Your Bank Doesn’t Want You To Watch This
If this video got out, your bank could be in real trouble.
To Start With…
People would know how they can cut hundreds of dollars off the fees their bank charges (which is why I made it in the first place).
Second Off
The video reminds us that the bank is in business to make money. Not that there’s anything wrong with businesses making money, that’s how our economy works. But most businesses try and maximize their profit on every transaction. If there’s a big profit margin built in, that means that there’s probably room for negotiation.
Even if at first there’s no indication that they’re willing to negotiate, you can apply some pressure and you never know what might happen.
What Do You Want?
One of the reasons I made this video is to help answer some of your questions about the kind of things that you could expect in the free toolkit I asked you about. A lot of you emailed me wanting to know more about what kinds of things would be included so I made this video and this spreadsheet as examples.
Click the video to watch, then in the comments, tell me whether you’d like more stuff like this.
Don’t forget to leave comments whether you’d like more stuff like this.
Great information. Thanks for showing the spreadsheet and walking us through the process.
I’m confused as to why it was in video format, rather than text format,
since there was no audio of Kyle, or actual copy of his emails.
I’d like something about consolidating debt and negotiating down the interest rates on my credit card. Those things are killing me, just sucking money out of my wallet!
I like the way you break down the process. It’s one thing to say – just shop around – but this is a lot more useful. Walking through the emails and giving us a spreadsheet template makes it a LOT easier to do what you did.
I do wonder though what it does to your credit score when you apply with different banks. Did they all have to run a credit check on you?
Jason, I know what you mean, general advice isn’t necessarily bad but it leaves out a lot of details. I know I learn the best by example and many others do as well so that’s why the tools I’m building dig into the details and show step by step how to make it happen.
Plus everyone’s busy and its easy to put things on your to-do list that never get done. If I make it easy to follow the steps then you’re a lot more likely to take action and save tons of money!
Regarding the credit check, yes, in order to get a good faith estimate from each of those banks and credit unions I had to fill out an application and they checked my credit. In order to know whether I qualify for a loan and what rate they can offer me, they have to do a credit check. I asked the loan officer about that at closing, I mentioned that I had applied to 4 places all at once and what it did to my credit. She said that 4-5 places wouldn’t be a big deal but if I had sent in 15 different applications then that might have raised a red flag.
I noted my credit score before applying anywhere, I’ll check it again this week and see if the credit inquires impacted my score at all.
I can’t get the video to play
You should just be able to click the video to start it, and click again to pause. If clicking the video doesn’t work for you, try clicking on the little play button in the bottom left corner.