Whether you're spending money or saving it, banks have plenty of sneaky tricks they employ to milk you for the most cash they possibly can. Read on for 20 to watch out for.

Some bank accounts offer a range of added extras, like free travel insurance, in exchange for a monthly fee. But unless you use ALL of the extras on offer, the account is probably not worth the money you’re paying.

When you spend using your debit or credit card, the retailer is typically charged a fee for processing the transaction. Most of that fee goes back to your bank – so even if you are spending your own money, the bank is still better off as a result.

When working out if they want to lend to you, a bank will look at your financial history. If you’ve never used credit in the past – a loan or credit card, for example – they don’t know how good you’ll be as a borrower. So no history may be worse than a less-than-perfect one.

Some banks will reorder your purchases in a day, from the highest amount to the lowest, which could mean that you fall into your overdraft. If you do, and your bank charges a fee for each transaction made while overdrawn, you will end up paying more fees.

Say you pay money into your account on the same day that you have a bunch of payments due to come out. Banks may run those payments first, meaning you fall into your overdraft and have to pay overdraft fees, before running your deposit, which will bring you back into the black.

It can take many days to get your cheque to clear into your bank account, with banks able to delay the process for a number of reasons under the guise of ensuring everything is above board. This delay can easily see you fall into the red and have to pay yet more overdraft fees.

When you take out some form of credit, the bank will often try to sell you some insurance to cover your payments in case something happens to you. However, the small print of these insurance policies may mean that it won’t actually cover ALL of the debt if you can’t. You’re better off making other plans.

With loans and mortgages, you’d think that paying off your debt ahead of schedule would be a good thing. But many lenders will slap you with an additional charge for doing so.

Banks look at your ‘credit utilisation’ rate when considering any applications for further loans. They want to see how much of the credit at your disposal you are using. If it's too high, you may look desperate. Closing an old card could push that rate up, denting your chances.

Lenders are not always required to offer the rate advertised to all successful applicants. They may only have to offer that rate to a certain percentage of those who have been approved, with the rest offered a more expensive deal.

Some variable mortgages are not actually tied to the central bank rate. So your lender could put up rates, even if bank rate hasn’t moved.

Never mind the interest rate, banks really cash in on the many fees that come with your mortgage, from ‘administration’ fees to exit charges. Be sure to read the small print so you know exactly what additional fees you may have to pay.

Even if your account doesn’t charge a monthly fee, it still isn’t really free. Whether it’s fees for dropping into your overdraft or the non-existent interest paid on your credit balance, we are all paying for our accounts whether directly or indirectly.

The best deals are saved for new customers. Banks are relying on your apathy towards regularly shopping around and switching accounts, meaning you miss out on the best deals.

The longer your credit history, the better as banks want to know that you have experience handling debt. So closing your oldest credit card might not be a good idea.

In some countries, you will have to pay a fee if you withdraw money from an ATM that’s not run by your bank

Many banks will hit you with all sorts of fees and charges if you use your card overseas. You’re usually better off changing up your spending money well in advance.

Banks are known for teasing you in with a great initial rate for your savings, only to slash it sharply later on. Be sure to keep on top of exactly what return you’re getting. If it drops, move.

When sorting out your vacation spending money, banks often offer some of the worst exchange rates. Instead use a specialist currency exchange firm.

Banks don’t offer interest-free credit cards out of the goodness of their hearts. They are betting that you will make a mess of your repayments, and end up with debt still to pay off when the 0% deal comes to an end. So don’t slip up!

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