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  • This is it.

  • This is what you've been working for.

  • Welcome toe watch, Mojo.

  • And today we're counting down our picks for the top 10 dirty bank secrets.

  • You control the debt you control every I'm wondering what this fee on my A Countess.

  • I can't really talk about that.

  • From a financial standpoint, you are now in heaven for this list will be ranking the secrets and tips the banking industry prefers that you not know.

  • Do you know anything we missed?

  • Spill the beans down in the comments.

  • Number 10.

  • Don't bet on certain insurance products.

  • All right.

  • And what is the reason you're requesting alone today?

  • Wait for it.

  • Gasoline.

  • Don't rush me.

  • Don't rush.

  • Thank you.

  • I feel rushed.

  • Hey, we get it.

  • Taking out a loan or a line of credit with the bank could be a scary proposition.

  • Oftentimes a bank will offer up insurance on these financial products, framing it as a safety net of sorts, in case you fall on hard times and have difficulty paying back your debt.

  • What may I do for you?

  • We want to take out a half teaspoon.

  • Of course.

  • Of course.

  • Do you have an account with us and how What is your account number?

  • Unfortunately, there are occasional exceptions to these insurance plans that involve reading some very fine print.

  • These exceptions are rarely in favor of the borrower, meaning that the bank can collect on a portion of your debt.

  • Even if you paid for an insurance plan, that is the deal.

  • So be sure to take all the time you need with that contract before you sign up, number nine banks can reorder your transactions.

  • Balancing a checkbook can be complicated if you're someone with a lot of transactions.

  • If you're someone who doesn't keep a lot of cash and your account, the order of your purchases and deposits can absolutely make the difference between your account being in the black or slipping into the red.

  • How could all that money be going?

  • Some banks can order your daily transactions by their amount rather than the order in which they occurred, meaning that you could become overdrawn by accident.

  • Where's my money?

  • As we told you, we can't cover that amount within 24 hours.

  • Furthermore, some institutions may run your deposits after your purchases, or take a while to factor in that check, meaning that you may incur overdraft fees at the worst possible time.

  • So what, We're supposed todo we're just supposed to give up and accept that this is the way of the world.

  • I'm not gonna do that.

  • Number eight Ah, little debt can sometimes be useful.

  • Banks make money off lending and debt, but you don't have to take on a lot of debt in your life.

  • After all, getting yourself in the mountains of debt is not a good idea.

  • Tony, I'm sorry.

  • I'm sorry.

  • I'm just having a bad luck.

  • Just got wash.

  • However, having absolutely no debt history could be justice detrimental, especially when attempting to convince a bank toe lend to you.

  • It's important from their end to know that you're a trustworthy individual who has a history of paying back debt.

  • A lannister always pays his debts.

  • A good idea for young borrowers is to start small with a store card at a place where you do a lot of shopping, preferably one with a low credit line.

  • That way you can build a little credit without worrying about getting in over your head.

  • With debt, you control the debt, you control everything number seven Cash is king.

  • This is it.

  • This is what you've been working for.

  • Have you ever been to a restaurant or store that Onley takes cash?

  • It may seem to be an odd choice in the modern day, but there's a very rational reason behind it.

  • Businesses get charged for every swipe of a credit or debit card, often including refund swipes and even miss swipes, so you can understand why they just rather not deal with that sort of cash bleed.

  • On the other hand, some banks or credit unions also charged their members of fee when they swipe their cards as debit rather than credit.

  • It's usually something small, like a quarter, but it's still a wise move to read the fine print and make sure this isn't something that affects your account.

  • Number six.

  • Let your bank know when you travel.

  • Most of us love to travel, and oftentimes the excitement of our upcoming trip can factor into forgetting something very important.

  • Like the subject of this entry.

  • Be sure to let your bank or credit card company know in advance when you're planning to leave the country on vacation.

  • Otherwise, be prepared to get hit with a lot of fees for swiping your credit or debit cards while on foreign soil.

  • Think of.

  • It's sort of like roaming on a cell phone plan.

  • It's super expensive and best to be avoided.

  • If you could do so at all costs, either bring cash or give your bank a call and explore your options.

  • Number five Foreign exchange rates.

  • Speaking of cash, the next entry on our list is something you should think about before and after any vacation into a foreign country.

  • It may seem smart and convenient to exchange any of your own currency at a bank to the denomination of where you're going, but there are other options.

  • Oftentimes, banks won't be offering you a very good deal when it comes to an exchange rate.

  • Not when there are specialists you can visit to get a smidge more for your money.

  • Oh, and be sure to do this before returning home to There are usually plenty of options for tourists to do.

  • Just this, regardless of destination.

  • From a financial standpoint, you are now in heaven.

  • Number four, the right of set off the right of set off, also known as a banker's lean refers to when you have both a checking or savings account and alone from that same bank.

  • This could be a mortgage business or personal loan, and it basically means that the bank can take money from your savings or checking.

  • Should you fail to make payments on your other loan.

  • Now any sort of big money loan should always be negotiated in good faith.

  • But sometimes things happen and we can't make those monthly payments.

  • This is where the right of set off comes in.

  • Transferring your funds into another bank could delay this, but only as long as it takes for the bank to come at you by other means.

  • So be aware.

  • Number three credit over debit.

  • No one likes to talk about fraud, but unfortunately, it's a growing concern.

  • In today's digital world.

  • There isn't a one size fits all solution, but among the possible fixes the card industry is recommending is a technology called token ization, which replaces cardholder information such as account numbers and expiration dates with unique Siris of numbers that validates the customer's identity.

  • Debit cards may be favored for speed and convenience, but it's paying by credit that gives you the most protection when it comes to fishy activity.

  • When you use your credit card, your protected under the liability umbrella of the credit company.

  • Whereas when you use a card as a debit, any fraudulent activity still results in your money being spent.

  • Who are the perpetrators of these cybercrimes?

  • They could be sitting next door behind the keyboard there, or they could be on the other side of the world.

  • Quite frankly, because those funds air gone, there's a smaller window for you to report any fraudulent activity.

  • After this window closes, you may be held liable for more than you bargained for.

  • We're screwing No.

  • Hey, I don't wanna hear that defeatist attitude.

  • I wanna hear you upbeat.

  • We're screwed.

  • Number two banks are open to negotiation.

  • Our offer is final, and it's more than fair.

  • Wait a minute, I thought were negotiating here.

  • Okay, so being overdrawn sucks.

  • But did you know that you can contest that fee and get it reversed?

  • The world of banking is sort of similar to the cellular market in that there's a lot of competition.

  • As a result, banks want to keep you as a customer and are often willing to work things out when it comes to fees or contested charges.

  • It's a home equity loan.

  • Then give me a business thes 13 locations.

  • You want him?

  • Me personally.

  • It's your business, correct?

  • You own it.

  • The same goes for credit card companies.

  • Missed a monthly payment, call them up and ask for a one time forgiveness of the fee.

  • Getting whacked with multiple overdraft charges may be implied that you might take your business elsewhere.

  • Credit A PR rates are also on the table when it comes to negotiation, so try to get the best deal I've never negotiated.

  • I e mind if I try no charges before we name our number one pick?

  • Here are a few honorable mentions.

  • Don't pay off that bill early for certain bills.

  • Take your time lest you be charged a fee.

  • I'll do this.

  • It can't be that bad.

  • It's just like a Band Aid.

  • It's gonna be fine.

  • Closing unwanted cards.

  • Banks look at credit utilization when considering loans.

  • Well, the decision you've gotta make is do I wanna live with credit or do I wanna end debt or do I want to live without it?

  • If you're gonna live without it, Then you can close up everything.

  • 80 MPs don't withdraw out of your network.

  • According to a new report from bankrate dot com, out of network ATM fees have never been higher a 55% in just the last decade.

  • Free is relative.

  • Checking accounts can hide hidden fees.

  • I'm wondering what this fee on my A Countess.

  • I can't really talk about that.

  • Why not?

  • Because that is a what?

  • That's a hidden fee.

  • Wait, but I have free check Skin bank tellers aren't financial experts.

  • Consult a specialist.

  • Welcome.

  • Miami Mutual Bank.

  • How may I help you?

  • My name is Frank Taylor.

  • I'm a copilot for Pan am.

  • I'd like to cash this check here and then I'd like to take you out for a steak dinner.

  • Oh, what more Mojo Context TV produces original high quality videos on business, entrepreneurship and politics.

  • But from a different point of view, the battle is being fought between Netflix and YouTube.

  • The Federal Reserve should remove all of the current board members who served during the fake accounts scam.

  • If you want exclusive interviews with industry leaders in depth media analysis and documentaries with a fresh take on the state of business.

  • Check out context TV number one Fees, fees, fees.

  • Come on, goes your bank fees.

  • Yeah, we'll say it again.

  • Fees.

  • Fees are a huge part of how banks actually make money from holding onto your money.

  • They're relying on you, making a mistake now and then and paying the price in fees, fees and more fees.

  • We're seeing little niggling and nickel dime ing, as they call it, bits and pieces here and there.

  • And you could tell that they're trying to make money from the retail customer, but they're not all doing it in the same way.

  • This is especially important when entering into any sort of big money bank loan.

  • Like a mortgage.

  • Mortgage fees often lurk within the tiny print of the banking contract, so it's of the utmost importance to read all documents over and understand what you're getting into.

  • Here's another example.

  • This bank statement is for a custodial savings account for the son of a colleague.

  • At the start of the quarter, it had $192 in it.

  • But as you can see, there was a string of withdrawals made by Chase Bank, the same goes for checking accounts.

  • Make sure that free account doesn't whack you with any expensive maintenance fees every month and you'll be a smart saver.

  • Isn't that my money?

  • This?

  • No, this is mine.

  • What is my feet?

  • Pop, Not ATM fee.

  • That makes no sense.

  • A customer service issue that's a fee.

  • Do you agree with our picks?

  • Check out this other recent clip from Watch Mojo and be sure to subscribe and ring the bell to be notified about our latest videos.

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Top 10 Dirty Secrets Banks Don't Want You To Know

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    林宜悉 posted on 2021/01/11
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