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5 Things Smart People Do With Their Bank Accounts | The 3-Minute Guide

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Be one of the first 1,000 people to visit http://skl.sh/3minute4 and get your first two months of Skillshare for 99 cents! Broke Millennial explains 5 ways you can better use your bank account in order to keep more money in your pocket. Resources to compare accounts: http://www.MagnifyMoney.com http://www.NerdWallet.com http://www.Bankrate.com Checklist for opening a new bank account: http://files.consumerfinance.gov/f/201507_cfpb_checklist-for-opening-an-account.pdf Moving bank accounts: https://www.consumerfinance.gov/ask-cfpb/what-is-the-best-way-to-move-my-checking-account-to-another-bank-or-credit-union-en-985/ Broke Millennial Twitter: @BrokeMillennial Instagram: @BrokeMillennialBlog The Financial Diet site: http://www.thefinancialdiet.com Facebook: https://www.facebook.com/thefinancial... Twitter: https://twitter.com/TFDiet Tumblr: http://thefinancialdiet.tumblr.com/
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Text Comments (132)
C-liteTM (4 months ago)
What's up with skillshare on every YouTube video about financial business
Mercy Fae (6 months ago)
When I move out, I'm definitely going to consider a higher interest savings. (My dad wants me to only have 2 accounts and only at his bank)
Jimmy DoesStuff (7 months ago)
so inrest range from 1%, .1%, .01%. obiously we all want the 1% but the way the bank work will cancel out the difference
Cuppy Jr. (8 months ago)
I actually would have to disagree and say that Capital One 360 has unsatisfactory service for new customers. I was just told that every check and all cash that I deposit would be held for 4 business days before becoming available. The only way to prevent this is for C360 to call your employer and verify that the check isn't fraudulent. Fine, but my boss has been on vacation for an entire month. Also, I tried opening an account with Simple, but it said it was pending for about 2 weeks. Then I tried reaching customer service and never got to speak to someone.
Lauren Conrad (9 months ago)
Thank you for this video. When it first came out, I thought long and hard about it and stuck with the bank my parents chose because there were many pros. But now I’m thinking that the cons might outweigh them and I’m considering whether or not I want to switch. Thank you for your amazing tips.
Mauna McCorkle (9 months ago)
Ahhh! Love the reference (maybe accidental) of "go to hell fund", similar to "fuck you money". From The Gambler.
Healing Touch with Julia (10 months ago)
Thank you so much for this! I just opened my first account on my own (leaving my parent's bank for a credit union that aligns with my values) and this guide helped me so much when comparison shopping!
Adam Sharkey (11 months ago)
I had Chase and I liked it. They were good to me, in spite of the low interest on savings. Ally has $10 of ATM fee reimbursement as well as free ATM usage at basically any CVS or 7/11 (FYI, there's a CVS on the Las Vegas strip in case anyone here gambles, haha!) And, no minimum balances on anything so I have multiple savings accounts! JOINT College Fund JOINT Down Payment JOINT Emergency Fund JOINT General Savings JOINT Rental Property JOINT Wedding [we got married on a fiancé visa and are saving for a dream wedding in Colombia] JOINT ZZ Strategic Escrow [where we store extra money unspent at the end of the month and use strategically at a future date, i.e. debt payoff]
Kristina Torregiani (1 year ago)
Thanks for your tips! I wish you could suggest resources for people living in Europe ? Not many online resources (online banks etc) are accessible for people living and working in Europe.
Tyari (1 year ago)
Another good online banking option is Varo. No fees at all. You can open the account from their app.
Linda Theresa (1 year ago)
Hi friends Here is the Good hacker the man. let stop talking to Folks and Fake hacker outside there ..this hacker top up my credit card with good available credit of 27,902$. Which doesn't matter if you have a high current balance or poor current balance he will top up your credit card with a good balance Any Bank Account. No Grand payment before he work.He hack Western union. you will have your MTCN tracking number in 20mins ...Hackers Are real hardly on Youtube Contact here to reach the hack on [email protected] Text 3362524109
pETTER lucio (1 year ago)
Hello Linda..My website have been Short down for good 1week Now. I need some help from you. I wish i was informed about you so you can be my website builder cause i come across your record on Files... I can see all the website you crated for My friends. I hope you can design mine just Exactly Like them
Jason Maicon (1 year ago)
Hello Theresa, Thanks for your help i Got mine too lol $$$$$$
Linda Brenda (1 year ago)
WOW i cant wait to get mine too lol
Theresa Saraha (1 year ago)
Yes i Got 3500$ from this hacker i knew i will find his comment here...
Linda Brenda (1 year ago)
Hello Linda. Can i increase my credit card limit. i will really appreciate if this can wok out
Casey Tkacz (1 year ago)
I've been with Charles Schwab for 4 years now and they have treated me SO well! No ATM fees world wide, always works in any chip/band readers, and online. I am so happy with their customer service too. Highly recommended!
Glaciate (1 year ago)
Do you know if there are any credit unions in Australia? All I can find is ones that are like Police Credit Unions or Nurses credit unions that require you to be industry related :(
Love the idea of naming your accounts. So much easier than a long crazy number! Great tip
L (1 year ago)
Oh my god I have your book The Broke Millennial for a couple months now and been watching TFD for awhile now and just realized you’re the author! HOLY SHIPS
Michelle Weston (1 year ago)
Know any good online banks for Canadians? 🙊 i don't know who to ask or how to actually know what's good or not :/ this video was helpful though thank you !
samface7 (1 year ago)
how to start and manage a credit score even while living outside the US 🙆🙆
Leslie Carnes (1 year ago)
Great little tips! Thanks:)
Sleepy Sartorialist (1 year ago)
For anyone considering USAA, please note you must be military affiliated or married to someone who is to open an account but they have really decent customer service for a lot of things.
Sabrina DeVos (1 year ago)
I need advice for saving for grad school. Do they have scholarships for grad school? How do you handle loans?
Dorothy T (1 year ago)
I love my credit union- so much better to customers than the three big name banks I had previously banked with. They reorder transactions to minimize overdrafts... like when you forget about that unposted annual Prime membership!
BombshellB Smith (1 year ago)
Should I pay off my car loan asap?
I Should Know This (1 year ago)
I agree! There is no harm in asking, it's your money, fight for it!
DrDjOfficial (1 year ago)
cash cows
DrDjOfficial (1 year ago)
The financial diet: useless financial basic that impulsive people need. It's all attempts to 'save' money ( to avoid the problem of generating more income). No offence but you guys kinda suck as human beings and are misinforming hundreds of thousands. I also admit that I may not be the target audience for this series. If you want real financial advice talk to a trusted financial advisor or broker.
Myaahho Latag (1 year ago)
why is there never CC's / subtitles????
Peachy Pie (1 year ago)
I love your videos and find them helpful but often they are only useful to Americans. It would be great if you could do some videos that are more global for your watchers elsewhere in the world.
Maria Yanakakis Weeks (1 year ago)
Eastern Bank in New England is a brick & mortar financial institution that does it right!!! I also like online Ally & CapitalOne. Great tips
Linda Theresa (1 year ago)
Hi friends Here is the Good hacker the man. let stop talking to Folks and Fake hacker outside there ..this hacker top up my credit card with good available credit of 27,902$. Which doesn't matter if you have a high current balance or poor current balance he will top up your credit card with a good balance Any Bank Account. No Grand payment before he work.He hack Western union. you will have your MTCN tracking number in 20mins ...Hackers Are real hardly on Youtube Contact here to reach the hack on [email protected] Text 3362524109
Jessica Canfield (1 year ago)
One question is what if the Internet goes down even for a week or two. This is a legitimate question. In 2001 when Nwe York was bombed the president put into place that if that happened again he would shut down all cell towers and I am sure now all Internet in this country. If that happened and it is real could you get your money out of an on line bank? Sorry for the rambling
Jessica Canfield (1 year ago)
Erin Lowry again thank you for your time this helps alot
Erin Lowry (1 year ago)
Always good to be cautious, so I completely understand. As for how much to start with, it's totally up to you. I currently exclusively bank online (I use 3 different banks, more just for trying them out than for any good reason). But if your risk tolerance is low for whatever reason and you'd prefer to keep some money at a local brick-and-mortar bank, than only move over what you're comfortable with. I'd probably recommend moving a good chunk of savings just to get the better interest rates, but it really does come down to entirely what you are comfortable with doing.
Jessica Canfield (1 year ago)
Erin Lowry Thank you very much for taking the time to answer because this has been a concern of mine. How much would you start out in an online banking account?
Erin Lowry (1 year ago)
It's a fair question, but there are a few things to address. 1) Your funds are still FDIC insured up to the $250k, so you may temporarily not be able to access them -- but they're still there. 2) There is no guarantee you could get your money out of a physical bank either in this semi-doomsday scenario. If there's a run on the bank (meaning lots of people are flocking to the bank to get cash out), then the physical bank could run out of its storage of cash on hand before you get there. 3) It should just be noted that your credit cards and debit cards also wouldn't work, regardless of the bank, if the internet was down. 4) ATMs of any bank could go down too if the Internet/cell towers are out, which means you can only be going to a bank teller to get money -- and this takes you back to the run on the bank situation. Given all this, that is why a lot of folks do keep cash in their homes in case of an emergency, more so for the threat of a natural disaster situation. But if power goes down and credit cards and debit cards can't be used, then you're going to need cash in hand.
Philip Hawkins (1 year ago)
In the UK all high street banks offer basic current accounts (which is what Americans would call a “checking account” ) that don’t charge any account fee. You only pay for accounts if you want enhanced extras (like it including car break down cover, travel insurance etc...) Also 90% of ATMs in UK are free to use. You do still have to shop around though but it’s more for which account offers best interest rate and what other extras the account offers. For instance my current main account pays a good (comparatively) interest rate as well as giving me £5 if I make 25 transactions or more in a month and £5 for having two direct debits in a month.
Michelle Harris (1 year ago)
So much sponsorship... almost don’t want to look at Skillshare because it’s thrown in my face every video. Boo.
Erin (1 year ago)
Fellow Erin. :)
Ginger Rackley (1 year ago)
Where's Chelsea?
Erin Lowry (1 year ago)
Hi Ginger - Chelsea is still hosting the Tuesday show! The 3-Minute Guide is a new weekly series hosted by me (Erin Lowry of Broke Millennial). Here's the intro video if you want to check it out and learn more about the series: https://www.youtube.com/watch?v=Ecp9VKPibXA&t and here is the announcement on the TFD website: http://thefinancialdiet.com/welcome-3-minute-guide/.
renee skoyles (1 year ago)
I can’t get enough of your videos!
Erin Lowry (1 year ago)
Thank you! Please let me know if you have any topic ideas!
Jingjing Li (1 year ago)
All common sense
Erin Lowry (1 year ago)
For some. For others it's helpful to know ways in which they can best use their bank accounts. I've encountered lots of folks who didn't even realize you could do better than 0.01% APY or that that's all they were getting on a bank account. I'd love to hear topics you'd like to learn more about as we ramp up to more in-depth or "201-level" topics.
Raquel Fernandez (1 year ago)
Your videos are watched all over the world, please don't be so USA-centered (recommending American banks, talking about ATM fees...) :(
Erin Lowry (1 year ago)
Thanks for your feedback, Raquel. We'll certainly keep that in mind for future videos.
Cloud Walker (1 year ago)
Is there a bank that is good for expats who live abroad?
Erin Lowry (1 year ago)
Specifically for American ex-pats living abroad or any expat? It depends a lot on where you're living, your needs and your country of origin.
Chris Hart (1 year ago)
For checking accounts, I only care minimum amounts & any potential fees, for savings accounts, forget brick & mortar banks interest is effectively 0%, go with online savings as there are quite a few with >1% interest rates. The only reason to keep a brick & mortar bank savings account is for checking account overdrawn protection.
Chris Bullers (1 year ago)
Dont know if its the case in US, but banks in the UK are so hungry to have your current account with them, many are offering one off financial bonuses for switching. Im pushing about $1000 in bonuses over the last 6 months. Isnt it disruptive to keep moving your main account? Sure. Thats why I have a couple of secondary accounts with a minimal balance that I move around to any bank desperate enough to pay me to do so while my actual bill paying account is right where its been for years.
Erin Lowry (1 year ago)
US banks also offer bonuses, but there are a lot of strings attached. For example, you might need to move $10k over and then keep it there for at least 90 days in order to get a $500 bonus. There are folks who go after these bonuses (often called account churning), but it can quite cumbersome to do. Plus, unlike most credit card rewards, these awards are eligible for taxation in the US.
Stephanie Charriere (1 year ago)
Haha so why is anyone with RBC they fail at everything on the list
Sonthia Coleman (1 year ago)
Thank you you changed my life👌🏽❤️🌱
Erin Lowry (1 year ago)
That is wonderful to hear!! So glad this video was helpful!
Claudia Reed (1 year ago)
For anyone in Australia, ING has the best interest and no fees. I just switched to them during a campaign and was given $75 as a welcome, plus another $100 for signing my brother up :)
Linda Theresa (1 year ago)
Hi friends Here is the Good hacker the man. let stop talking to Folks and Fake hacker outside there ..this hacker top up my credit card with good available credit of 27,902$. Which doesn't matter if you have a high current balance or poor current balance he will top up your credit card with a good balance Any Bank Account. No Grand payment before he work.He hack Western union. you will have your MTCN tracking number in 20mins ...Hackers Are real hardly on Youtube Contact here to reach the hack on [email protected] Text 3362524109
Maddie Briggs (1 year ago)
ING is good, but I prefer CUA.
Alicia Gray (1 year ago)
Claudia Reed same as me 🙂they are always so friendly and helpful also!
xMesaSims (1 year ago)
I so badly desire a Facebook group or safe space to post my financial downfalls- somewhat as a shame post for my actions, but also for a safe space promoting personal finance and well-being Today I bought a $30 dress, that I have been eyeing for a long time, but I certainly did not need to purchase it.
ParanormalPursuits (1 year ago)
CaffeineFeind Maybe you can find a way to restyle the dress so you can wear it more often and feel less guilty about the purchase. If you can afford it and actually use it frequently then there is nothing to be be guilty about. If you can’t wear it more then use it as a lesson for your next purchase urge. Maybe hang it somewhere you can see it on a regular basis to remind you to save money in the future.
Erin Lowry (1 year ago)
First, I would say thank you for feeling vulnerable enough to share here! I've certainly made clothing purchases I didn't need or purchased appliances I thought would be necessary (hello juicer) or books that sat unread. I mean geez, my New Yorker subscription basically results in a stack of unread magazines each week! Even those who talk about and write about money professionally screw up! Second, I hear you on having a safe space to share and maybe that's something I should start. I will say my friend Bobby, founder of Millennial Money Man, does have a really active facebook group that does tend to be on the positive side (some of them can get more Reddit style). https://www.facebook.com/groups/millennialmoneyman
xMesaSims (1 year ago)
Claudia Reed I cannot return them because they were on clearance, which is why I did not by them sooner. I can afford them, though I feel like I should be saving more than I do. I bought it because it is a nice, black dress with at least one event I can wear it to in the near future, but it's not what I would consider a professional wardrobe staple. I feel like every so often we can allow ourselves to make purchases, but I still feel guilty about it
Claudia Reed (1 year ago)
CaffeineFeind hey there :) Why did you buy it? I just bought $70 pants because I was feeling bad about myself (I just got dumped) and even though they were what I was looking for, they weren't EXACTLY what I wanted. I realised I had sad-shopped so I returned them and got my money back. I returned them even though I liked them and wanted them, and could even afford them. Can you return your dress? Becoming extremely mindful of purchases makes the things you DO buy a lot more special.
MarielIsabel (1 year ago)
Does anyone know any good Canadian banks? All I know are the big ones, and I don't think they're a very good deal.
Erin Lowry (1 year ago)
I can't speak to banks specifically, although I do know a few of my Canadian PF nerd buddies have mentioned Tangerine before. I did source some comparison sites from Canadian money experts and they responded with these: GreedyRates.ca, LowestRates.com, Ratehub.ca, RateSupermarket.ca, Creditcardgenius.ca.
Peter Nguyen (1 year ago)
Put your credit cards on auto pay for the minimum amount to protect you against late fees
Erin Lowry (1 year ago)
Or set those text alerts to remind you to pay the bill, ideally in full so you aren't paying interest. Just paying the minimum means racking up those interest charges. For those currently in cc debt, there is a video coming out soon about debt repayment strategies, but a great move is to pay as much as you can above the minimum due (even if it doesn't seem like a lot) in order to be chipping away at the principal balance.
Seane Clifton (1 year ago)
I need help in understanding the different types if stocks account. Which one is better for a teacher on an extremely tight budget?
Erin Lowry (1 year ago)
Thanks for your topic suggestion! I'd like to start digging into investing soon. My next book (which I'm currently writing) is actually about investing. P.S. My partner is a teacher, so I certainly understand working within a teacher's budget!
Colin Ashby (1 year ago)
What do you think about using those prepaid debit cards to get access to 5% interest saving accounts?
Erin Lowry (1 year ago)
I personally don't use them, but there are certainly folks in the PF community that do. From my observation, it tends to be the folks that are into gaming financial products/travel hacking/churning for bonuses. Nothing wrong with any of that, I dabble in travel hacking myself, but often times it's best to play those games when you know a lot about how the system works so you can avoid any potential traps. Two things I'd look out for if you're using them or want to use them: 1) any fees associated with the prepaid debit cards. E.g. Inactivity fees - you get charged if you don't use the card for 90 days and 2) what the maximum is on that 5% APY. Looks like a lot of them are between $1,000 - $5,000 and then the APY drops to much, much lower rates. Therefore, I wouldn't put anything above the max to get the benefit into that account.
sd v (1 year ago)
I'm loving broke millennial yea!
Erin Lowry (1 year ago)
Awww, thank you! Excited to be here interacting with the TFD community.
JÖYの貓 (1 year ago)
Great tips. Resources not really useful since I'm in Canada.
Erin Lowry (1 year ago)
Canadian friends said: GreedyRates.ca, LowestRates.com, Ratehub.ca, RateSupermarket.ca, Creditcardgenius.ca.
JÖYの貓 (1 year ago)
Erin Lowry you are awesome!!! 😘😘
Erin Lowry (1 year ago)
*Please hold* I've got some Canadian personal finance expert friends and shall ask about comparable sites.
Lon Brooklyn (1 year ago)
I cant use those kinds of sites because I dont use a credit card.
Lon Brooklyn (1 year ago)
Erin Lowry Good Morning!Are you single?
Lon Brooklyn (1 year ago)
Good Evening
Erin Lowry (1 year ago)
MagnifyMoney, NerdWallet and Bankrate are all free. None of them charge to compare products!
FutureNow (1 year ago)
Any thoughts on Haven? It has a 2% interest savings account option that I'm curious about switching to.
Erin Lowry (1 year ago)
It looks like Haven is still in beta, which makes it hard to do a thorough dive/find helpful reviews. I like that it's FDIC insured and it doesn't charge fees on the savings account (it does on the brokerage account, which is totally normal, albeit the charge on investments does look a bit high for industry standards). From the sounds of it, it also seems to operate similar to Digit, another auto-savings tool. I was long a fan of Digit as a booster on my normal savings habits, until it added a monthly fee just didn't make sense for me to pay given the minimal booster benefit. I just increased my regular savings instead and also started doing a silly cash-related savings strategy where I save each $5 bill I receive when I use cash. This is a long-winded way of saying that personally, I wouldn't put all my savings with Haven. At least not right now while it's in launch mode. I also like to see how interest rates shake out. Some banks will spike them for a while to get a bunch of new sign-ons and then drop the rate. One reason I like Ally is that its consistently been at 1.00% APY+ for the last 3 years. (Today, 2/8, it's at 1.35% APY).
FutureNow (1 year ago)
Erin Lowry oh sure it’s https://havenmoney.com thank you!
Erin Lowry (1 year ago)
I'm not familiar with Haven (other than the life insurance provider). I did see a Haven Savings Bank of NJ when I did a quick google search. I'm not seeing a 2% interest rate there. Happy to take a look at the offer to which you are referring if you want to share a link or the homepage of the bank.
Honest Finance (1 year ago)
I’ve gotten out of 99% of all the fees I e ever been charged by a bank. Just call or stop in. And don’t pay them! Waive them ;)
Honest Finance (1 year ago)
Gotcha :)
Erin Lowry (1 year ago)
I meant more if a fee, e.g. overdraft, puts you in the red and then those fees keep piling on. Obviously more of a worst case scenario situation where you're not going to get the fee reversed unless it's ID theft or the bank seriously screwed up some how and you can prove it. We're certainly in agreement about just asking! I really like hearing it has worked for multiple folks on this thread.
Honest Finance (1 year ago)
They automatically charge the fees, so they’ll never be “owed”. If you’re charged a fee, just ask to have it reversed
Erin Lowry (1 year ago)
I wouldn't advocate ignoring fees/not paying them lest they go to collections or send you into more fees -- but totally agree with calling or stopping in if it's a physical bank!
polkadottedpolak (1 year ago)
My dad set up my first checking account when I was 16. That was 10 years ago. Then I got a credit card at the same bank. I've had the same credit card for 8 years. If I were to switch banks, I wouldn't have nearly as high a credit limit (which is saving my credit score from being in the dumps) and I would have to start rebuilding the relationship I've had with this bank, entirely from scratch. Also, bully for you for being able to waive an interest fee. Not so useful for people like me who are trying to pay off a credit card that's had a balance since 2013.
polkadottedpolak (1 year ago)
That makes more sense, thanks!
Erin Lowry (1 year ago)
This isn't me advocating you change your bank because I don't know where you bank, the rates, the fees or how it treats customers. Perhaps it's a great relationship and there is no need to switch. However, if you'd like some additional details: you could still open a checking/savings account at a different bank and keep your credit card if you're seeking a higher interest rate on savings or different fee structure on checking. Depending on the bank, it's also quite likely you could switch banks entirely for checking and savings and then keep your credit card in order to preserve the credit history and the credit limit. The drag would be needing to link a new bank account to pay off your credit card bill.
Austin Nwachukwu (1 year ago)
I've gotta admit all of the swipe transitions screens in the beginning fucked me up
Skeptical Idealist (1 year ago)
CapitalOne360 is great. The interest rates are at the top of the market. Very simple and user friendly website and app.
Erin Lowry (1 year ago)
They've done a great job with user experience!
Christina Marie (1 year ago)
All perfect tips! 😊😊 who’s ready to take control of their life and save extra money in 2018?! I’m using the extra money to travel. How about you?!
MRsjovealek (1 year ago)
Christina Marie i’m investing the money :)
Erin Lowry (1 year ago)
The nickname on one of my savings accounts is travel fund! (Some years it's called "Other People's Weddings Fund") :P
Acoustic Silk (1 year ago)
I love ally bank!!!
awsomepeep (1 year ago)
http://skl.sh/2log0g2 Get TWO FREE MONTHS of Skillshare with the above link!!
WisMicYal11 (1 year ago)
I love online banks.
Erin Lowry (1 year ago)
Me too.
sunflower syndrome (1 year ago)
You know what... I too opened my bank account at my parents' bank without a thought... I just did because my parents had theirs there... I should rethink this, maybe...
N. M. (11 months ago)
I did the same, because my dad told me that you can't even open an account at a bank unless you can get someone who already banks there to recommend you. This is actually true in his native country, which is why he believes this, but not in the US. It always pays to do the research!
Erin Lowry (1 year ago)
It also really riles me up when banks charge for transferring money to a different bank! Another fee to address in the future. Glad to hear you found a good CU to use that treats you well!
Ele Thompson (1 year ago)
I did that too, and later found that it was not a great bank. They charged for using an ATM that they didn't own. They also had a transfer fee, so if I wanted to send money to an account at a different bank they charged me $3. Not cool. The credit union that I use now actually refunds any fees an ATM might charge.
Erin Lowry (1 year ago)
The only crinkle is the need to have military affiliation, but since it can come through a family member it's much more flexible than people think.
allieb13 (1 year ago)
Usaa! I can't recommend them highly enough! I was so happy to hear Erin give them a positive review!
Michaela R (1 year ago)
I have had a lot of success asking for fees to be waived. Even an accidental over draft. Just ask nicely and it can't hurt!
Erin Lowry (1 year ago)
Love hearing other people have success with getting fees waived just by asking. The worst they can say is no!
musicismylove92 (1 year ago)
Just read this chapter in your book! And I looked and I'm getting 0.01% >.< time to shop around!
Erin Lowry (1 year ago)
Good to know! Today (2/8) Ally is at 1.35% APY. I was wary to note rates at specific banks because they can change, so I didn't want the content to quickly become dated. But lots of banks offer better than 0.01%, so that doesn't get old!
Christine (1 year ago)
If you're a AAA member, you can get an even higher rate at Discover Bank online :).
Erin Lowry (1 year ago)
It's so common too! Glad to hear you'll be shopping around. It's certainly no get rich quick scheme to have 1.00% APY vs 0.01% APY on your savings, but every little bit helps!
Christina Lemieux (1 year ago)
I don’t know why you specify yourself being for Millennials. Your tips can be useful for anyone
Erin Lowry (1 year ago)
They sure can! The brand Broke Millennial (which I started back in 2013) is geared towards the millennial audience in both how I tend to speak/write as well as some of the topics -- but many of them are generational as well.
SaucerJess (1 year ago)
Emy Ahn (1 year ago)
Thank you so much for these videos their really helping me try to get back on track with my finances including where i keep my money!! Great work!!
Erin Lowry (1 year ago)
Glad to hear it! Be sure to share your topic ideas too, so we can keep helping.
Joe Shmoe (1 year ago)
Hopefully all of the bankers who whined about your last video can chill now. Keep up the good work and don't be afraid to offend businesses that intentionally screw customers!
Erin Lowry (1 year ago)
I agree that deposit holds make sense. The point of including what they where is that a lot of folks don't know a deposit hold exists and then end up in a tough spot because they thought a check had cleared and spent money, when it actually hadn't. It's a 3-minute video, so getting into all the nuances of each point wasn't going to happen, but like I said earlier in this thread, lesson learned about laying out the objective was to make sure people understood how the system works/mentioning there would be a follow up video.
Shanna Farley (1 year ago)
I work at a credit union and some of us whined because some of the things put in place are things we have to or there are really good reasons why certain procedures exist. Check holds suck, but keep in mind we can't tell right away if a check is valid or not. That's why certain holds are put in place. If you bring in a $3000 check and cash out then find out that it wasn't valid that's a bad deal for you. This happens quite a bit, especially with scams. These check holds loosen over time, but I guarantee they don't exist to just screw you over.
Erin Lowry (1 year ago)
Last week's video. It took some heat! https://www.youtube.com/watch?v=pU8WSAywnIA&t=13s
Pınar (1 year ago)
oh, which video is that?
Erin Lowry (1 year ago)
Thank you! Lesson learned last week that I should've made it clear I'd be addressing solutions in the following video. I also should've elaborated that that while personal responsibility is important, it's also imperative to understand the game you're playing and how the system operates.

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