Video summary

5 Hidden Charges You Should Know | Money Psychology

Main summary

Key takeaways

Business and Finance

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:
    • Identify if a business is registered under the composite scheme, which may exempt them from charging GST.
    • Use the official GST portal to verify a business's tax registration status.
  • 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:
    • Visit the GST portal.
    • Search for the business's GST number or legal name to confirm tax registration status.
  • 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.

Original video