Bankers say they enjoy the perks of being in the business.
But some of their perks aren’t just a little too good to be true.
WSJ’s Steve Ho is on the trail of the perks.
(Photo: David J. Phillip, AP)The perks are so good, in fact, that they’re not a good deal for customers.
As many as 70% of U.S. small businesses rely on bank loans, according to the American Bankers Association.
More than half of those loans have an interest rate that exceeds 10%, according to research by Bankrate.com.
They also have to pay for their own employees.
Bankrate reported that banks typically charge fees ranging from 10% to 30%.
Many small banks have their own bank tellers.
Others charge an extra fee to let customers pay with a credit card.
And some of the most popular banks are now offering bonuses to customers who sign up for their credit cards.
But bank perks are a big draw for some, including some banks that make their money by charging high interest rates on mortgages and other investments.
“The bank perks of banking are so great, that people think it’s so great that you can buy the house, buy a house, get a big retirement,” said Brian Smith, a financial planner and owner of Smith & Spillers.
“And the reality is, there’s a lot of things you don’t do.”
Banks are looking for new ways to boost profits.
A new perk is allowing customers to earn cash back on their purchases, while also offering perks such as $5,000 in cash back for customers who shop at participating retailers.
The rewards have been expanded to retailers that have a branch in the U.K., France and Canada.
And the perks are also being challenged by competitors, which have been using them to lure customers to their own brands.
Last year, Bank of America changed the way it rewarded customers for making purchases online.
The bank announced it was changing how it rewards customers who make online purchases, including cash back, in the future.
Other banks have used cash back as an incentive to boost sales.
As The Wall Street Journal reported, Bankrate estimated that Bank of the West earned $10 billion from cash back in 2014.
Other perks include bonuses for the bank’s customer service team.
That team is expected to get a bonus of $20,000 this year, up from $15,000.
Customers will also get $25,000 for completing their accounts online.
For the bank, it’s all about the profits.
Bank of The West is seeking to cut its operating expenses by about a third, according the WSJ.
It has to cut more than $1.3 billion in spending, which includes $600 million in pension obligations, the Journal said.