How to identify that you have opened a fixed deposit rather than a financial product or insurance?
Recently, many friends have left messages for me, saying that when they went to the bank to open a fixed deposit, they were "persuaded" by the staff and only realized later that they had ended up with a financial product or insurance. It was too late to cancel, so today we will take a few minutes to teach everyone how to prevent such things from happening.
In fact, the fixed deposit business currently handled by banks can be summarized into three methods. As long as we sort out these three methods, everyone can simply compare them when handling in the future and know how to avoid mistakes.
1. Fixed deposit certificate
This is the most familiar and common type of savings method, and there is no need to explain too much. As long as the bank gives you a fixed deposit certificate after handling, there is no problem; it must be a fixed deposit business.
However, everyone must pay attention to several key elements on the fixed deposit certificate, such as the amount, deposit term, interest rate, whether it is automatically renewed, etc., and make sure to check if they are correct.
2. Fixed deposit passbook
Friends who often save money in fixed deposits will not be unfamiliar with this. It is also a passbook, but different from a regular current account passbook, this passbook can only handle fixed deposit business. The advantage is that it can handle many transactions continuously, avoiding the risk of losing fixed deposit certificates. And as long as the money is deposited into this passbook, it is definitely a fixed deposit.The Third Type of Bank Card
Compared to the first two types, the term deposits that are saved into the card are the most easily processed into other services such as wealth management and insurance, which is also the main content we are going to discuss today.
Currently, there are also three ways to save term deposits in the card, which are traditional counter service, smart terminals, and online banking. Regardless of the method used, as long as the term deposits are saved into our card's term deposit account, there will be no issues.
So, how can we distinguish them?
In fact, it is quite simple. Term deposits are relatively straightforward among all services, and their processing is also very convenient and fast. It might be as simple as a single transaction, transferring money from demand to term deposits.
However, if the staff members are making the process complicated for you, requiring you to sign various agreements and documents, or even conducting audio and video recordings, then you should be cautious. There is a high probability that the bank is processing a service other than term deposits for you.
How can we re-check and confirm the term deposits that have already been processed?
It is very simple. You can inquire about your term deposits through the bank's customer service hotline, or you can log in to the bank's official website or mobile app to check your account details. There, you can review the status of your term deposits, including the amount, term, interest rate, and maturity date.This is even simpler. There's no need to elaborate on term deposits and passbooks; as long as you see the physical item, there's no issue. For those who deposit into a card, checking is also very easy. Just find any ATM of this bank or an intelligent terminal at a bank branch, click to inquire, and by default, it will show demand deposits. As long as we select term deposits and can query this transaction, there's no problem. If we can't find it, then we should consult with a staff member.
In fact, whether it's a term deposit, demand deposit, or financial products, insurance, funds, or even gold, government bonds, foreign exchange, futures, etc., they are all one of the many products offered by banks. Each has its own characteristics and strengths and weaknesses. It's not that a certain product is bad, nor is it that a certain product is good. Only the product that suits oneself is the best.
While handling traditional term deposit business, everyone should also try some other services. Perhaps after experiencing them, you will find a new world. Finally, I wish everyone a wider path in financial management and investment!
Have any of you encountered situations where term deposits were changed to financial products or insurance?
We welcome your comments and discussions.
