There are times when the work is interesting and the salary is not bad, but every time you take your bank card out of your wallet, dark thoughts come over you. It’s all because of its inconvenience: high fees, incomprehensible mobile application, and no cashback! We tell you how to fight it and get your paycheck and other pay stub abbreviations and acronyms on your terms.
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What is wage slavery?
If your employer forces you to open an account with a single bank, he condemns you to wage slavery. The point here is not in the forced free labor, but in the inconvenient conditions for receiving wages and high commissions, which fall on your shoulders.
But the good news is that all employees have the right to ask their employer to transfer their wages to the bank that suits them. You can open a new account and ask your employer to transfer money to it at any time and as many times as you like.
How not become a hostage of wage slavery?
Make a checklist
Virtually every bank offers products and accounts that are suitable for salary transfers. To objectively assess the advantages of each of them, pay attention to such points:
- The cost of monthly maintenance.
- Fee for cash withdrawal.
- Fee for card-to-card and phone number transfers.
- Cashback conditions.
- The convenience of the mobile application and its rating in the official App Store or Google Play.
- The complexity of issuing or reissuing a card.
Compare payroll projects at different banks
Armed with a checklist, make a comparison table in your mind, on paper, or on your computer. In the columns write the names of the banks, in the rows – the items on the checklist.
You can also write out the special conditions and additional benefits offered by a particular bank. Think about how important they are and whether they are a real plus for you.
For example, if you don’t own a car, you’re unlikely to take advantage of a discount on purchases at a particular gas station chain. And if you’re planning to take out a mortgage, then a reduced interest rate on a payday loan will come in handy.
Choose a project that is most convenient for you
You can mark in the table for each bank the points that are of value to you. You can choose the bank with the maximum number of such items.
The other strategy is more complicated but more objective. Rate the items that are necessary and useful to you at 3 points. Those that are necessary, but not critical, let them get 2 points, and those that are pleasant, but not decisive in the choice – 1 point. Finally, the items that you consider to be disadvantaged (high fees, inconvenient application), give a -1 point.
Add up these points and choose the bank that gets the maximum score. It may be that it has not the highest cashback or only one ATM in your area, but no transfer or withdrawal fees, and therefore it will be more advantageous to get your salary there.
Apply
In order to cancel salary slavery, you need to inform your employer in writing about new details of how to send your salary. You should do this at least five working days before your payday. After that, you can safely wait for the notification of the top-up of the account in the new bank.
