Bangalore: So, you thought it’s the duty of your bank to help you. True, they are there to help you. And what about helping themselves?  They have to do that too. There are instances when conflicts of interest arise and that’s when your bank gives preference to its own interests over yours. These are 10 instances about which your bank would probably not discuss with you, with inputs from Readers Digest.

Cheque Clearance Time

When a chequeis deposited to your account, you don’t get the money in your account at once. It takes some time. If it’s an outstation cheque, it probably takes bit longer. In June 2012, the RBI ordered digitalization for speedy clearance of cheques, till that time the clearance of an outstation cheque used to take around 15 days to three weeks. But, here’s the catch, the more time it takes you to get the money in your account, the more profitable it is for the bank. The banks get all these money as free fund float. In 2011, the banks earned about 620crore per day by delaying e-credit of deposited cheques.

Read More:

'Indian Markets Performed Better Compared To Peers In 2013'

Sensex Rises 75 Points At Mid-Session, Auto Shares Up On Duty Cut