fool by making any false commitment.

3. Since the employees get the remuneration and incentives from the Management and any good performance would mean their increment or bonuses, they hardly care for investor.

4. The attitude for the Banker is too short term and hence they don’t feel scared cheating the investors.

Please find the few of the Sales Pitch used by banker to make you fool.

Insurance Mis-selling Tactics

Selling a Regular Insurance Plan as One time Investment Plan so that he get maximum incentive.

-  Selling an Insurance Policy as an Fixed Deposit and misleading investors by saying that it is a Guaranteed Return Product.

-  Selling ULIP before you actually avail any other service like Home Loan, Mortgage Loan etc.

Mutual Fund Mis-selling Tactics

Churning the Portfolio would give you better return.

– Asking Investors to invest in new funds as New Fund is recommended by their so called Research Team.

– We get reports from our Management about the Future movement of Market and hence we can maximize your return.

-  Offering Loan so that you can invest in Mutual Funds. Double benefits for Bank.


Banking Product Mis-selling Tactics

Offering Credit card as you are a "Preferred Customer".

– Opening Savings Bank account by saying Zero Balance Account. But they don’t disclose that after a period of time, huge charges are levied as Minimum balance is not maintained.

– Selling GOLD Coins which are very expensive in comparison of Market Rate.

– Giving personal loan saying that interest rate is at 9-10% but it turns out to be 18-20%

These are just few tactics which we could list down though the list in endless & everyday it increases. We advise you to deal with such an advisor who can carry long term vision with you and would be happy when you grow rather than being happy when an organization grows.

It’s true that banks alone enjoy the trust of investors and some of them have been abusing that trust.

Be-Aware & Beware

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