All along, with the popularity of mobile payment tools, more and more people like to transfer their balance from bank cards to mobile payment platforms as soon as they pay their salaries. This not only facilitates the settlement and payment of daily life, but also allows you to obtain additional interest income through the purchase of wealth management products. However, banks are very unhappy with the behavior of customers who "transfer" their balances as soon as they are paid. For young people in particular, shifting the balance away as soon as the payroll is paid can have a range of consequences. This article will explain in detail the consequences of transferring the balance as soon as the salary is paid, and the impact of this behavior on the financial situation of the individual.
On the one hand, shifting balances away as soon as wages are paid will put liquidity pressure on banks in the short term. If only a few people do this, it won't have much impact on the bank. But once a large number of customers choose to transfer their balances to mobile payment platforms, banks' liquidity suffers. Because banks need to provide liquidity support for the balance in each account, and the centralized transfer of a large amount of funds will make it difficult for banks to meet their funding needs in the short term. This will adversely affect the bank's operations.
On the other hand, if a customer transfers all of their balance to a mobile payment platform, the bank will worry about whether there is a problem with the customer's cash flow. When a customer needs a loan, it is difficult for the bank to approve the loan application, and even if it does, the loan interest rate will be relatively high. If the customer leaves part of the salary balance on the bank card, a relationship of mutual trust with the bank will have a positive impact on the loan application. Therefore, the practice of transferring the balance away as soon as the payroll is paid can have a negative impact on an individual's financial situation.
Building a relationship of mutual trust with the bank is very important for an individual's financial situation. Some business owners choose to deposit large amounts of money in banks instead of other investment areas, mainly to build a relationship of mutual trust with banks. When a business urgently needs to apply for a loan from a bank, the bank is often able to approve it quickly. This speaks volumes about the importance of building a relationship of mutual trust with banks. If an individual moves all of their wages to a mobile payment platform, it will be difficult to build trust with the bank, which may make it harder to get a loan or pay higher interest.
Leaving the balance on your bank card gives you more control over your spending on your personal expenses. Many young people report that it is difficult to control their spending when using mobile payment platforms, resulting in the rapid use of newly paid wages. In contrast, keeping the balance on your bank card and withdrawing only the amount you need each month gives you more control over your spending and even allows you to have a surplus every month. This practice not only helps to balance the individual's income and expenditure, but also allows the individual to better manage their finances.
In short, shifting balances away as soon as wages are paid may put liquidity pressure on banks, and it will also affect banks' deposit and loan spreads. At the same time, this behavior may reduce the mutual trust relationship between individuals and banks, and increase the difficulty and interest of loans. In addition, the difficulty of spending control when using mobile payment platforms is also something to consider. Therefore, before deciding to transfer the balance away, an individual needs to fully evaluate the pros and cons of different ways to better manage their finances. Whichever option you choose, it's important to balance your payments and build trust with your bank.