10 things your banker won't tell you -- Page 2

6. "If you sign your receipt when you use your check card for purchases, we'll make more money than if you use a PIN."
Retailers pay a processing fee to the bank anytime a customer uses a check card. If you press "debit" and use a PIN, the transaction is done electronically and the retailer is charged less for the transaction. If you press "credit" and sign for your purchase, the transaction is routed through the credit card networks and the retailer pays a higher fee.

7. "We're going to merge with another bank in a month and we might mess up your accounts."
SNL Financial says there were more than 4,800 bank mergers from 1990 through 2003. For most customers, a merger is a minor irritation -- new checks, new check/ATM card, etc. But for some it can mean lost accounts, lost deposits, lost patience and a lot of worry.

Bankrate has advice in its checking channel on what to do when you learn your bank is going to merge.

8. "Banks get robbed a lot."
The FBI says there were 10,150 bank robberies in 2001; that's about one bank robbery every 52 minutes.

9. "There might be some crooks working here."
Not all the crooks rob the banks. The various governmental agencies that oversee our nation's banks issued, in 2003, more than 500 enforcement actions against banks and individual employees for all sorts of no-no's including mutual fund late trading, abusive loans with fees and closing costs amounting to, in one case, 123 percent of the loan itself, selling false and fraudulent investment certificates and manipulation of credit card accounts.

10. "We'd like to sell your personal information."
Banks want you to know they'll respect your right to privacy, and they'll only share your really important personal information with all the zillions of companies they're affiliated with. You have the right to opt out, but many times, that still doesn't prevent them from sharing your information.