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what is going on everyone i hope you are all having a fantastic day so i was actually going to review another large national bank today similar to my review on chase bank that i did a little while ago but i just couldn't bring myself to do it because as you've probably noticed i'm not exactly the biggest fan of those large banking companies so after reflecting on that and my own experiences with these large national banks i thought today we would talk about why in my opinion these national banks are old news and while you might want to seriously consider ditching your old national bank like chase wells fargo bank of america and a ton of others because trust me there are some way better options out there so today we're going to talk about five reasons why you should ditch your national bank and move to something a little more modern all right let's jump right into it [Music] so first of all i do want to say that this video is by no means meant to rip apart those national banks because obviously they are incredibly successful large companies that have countless customers and obviously that means that they're hopefully doing something right and while they may be old news in my opinion that's not to say that their services aren't right for a particular individual obviously the biggest advantage of those companies is the physical brick and mortar locations that they have because you can actually go there and the vast network of resources that they can offer because they are such a large company because a lot of these not only have banking services but also credit cards loans investing options and a ton of other stuff that allows you to do everything with just one company however the banking industry is changing rapidly and as someone who basically reviews banks for a living i can confidently say that while these large companies may not disappear entirely i'm sure that they are taking a pretty serious hit because of some of these newer financial technology companies that are sucking up millions and millions of customers like sofi chime and ally just to name a few and that problem for these large banks is only going to get worse as time goes on so not to lump anybody into groups here but i would say it's safe to assume that in general younger individuals are more prone to go for one of those financial technology companies like sofi chime or ally while older individuals are probably more likely to go with one of these older options because they're used to physically going into an actual bank but as more of generation z becomes old enough to open their own bank accounts well they're probably not going to go running to bank of america they're probably going to go for that cool sleek modern bank that they saw on tv or more likely here on youtube and by the way if i'm that person for you then you rock so again there's never a one size fits all solution and if you still love physically going into the bank or you just enjoy your large national bank like chase wells fargo or bank of america then that is completely fine because that's what works for you but if you've been on the fence about switching then here's five reasons why it's definitely time to leave reason number one you hate going to the bank let's face it perhaps going to the bank with your parents when you were a child was really exciting because you got to see the little vacuum tube thing take away the checks and the money and all of that and you got a lollipop in return but as far as convenient is concerned it's tough to argue that actually driving to the bank to deposit those checks in cash is more convenient than just snapping a photo of it on your phone now obviously those large national banks do offer mobile deposit where you can just snap a picture of a check and then deposit it but that only feeds into the idea that you don't actually need to go to the bank in the first place other than depositing cash there's really no point or advantage of physically going there and some of these fintech companies have even found ways to allow you to deposit cash as well even though they don't have physical locations so and here's the thing if you aren't actually using those physical branch locations then there's really no point in staying because the reason that a lot of these large national banks pay absolutely horrible interest rates is because they have to maintain thousands of those physical branch locations and that's really expensive so if you aren't using those physical locations then you're basically just accepting an awful interest rate of 0.01 or maybe getting a little bit better if you're lucky without actually benefiting from those branch locations so if you're like me and you have really no reason to go into a bank then it is definitely time to say goodbye the second reason is another big pet peeve fine and that is banking fees suck yeah i'm talking about those overdraft fees monthly service fees minimum balance fees because we can fees gotcha and all of those things that all of us who have been using mobile banks haven't really ever had to pay i mean bank of america for example has an eight dollar monthly fee on their regular savings account and of course they tell you that there's all these different ways that you can have that fee waived and sure you could go ahead and jump through all those hoops to get that but why not just go with an option that already has no fees to begin with and don't even get me started with the ridiculous 35 overdraft fee that wells fargo still charges like literally the fact that people pay that and they think that that is normal is mind-blowing to me when there are so many fintech companies that either have no overdraft fee at all or have some kind of overdraft protection so i think we can all agree fees suck so ditch the bank that is charging all of those stupid fees the third reason that you should leave that large national bank that i touched on earlier is because they have garbage interest rates for some reference at the time of making this video on their standard savings accounts bank of america pays 0.01 percent chase pays 0.01 percent and wells fargo pays a whopping brace yourself 0.01 that means if you have 10 000 in this account after one full year of just leaving that money in there you're gonna earn an insane drumroll please one dollar in interest insanity but again they have to maintain thousands of physical locations which is really expensive and as a result the awesome interest rate that you could get from one of those fintech companies of one percent or more is completely spent on these buildings that you probably never go to anyways now of course with a lot of these you can do the fancy dance and get the premier savings or the gold savings or whatever the heck they want to call it and maybe get 0.05 but honestly a crappy interest rate is a crappy interest rate at the end of the day so did your national bank that pays you literally nothing and go with someone who's actually going to pay you for keeping your money with them moving on from there we've got the fourth reason that you want to ditch your national bank and this one is a bit of a curveball but that is you value morals i know this one's definitely out there but hear me out i think we can all agree that large banking corporations aren't exactly known for their social or environmental efforts or really known in general for caring about anything other than making money okay maybe that's an unfair statement so let's look for some evidence bank of america scandal hmm so many options oh financial fraud that sounds interesting eh let's try this again wells fargo scandal uh let's see we've got cross-selling scandal fake account scandal 17-month nightmare that's a good title i mean there's literally entire videos about this topic okay enough fun you get my point i'm not going to go into too much detail on this one because i think it kind of explains itself but while these large national banks are out there ripping people off opening fake bank accounts wells fargo and who knows what else that they haven't been caught for countless financial technology companies are finding innovative ways to make donating to charity part of their regular business model and inventing entire platforms that allow you to make giving to charity and paying it forward to other individuals part of your regular everyday budget and that is really awesome in my opinion not to mention the fact that they are going to give you a ton of free educational tools that allow you to better understand your own personal finances so that you can make giving part of your regular everyday spending so everyone is going to see this one a little bit differently but i think it kind of explains itself and lastly the fifth and final reason that you should ditch your national bank for one of these awesome fintech companies is they are not these small tiny startups that they used to be well what do i mean by this like i said at the beginning of the video other than having those physical locations that you can actually go to even though you probably never actually go to them the only other large advantage of going with one of those large national banks is that they have so many other financial tools under that one platform and this means that you can do your banking your credit cards your loans your investing and a ton of other stuff with one company but like i said the banking industry is changing at a rapid pace and there are countless financial technology companies that aren't those small startups that they used to be allie bank for example has banking options their own investing platform countless loan options cds money market accounts retirement options and so many other great services as well so fi which you all know is my personal favorite for banking has banking investing credit cards student loans personal loans home loans and a ton of other educational options that allow you to learn more about your personal finances and guess what it's completely free so what used to be an advantage of having all of these different resources with one large national bank is not really an advantage anymore because those small fintech companies have now grown to the point where they're able to offer all of that stuff on their own and in a lot of cases they offer even more features plus it comes in a clean and simple package that is catered towards a generation who is used to doing things on their smartphone or laptop so at the end of the day i completely acknowledge that not everyone is gonna be ready to jump ship and switch to one of these mobile banks and that is completely okay however i am a firm believer that these financial technology companies are the future of banking and trust me they are just getting started i mean i see a future not that far away where a majority of banking customers are with one of these fintech companies like ally chime or sofi and those large national banks like chase wells fargo and bank of america are actually just a small section of the overall market i know that might sound insane but just give it some time and i think that that is exactly what's gonna happen so if you are convinced and you're ready to jump ship then definitely check out the countless reviews that i have done on some of the best fintech companies that are currently on the market and if you want to use the mobile banking platform that i personally see the most value in and use myself then there is a link down in the description below for sofi where you can get fifty dollars for free when you open and fund a sofa money account and you can also get another 50 worth of a stock of your choice when you open and fund a sofi invest account so if you are looking to jump ship and you want to use sofi then definitely check out those links and some of the other banking options that i recommend down in the description below and of course all of this is just my opinion so i would love to hear from you what do you think about all of this and what is your favorite fintech company that is currently on the market and why do you love that company as always if you did enjoy this video and you want to help support me it would mean a lot to me if you would hit the like button subscribe to the channel and share this video with someone who you think would get value out of this content as well and as always thank you so much for taking time out of your day to watch my video i really do appreciate that take it easy and i'll see you in the next one [Music]