The war has accelerated the transition of Ukrainians to cashless payments. Although we were already moving at a very good pace, but after February 24, the volume of transactions using bank cards increased from 63 to 70% (NBU data). In May alone, Ukrainians carried out “card” transactions for UAH 574 billion. But despite the fact that millions of people already use plastic cards in our country, some of them regularly step on the same rake, for which they pay out of their own pocket..

It is only at first glance that the use of bank cards does not require special talents and is available to everyone.. In fact, everything is not so simple. And the problems are not only in card fraud, which has not gone away after February 24. There are at least three troubles that you can get into even without the help of criminals, simply out of ignorance.

Problem #1. Incomplete information.

Often people, starting communication with the bank, provide him with incomplete or erroneous information. This is not a unique misfortune of Ukrainians, it happens all over the world. Worse, usually people don't do it on purpose, they just don't realize the importance of the accuracy of such information for the bank, only realizing over time that the submission of incorrect or incomplete documents at their first meeting is the cause of all further problems..

Add to that the fact that each bank has different documentary requirements for a commercial or personal account, which can lead to a grueling (and annoying) process of proving to the bank that you are you and your money is your money.. But what to explain to Ukrainians who have the same surname in international law, passport and bank card can have three different spellings. And yes, at first glance, it doesn’t matter, but in most countries, when doing bank transactions, you will be asked for a document, and it is desirable that the surname in it corresponds to the surname on your card.

To prevent discrepancies, even before receiving any bank service, find out from its employees what are the specific requirements for opening a bank account, what documents will be needed, whether the signature of your name card should match the spelling in the passport, etc..

If you are worried that you may have to bring an excessive amount of documents to the bank just to open a bank account, don't worry.. It's better to sort things out at the first meeting than to have worries later.. Keep in mind, some banks may ask for more personal information than just an ID. Especially when it comes to opening a savings or checking account for a business.. This is a normal practice, the purpose of which is to increase the security of your own money, and not just collect the maximum information about the client.. It is better to ask for a list of documents in advance and do not try to mislead the bank. Remember that in the current conditions, you should leave the opportunity to resolve any issues at the bank remotely, do not neglect it, I think that at any time you can personally visit the branch and explain everything.

Problem #2. One person - one account.

Also among the problems we note the opening of a personal account for use both for personal and business purposes.. If you are planning to run a business, but decide to open a personal bank account for it or use an old one, do not do it.. Do your due diligence and open a dedicated business account just for your business. Because maintaining just one account for both personal and business finances can cause serious accounting, taxation, and income reporting issues that can result in legal liability and heavy fines..

It will be difficult not only during the formation of current reporting, but also, for example, during a tax audit. In practice, separating business costs from household costs, and even proving this to the tax authorities, is not an easy quest..

What’s more, you can accidentally spend money set aside for your business or salary for personal purposes, and this can be problematic, especially if it’s a small business..

A variation of this problem is opening a commercial bank account with a consumer bank and vice versa. To a person who does not know the banking industry well, it may seem that it is a smart move to open a bank account for business in the same bank where he has a personal bank account.. Yes, this can be convenient in the short term, but then it can create problems for your business, especially if the bank mainly deals with consumer accounts, and servicing the business is not its priority.. Such banks are usually very slow in developing products aimed at entrepreneurs, after all, over time you may find out that your bank simply does not have the features you need to run your business smoothly..

Of course, choosing a business-oriented bank for yourself if all you need is a personal savings account is also not an ideal scenario.. For the same reasons, their top products will simply not meet your expectations, while you are forced to submit more personal data to the bank and go through more checks, which in your case will not make any sense..

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Problem #3. "

Another consumer mistake is choosing a type of bank account that requires a monthly balance or deposit amount.. That's right, some banks, when opening certain types of accounts, require that you keep a monthly balance or a certain deposit quota on them.. The goal is simple - to guarantee the bank a service fee or payment of fines for using the card. In fact, this is unacceptable in the civilized world, but it is still practiced in Ukraine. As a result, a significant number of problems associated with the fact that money was shared somewhere from an almost empty card, which has not been used for a long time, is precisely about such accounts.. Avoid this by choosing a bank that does not make these claims.. But if you don't have much choice, then asking for an account type that doesn't have those requirements might be your option.. But you need to talk about this with the manager before opening an account.. In each bank where you plan to open an account, you need to clearly state your needs for the movement of money, their savings, investment interests or the period for which you are ready to leave money in accounts in order not to use them.

***.

So, as you can see, it is productive communication with the bank that is the guarantee that your relationship will continue to be pleasant.. How to make it productive? Don't choose ahead. Yes, you can research the market and choose a reliable bank whose business model suits your needs. You can compare the cost of servicing with loans and the profitability of deposits. You can read reviews about the convenience of mobile banking. But you should not go to the bank with a clear understanding that you need this particular product and no other.. Be open to suggestions. But don't forget the clarifying questions..

The bank manager, having listened to your wishes and needs for services, will help you choose exactly what you need.

And it is quite possible that the proposed option will differ from what you "

Be that as it may, be sure to ask what conditions the bank can offer you, how much the service will cost, how support works, whether penalties are possible and to what extent? And, of course, what kind of cashback bonuses for spending or discounts in individual stores you can get and whether they suit your needs and habits? And most importantly, leave yourself the opportunity to compare. That is, when you come to the bank to open a card, do not rush to actually open it, go to your competitors as well, perhaps better conditions await you there.

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Read more articles by Maxim Oryshchak at the link.