Summary of 5 Hidden Charges You Should Know | Money Psychology
Main Financial Strategies and Insights:
- Credit Card Awareness:
- Always get confirmation of no fees in writing before signing up for a Credit Card.
- If unexpected charges occur, provide proof of the initial offer to request a reversal.
- Handling Inoperative Bank Accounts:
- Understand that banks cannot charge fees on accounts that have been inactive for two years.
- If charged, present the RBI regulations to the bank to avoid fees.
- Understanding GST Charges:
- Loan Management During Rate Increases:
- When banks increase the repo rate, they may extend the loan tenure to keep EMIs the same.
- It is advisable to request that the bank keeps the tenure the same and increases the EMI instead to save on interest payments.
- Smart Online Ordering:
- Utilize premium accounts or discounts to avoid delivery fees when ordering online.
- Be aware of UX patterns that may mislead consumers into paying more.
Methodology/Step-by-Step Guide:
- For Credit Card Charges:
- Get written confirmation of no fees.
- If charged, use the email proof to request a reversal.
- If unresolved, file a complaint with the RBI within 31 days.
- For Inoperative Accounts:
- Check the last transaction date; if over two years, it is deemed inoperative.
- Present RBI guidelines to the bank if charged.
- For GST Verification:
- For Loan Management:
- When informed of a repo rate increase, ask the bank to maintain the EMI and not extend the loan tenure.
Presenters/Sources:
The discussion involves characters named Abish and his colleague, who provide insights based on their experiences and knowledge of banking and financial regulations.
Notable Quotes
— 07:30 — « Imagine the same thing but the bank is doing it to you. »
— 09:36 — « Don't increase the tenure but increase the EMI. »
— 11:29 — « That's really messed up man how you can save dark UX pattern fancy very bad. »
Category
Business and Finance