Online Signature Legality for Christmas Bonus Letter in United States: Secure and Legal eSign Solution

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foreign [Music] [Music] [Music] [Music] foreign foreign foreign foreign foreign foreign thank you all right welcome back to another credit card News live stream I'm Cal Barton it's good to see everybody in the live chat on the stream tonight cinnamonis welcome back by the way it's good to have you and um thank you Danny Boy for the Super Chat man always supporting always looking out I really appreciate you being here um here my day one um so definitely he said happy Sunday it is it is a happy Sunday hip-hop thank you uh I appreciate that yes everybody hit the like button we're gonna get to that later as well but I'll remind everybody again I appreciate that Chelsea what's up F Davis man welcome back Kamar you were here like an hour before we started you saw me testing the uh stream out all right so let's get started with the news here let's get into it okay so Powell which is the uh Federal Reserve chairman uh Powell signals increase rate hikes if economy stays strong so the Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and person and persistently High inflation uh chair Jerome Powell told a senate panel Tuesday so Powell's comments reflect a sharp change in the economic Outlook since the fed's most recent policy meeting in early February at that meeting the Central Bank raises key rate by just a quarter point uh downshifting after you had after uh a half Point rise in December and four three-quarter Point hikes before that so we're just going to see you know more and more rate hikes it's going to make it tougher and tougher to you know transact exchange goods buy houses buy cars because those interest rates are going to be Sky High it's going to make those payments extremely tough to manage right you know I'm I'm in the market for a house right now and and it's just really challenging to make the numbers work when you're trying to buy a big ticket item like that and it just adds like hundreds of dollars sometimes without you know almost a thousand dollars to the monthly payment and it makes things that were you know previously attainable less attainable today you know you might not be able to afford that house that you did last year just because of the you know kind of unfortunate uh state of the interest rates so let's go into the next story um why should why you should avoid buying a gift card from display rack at the store so in 2021 the Federal Trade Commission or FTC reported that gift cards were the top payment method for scammers leading to reported 148 million stolen from consumers and scammers will Target display racks of gift cards especially when the rack is out of sight from cashiers are Pharmacy counters they will then tamper with the with the packaging they take off any film strip uh record the gift card and pin number and then cover up their tampering some scammers have even used barcodes as a sticker covering up the gift cards real barcode then they set up a computer program that has algorithm that follows these cars and when any of those cards are manipulated like that go to the register for Activation their criminal is pinged and they are able to drain the funds off of that car that is super interesting this is my first time seeing the inner workings of how they do things so they're able to see uh when the transaction goes through and when it's actually officially activated and then they they they know to get ahead of it and go ahead and drain it before I guess the customer who actually bought the car is able to access the funds are able to use it that is insane let me know if that's ever happened to you have you ever bought a car that was already like drained and you found it didn't work I've never had that happen but again I don't buy like gift cards I really don't see the point of the gift cards a lot of people use that for like Christmas gifts right I feel like it just shows a lack of imagination a lack of thoughtfulness you know you might as well just give them cash money right at that point just transfer them via you know Cash Out them some money as opposed to get a gift card now you're just saving some time they get the money and they can use it for whatever they want um gift cards are really limited as to where you can use them and oftentimes you know we covered this a few weeks ago that these gift cards are not being used totally and people are leaving 25 bucks 50 bucks on the gift card forgetting about it putting in a sock drawer and then letting it waste and then they'll eventually expire and you'll lose that money and then the company gets to you know pocket that so gift cards uh what you can do in that case is go to you know maybe if it's a Visa or MasterCard gift card then you can use that towards an Amazon you know your Amazon gift card balance and you can just drain all the funds into that so you know you can use it for any purchase that you want since they have hundreds of millions of you know items there you can use or you can use cardcash.com some a website like that so that you can resell what's on that gift card for a little fee and you're able to extract all the money off that card uh so the next credit card debt is at an all-time high putting households near a breaking point so more consumers are leaning on credit cards to afford increasingly expensive Necessities like food and rent that's a shame uh that helped Propel total credit card debt to a record 930 billion dollars at the end of 2022 at 18.5 Spike from a year earlier ing to the latest quarterly report from TransUnion the average balance Rose to 5 800 over that same period delinquency or delinquencies are already on the rise and a delinquency is a payment that's 60 days or more overdue and credit cards are one of the most expensive ways to borrow money currently annual percentage rates are around 20 and that's an all-time high guys so yeah you definitely don't want to be carrying a balance so you know I I heard the um the finance guys or whatever they're called one of the other YouTube channels describe using credit cards is like juggling chainsaws okay so it's it can be very dangerous if you carry a balance if you're using it for over that 25-day grace period then you're going to be paying that 20 interest rate and it's going to cost you way more money to use the you know the the funds that they give you it's going to it's going to make that purchase a lot more expensive for you so you definitely don't want to be juggling you if you're juggling chainsaws like we are in this community as an Enthusiast of credit cards then you want to be a good juggler all right you want to catch every single chainsaw and you want to get cut all right you don't want to get any limbs lopped off all right so next cfpb's bid to curb late credit card fees faces strong opposition so that's the Consumer Financial Protection Bureau and um yes a use a U.S consumer watchdox proposal to slash late fees on credit cards is facing a rough road ahead as lenders Gear Up uh as lenders Gear Up For What could turn out to be a fierce battle with the agency last month the cfpb said it was looking to curb such excessive fees which cost American consumers about 12 billion dollars each year ing to the agency estimates and credit card issuers that have a bigger exposure to subprime customers are private label cars which can only be used with a specific brand could be the worst hit with uh revenues expected to decline by mid to high single digits percentage points and rating agency fintech estimates are Fitch identified discover synchrony and bread Financial Holdings among those at risk so if you don't if you're not aware so these particular companies like we all know synchrony right they have a bad reputation almost there they are targeting more of the subprime or less you know lower credit scores around you know the 600 650 and below are 600 and below and they Banks like synchrony also uh have a lot of co-branded cars so that those are store credit cards that you can only use at one um you know at one Merchant and you get like five percent cash back in that case um those are like a lower tier of credit card offerings and so they're gonna have a real problem on their hands um when the economy is is kind of tanking right now they're going to see a lot more delinquencies and that's going to cut into their profits a lot also T-Mobile's auto pay credit card discount is ending in May so T-Mobile is updating its automatic payment rules including dropping the ability for credit card users to gain the auto pay discounts on its plans the carrier confirmed it starting as early as may it will be limiting these discounts just to those who pay with a debit card or bank account and the move marks a change from the carriers current policy which allows anyone to get a discount on wireless or home internet service if they set up automatic payments regardless of the method that they use to pay their bills if you still want to pay your T-Mobile Bills or the credit card you can but it will be without this discount so I'm guessing I don't I'm not familiar with T-Mobile uh I think Danny I think you have T-Mobile right um it probably if it's like Verizon it's going to be like a 10 discount it's probably going to make sense to to use the the debit card or the bank account to make the purchase in that in that instance because that's going to be a larger discount per month than you would getting like three to five percent back but that's really a shame right because that's cutting into your earnings you can't use a uh you know credit card and get like a flat rate two percent card and use it you're not gonna get anything back you just get the you know before you were able to get the discount plus the cash back or the points now they're just cutting those points out and you're just getting the uh whatever discount that is so that's that's a shame that's what we call a Nerf it got worse um also biting cash Market leaks over 2 million stolen credit cards for free so a carting Marketplace known as biting cash isn't that a great name for uh illicit illegal Marketplace probably on Silk Road or something on the on the dark web they call it Biden cash wow all right um has leaked online for free database and it has two over two million debit and credit cards in celebration of his first anniversary out of these tens of thousands were duplicates but there are still over 2 million unique ones and the data set contains personally identified information such as names emails phone numbers home addresses and payment card details including card expiration dates and CVV codes that's a three-digit code on the back of the car if you don't know with the cards expiration dates going as far out as 2052 man that's uh that's something he's got it yeah listen that's why you always have to keep those alerts on if you have Credit Karma my FICO Experian they're all going to send you email alerts things like that even maybe your banking app will be able to send you alerts if you know someone opens a new account in your name so definitely want to utilize those notifications also big changes coming for the Hilton Aspire card um so this is like a travel card not um that uh it's pretty pretty well liked and um Hilton and American Express are reportedly concerned considering changes to the Hilton Honors American Express Aspire card which is widely regarded as the best hotel credit card the pros changes include an increase in the annual fee from 450 to 550 and a 100 hike that's that's kind of bad right you don't want you don't want those uh annual fees to go up that you want those to go they never go down they always go up right it's like taxes they never reduce them it just always elevates removal of the 250 annual Resort credit which is a significant benefit that's easy to use reduction of the annual Airline fee credits from 250 to 200 and making it a quarterly benefit with 50 available every three months this change would likely lead to unused benefits and a loss of value for card holders replacing the current hotel credit system with a new luxury and lifestyle credit that provides up to 100 in statement credits twice a year are up to 200 in total so I said another alternative being consider is a is up to 200 in statement credits available at the Hilton property distributed in fifty dollar quarterly installments in addition to the current 100 credit for select charges at Conrad and Waldorf Astoria locations so and you're going to get credits for you know Lyft uh and also clear uh the private security program at the airport potentially making it easier to earn free Hilton night certificates guys do you think that these changes as you see them here would this be good for the Hilton Aspire car and do you actually have this card I haven't actually talked about this on my channel but um I know that it's you know it's it's well liked in the community and if you are travel focused I know a lot of people consider this card do you think these changes going to be good or bad let me know in the comments next we have Premiere collection um the hotel program is live so it's called the premiere collection and it's a new Pro program from it allows select card holders to book partner hotels using miles the program which launched in uh last month in February is available to premium card holders such as those with the Venture X rewards credit card our Venture X business card which is either it's either just come out or it's going to come out very soon and listen I have the ventrex if you got the ventrex go ahead and list that in the comments so just go ahead and comment X just put the letter x capital x if you have the Venture X definitely you know that's my only annual fee car and I definitely have been liking it um so far the collection offers benefits such as daily breakfast for two bonus miles on paid reservations and the option to redeem miles to pay for the stay has exclusive Partnerships with luxury hotel Brands such as one hotels six senses proper hotels and more and cardholders can also earn 10 miles per dollar when paying with their card and receive a 100 experience credit that can be used for dining spa treatments and other activities during their stay and so I've never actually used features like this this is my first like Ultra Premium car so I could definitely see myself using the 100 experience credit hopefully it it works you know almost as well as it as it seems like it is like it does written down hopefully it's not like you get to the hotel and they have very limited options or there's a lot of like little caveats or restrictions on where you can use the 100 credit but if that's not the case and it actually works then I should be happy with it so yeah I see the X in the comments guys hey I see some z's and y's you guys are funny so yeah I think this is a good addition to the uh to you know I know they nerfed it a little bit with how you could use it inside of the Lounge as far as our priority pass they've kind of removed some of the the dining benefit portion of that but it's good to see them try to reach a parody with Chase and Amex and offering their own Hotel Collection just to just to bring it up to Snuff you know level it out next we have the U.S Bank altitude connect card just got better so this card uh is a signature card so that means that anytime you see signature in the name of a card that means that there's a minimum uh available limit so when like a minimum starter limit of five thousand dollars and if it's an infinite on that card title it's going to be a minimum starting limit of ten thousand dollars all right so cars received exciting new benefits for travelers last month including priority pass select airport lounge membership trip Interruption cancellation insurance and trip delay Insurance what makes this particularly noteworthy is that this car has a relatively low annual fee of uh zero dollars for the first year that's big that means that you can like earn that sign up bonus right and then maybe you know downgrade or cancel if you want to just to see if you like it for that first year but on the second year you're going to have that 95 annual fee this is a great prep for travelers who want to enjoy complimentary drinks snacks and Wi-Fi in airport lounges before their flights without having to pay high Annual fees that come with most credit cards so that they're comparing this to like the top end cards like uh the Chase Sapphire Reserve or uh you probably compare this to the sapphire preferred which is also 95 but you compare it maybe with the AmEx gold or platinum a lot less expensive than those uh while the details of the priority pass select membership have yet to be announced it's expected that if it will come with a limited number of complimentary visits per year in addition to airport lounge access the US Bank altitude card will also offer trip Interruption yeah trip insurance delay insurance which is particularly valuable during this current climate so this looks good this looks like a buff we call this a buff it's got a little bit better um a lot of people don't really pay attention to US bank cards I have the US Bank Cash Plus Card which I use for utilities you're getting five percent back in that category but you have a choice of what which category you get five percent back or I think you get two different categories to choose from to for five percent back but um it this makes um some of these other travel cars like uh from U.S Bank a little more enticing I would say so next we have I just wanted to go over and I actually had this if you haven't yet go ahead and sign up for my newsletter and go ahead and get your 12 free credit limited hacks cheat sheet and the pinned comment on this stream okay that's a cheat sheet that just shows you those 12 different ways different methods and strategies to increase your credit limit um and you know go ahead and uh in in turn have more available credit to use for the things that you want and a lower your or raise your FICO score in tandem but I put this you get access to my newsletter and this is on my last issue I said see your credit limit before approval so these are the nine cards or so that I've I've found through my own testing that will show you your uh starting limit before you get approved so it's just a soft pull and they'll show you your limit and nine times out of ten I mean in most most times 10 times out of ten they will approve you for that limit and um you can see you've got the Apple card and buy and the limit that you see here is what I personally got approved for okay are pre-approved I don't have I have all I have the X1 card and the Tomo car right now I don't have the other cards I never got fully approved I never accepted the offer so the Apple card at 2500 bucks GM rewards at 8 000 bucks deserve digital it's n a because um I at the time I had too many inquiries on my uh credit report so I didn't get approved for that I didn't get pre-approved but I've seen other testimonials that say that it also uh shows your starting limit the X1 card I got approved for a 15 500 the Tomo card which is more like a credit Builder card um for a 2000 and Patelco these are the credit unions Patelco is based in California for 10K fmbo uh for 9400 Nassau Federal Credit Union 25 000 his huge limit and Dover Federal Credit Union at twenty thousand dollars so um a few things you got to know apple cart you must use an Apple device so this isn't gonna if you have an Android device like I do you're not going to be able to use this car maybe if you haven't maybe a an iPad but who's going to be doing that right so you need an iPhone the GM rewards card you can really only be redeem you can only redeem those points for G and purchases so for example if you are buying a new GM truck then you can use your rewards towards that new purchase or your lease you can use it for um fixing it I believe buying parts for it but it's going to be GM Focus it's kind of like a store of credit card Nexus deserve digital this is a digital wallet only car so there's this is actually really different there's no physical card you you will not be it will not ship you a card to your home address it's only available on Google wallet or apple wallet and the next one card um I actually use this every day for household items so I use this with my wife we both um you know she's an authorized user and we're able to rack up points with this car together the Tomo car actually is a credit building card it behaves like a charge card so it's gonna force you to pay it every week but it reports to all three uh credit bureaus and they do show you your limit before and it's you know as soon as you start putting some purchases on there they can raise it up as high as ten thousand dollars fmbo which is the credit union has been showing up as geo-restricted so early last year I got approved for 9 400 even though I'm in New York but now if I check today it says geo-restricted it says you're out of out of our marketing area so I'm not sure where that marketing area is but just know that with any bank they can change these things on the Fly usually on like a quarterly basis seasonal basis so you could be in it now or and then after three months you could be out of it so people don't that's not really well known that they can adjust their uh credit worthiness criteria how they uh their analysis their underwriting how they analyze you as a as a borrower and they can change their requirements you know all their limits and stuff that's all fluid and finally the title of the stream Chase Sapphire preferred uh the 90 000 Point sign up bonus is coming soon from reports okay they're saying that currently the offer for this card is at 60 000 Ultimate Rewards points but soon we could see a 90 000 Point offer in branch and possibly online as well um later on so the details are you'll be earning up to 90 000 bonus points earn 80 000 uh bonus points after spending four thousand dollars or more in the first three months from account opening plus an additional 10 000 bonus points after spending six thousand dollars total approaches made in the first six months from account opening so we have like a two-tiered bonus uh award system here that's interesting uh there's gonna be a 95 annual fee which is normal um and as a possibility that it could be waived maybe if they sweeten a deal with that it could be waived and um this would be one of the best offers we have seen for the Chase Sapphire Preferred Card and the highest ever bonus was 100 000 points a few years ago so that's equivalent so if if they were to offer the 90 000 points that's equivalent to nine hundred dollars huge that's I mean that's massive and then when you tack on the one 1.25 or one and a quarter uh you know uh Redemption on the portal then that comes up to a much higher I'm not I'm not gonna do the math in my head here but it ends up being even more valuable to you as a card holder so that might be the time to really apply for um these uh preferred cards so and if you don't know the Chase like many issuers they do cycle their bonus program so right now uh the Chase business cards those Chase Ink cards they are currently at all time high sign up bonuses so if you you really want to take advantage if you're even if you're a sole proprietor you can still sign up and get those cards and you will get a uh either a 900 cashback uh bonus or one thousand depending on the card you sign up for I have those links on my website which you can access on the pink comment but um those are going to be ending soon later this month I believe and uh it seems like they're going to rotate those out and then rotate in the Chase Sapphire preferred bonus that's at an all-time high so they really want to get you in the door just remember the chase 524 rule you can't have been approved for over uh four uh credit cards in the last 24 months or two years and to you know to get these cars so you got to have a low inquiries on your Experian credit report next Amex Blue Cash preferred has a 400 welcome bonus and they're waiving the fee so I know a lot of you like Amex Blue Cash Danny you have this as well and I think um Nino I think you probably have the blue cash preferred if I'm not mistaken apply for the Blue Cash Preferred Card and receive 300 back after three thousand dollars in purchase on your new card in your first six months plus earn 100 back in settlement credits on purchases during the first three months of credit card membership zero percent intro APR on purchases for 12 months from the date of account opening then a variable APR applies so zero dollar introductory annual fee for the first year then 95 and if you don't know but this car you're getting six percent cash back at supermarkets that's you know up to six thousand bucks in purchases and um you're gonna also get six percent back on streaming uh you know subscription so that's gonna be like Hulu Netflix things like that three percent back like gas stations three percent pack again on Transit including parking tools trains and ride shares and then one percent elsewhere and uh finally we got built rewards members can now earn up to five x points on Lyft rides okay so this is this is an additional partnership with that Uber is uh I'm sorry not Uber lift okay Gotta Get It Right earn 2x built points on Lyft ride share when you link your built rewards and lift accounts our 5x built points once you linked your built lift accounts and then set built as the active Loyalty Rewards partner and use your built card to pay for the lift Rideshare so that that those are multiple steps you got to take to get that whole 5x build points but I think it's easy enough and if you don't know the build card is that new is the only card that will give you um points back it'll give you points for paying uh rent with this car so that's a nice feature to have and guys if you haven't yet please go ahead and like this stream for yourself do it for me um if you want to see more streams like this we're going to get into the um the new segment which is um uh uh reaction videos I got four strong videos for you guys all right we're gonna react to it if you probably haven't seen these stories yet um and so we're definitely gonna get into it but go ahead and like the stream for me let's see who's in here oh yeah yeah we strong everybody if you've never seen the stream before thank you for uh stopping by uh we have fun here a lot of uh information um with all the people that are knowledgeable in the comments so if you have any questions go ahead and ask away because we got a lot of people here that can um give you great guidance and if you want me we're going to be moving through some stuff quickly if you want me to answer any any questions and and you you really want me to get to it just go and give me a super chat for at least five dollars and I will prioritize that and make sure I get to your question yo let's get into the uh that's the wrong thing here we go let's get into the first story and guys don't laugh when you see the first screenshot okay when you see the the thumbnail for this video Don't Laugh uh because uh it could be um a little funny I think you know where we're going accused of running a scam to steal close to a million dollars police say this may not have even been the first time she's done it wbz's Christina Hager is live tonight in Newton where the a million dollars a million that's um that's a ton of money especially it did they say that age 19 years old my goodness um wow let's keep going suspect went to college and Christina Ariel Foster did appear in court today correct yes and court papers are now showing she was also being investigated on completely separate but similar cases of possible fraud here at LaSalle University this is her dorm where police arrested her and she was arraigned in court today Miss Foster good morning walking into court accused of stealing as much as a million dollars that's a confident walk by the way right that was a Brisk confident I mean you see she looks like she's a runner she's a track star right I mean she she is she means business okay she seems a little unfazed by uh what's happening right here and can you imagine a million dollars in college you just get one month you just make a million dollars in college you go from What minimum wage earnings to just a million in your bank account Far Cry from track star Arielle Foster's reputation at LaSalle University she won a couple awards for the school she broke a few records now the 19 year old faces a judge accused of Faking transactions at her part-time job at La Visa jewelry store in the Burlington Mall I just want to say at your part-time job you're able to to commit this Grand like like uh money fraud scheme this at your part-time job not even full-time and um yeah she's definitely I don't wanna this is not a good thing but she was uh clever here to uh to be able to take off with that amount of money my goodness stand onto the register and the item price was altered to heighten the loss um the item would then be refunded onto a credit card a card trade racing back to Foster police say in some of the ways they say she spent the money a Louis Vuitton bag plane tickets a trip to Hawaii and a Tesla is it yeah so let's let's break that down real quick so that's on the credit card and and this all the details have not been revealed about how this worked with a credit card it just says on a credit card we're gonna get to it though 5 000 on a Louis V bag okay 6 000 on a on a flight but you can easily do right if you're if you're flying a business class or you upgrade it to another level the tickets could be expensive 20K in Maui like that got that's got to be like a week are you staying in like the highest in spot in that Resort right so and then to go along with that you get the Tesla now Teslas aren't really I mean is this a used Tesla but they shouldn't always be 35k usually they're going to be more expensive than that but I'm just I'm surprised that you're able to make these purchases with the credit card maybe you should use something like plastique to to send uh to make the payment with with the car and send them a physical check I'm thinking let's see surprising to think a student would be able to afford those things yeah I mean there's got to be something court documents show how investigators connected dates and locations with posts on her Instagram accounts my biggest Flex is being able to buy my own Tesla full out under 20 years so information card trace it to afford the dates and looks is being able to buy my own Tesla full out under 20 years so I just want to say don't the people that scam they always have to go ahead and act like they did it themselves like I'm self-made you know what was it called the Bow Wow challenge they always have to you know beat their chest and say that they did it on their own you flexed other people's money that's what you flexed and under a photo of a tropical scene Maui is where I will retire ing to court documents LaSalle campus police said Foster had also been the subject of multiple investigations for similar issues in the last year in regards to using fraudulent credit cards to pay for tuition police searched her Dorchester home where neighbors say they saw the Tesla parked they also searched her college dorms so that's what I said how do you keep your part-time job I mean they're quick to let you go anyway how do you keep your part-time job with these charges pending I mean maybe maybe they weren't made aware of this and it was it didn't reach that point yet because you already have the job but it just this thought just came to mind it has like totally buying a Tesla it's a little suspicious for what I did she is now out on a thousand dollars bail live in Newton Christina Hager WBZ News Christy yeah so you know there's a few things if you don't know about credit cards is that you know there is a top-end available credit limit for most cars like maybe you have a business card but to even get let's see to the most credit cards for consumers top out at about twenty five thousand dollars even if you go to a credit union for example Navy Federal which are known for hap they're known as the house of high limits the limits are only going to go up to you know 30 and maybe 50 000 depending on when you applied depending on how they're you know uh lending at that at that point and how you know that I guess you could have done it if if you kept it under 50K but it's hard to believe that a college student would be able to get a card with a limit that high and let's think about the other thing how do you get the refund onto the credit card and it would put that into a negative balance how far can a credit card go into the negative balance territory before it triggers a red flag or before it becomes you know uh you know un uh unable to do that like it's it's it basically stops you there as like a Fail-Safe all right so guys I I just thought this was this was making rounds across the country I thought it was an interesting story here's the next one tonight our investigators are looking into Consumer complaint complaint Tech based banking services that aren't actually Banks accounts unexpectedly close or drains customers cash seemingly disappearing Savannah Levins explains how you can protect your hard-earned money in the age of Technology tech-based banking apps have millions of fans lowering or eliminating overdraft fees the adoption of being able to get a paycheck two days early that was one of the early draws of the financial technology companies but many customers like Eva Potter say those promises aren't being kept you're supposed to be able to get paid two days early and how often did that happen zero times let's stop it right there so listen fintechs a lot of people are using them these days I use sofa which is a fintech but they're they actually are a bank now so they made the transition their publicly traded company um they do have a reputation for kind of being a little Fly by Night the the ground is shaky the economic Times are shaky and they don't last as long as you know a big a big Bank like Chase or so it'll it is slightly more risky but you got to remember these are FDI insured accounts you know they are they act as a front end to the at to the actual bank that they're uh partnered with okay so your funds are safe as long as you have uh less than 250 000 in the account right and they did introduce more competition where they introduced the new two get paid two days early and you know it's funny I've actually seen uh credit unions and other Banks offering this two-day early um feature and so that's what happens when you have more competition in the market so I I personally like a lot of the fintechs just because they're more Scrappy they're going to give you more bang for buck but you're not going to get some of the the the this you know uh you're not going to get that 100 Year track record like you do with the brick and mortar Banks and then also the new the new banks have higher interest rates like my my Sofi uh you know checking account along with others they're going to give you like three to four percent interest on that okay you're not going to get that with right you're going to get 0.0001 zero okay that's what it's uh just about Eva use chime a financial technology or fintech company Chimes website repeatedly States they're not a bank and that the nearly 15 million accounts they manage are FDIC insured up to 250 000 but experts say fintech customers don't get the same Federal protections they'd have with a normal Bank well fintech providers ought to be following the same rules as Banks but they're not supervised in the same way Alex Horowitz all right let me stop it right there so listen I I gotta tell you I gotta be straight up I'm not an expert in this particular field but from some um from some research I found that they largely are operating under the same regulations they have very similar regulatory scrutiny and they are partnered with banks that are scrutinized in the same way so just by virtue of them being partnered and there being two part two companies involved um it can't be you know uh the the terms aren't exactly the same but all the major ones that apply to all the customers are the same like FDIC insurance which is the main you don't want to lose your money and that's in place so I'm not sure what this guy is talking about it's worked for the future double trusts consumer says their clock s from fintech customer laid or even disappeared with little to no explanation there's certainly been more notice because of the complaints from consumers it's been really really scary not knowing like are we going to make our rent this month are we going to like afford our groceries this week how are we gonna like pay to keep our heat on like it's terrifying Carly Scorpio and Jimmy Carlson say they decided to cash out all of the sixty five hundred dollars in their chime account but say the check was flagged as fraudulent nobody could tell me how this happened why it was flagged as fraudulent all they could tell me every time was that the money's gone and then there's nothing that we can do the couple says they've had trouble getting in touch with anyone at chime to resolve the issue everything's designed it feels like to not help you on purpose because they're not regulated it's like we don't have to help you there have been 7795 Better Business Bureau complaints filed against China in the last three so yeah you definitely you know there's a lot of places that you can file a complaint you got to start with the bank you can go to I believe maybe the FTC but you can also go to the um your attorney general locally you can look them up you can go to the Consumer Financial Protection Bureau file a complaint there and if you do file a complaint with them they have to get back to you within two weeks all right so if this situation something like this happens to you there's a myriad of places that you can go to file complaints and try to get the ball rolling but for me personally I have not seen uh this is a this hasn't happened in my experience I've banked with uh a few different fintechs and it's I've never had my money lost but listen they'll be able to get their money back this is definitely unfortunate three years more than half of the complaints coming from Georgia were from people unable to access their money or have their accounts closed unexpectedly the zip codes filing the most complaints in Georgia 30233 Griffin 30038 Lithonia Stonecrest the federal government because the exactly Bank Regulators only cover Banks really the only Federal regulator here is the Consumer Financial Protection Bureau they accept complaints from consumers when something goes wrong for many it's been a hard lesson learned to read the fine print neither one of us know anything about fintech companies until all this happened they have to be held to the same exact accountability that a big bang does and that's listen I believe the cfpb just find a credit karma which is not a bank but I think they actually do have accounts now but just find them three million dollars for some shady tactics during their email newsletter campaigns trying to get people to sign up for credit cards they're they're going to be on it um yeah I haven't seen I can pull up endless stories about Wells Fargo right they've had issues with closing people's accounts down so you know there's no foolproof method of of circumventing some of these uh you know some of these issues for people if you if you have if you're doing business with a large amount of people they're going to be issues arising I wouldn't put this on all fintechs next story guys we're going we're going in on the next one yeah DJ Bruce Wayne says stay away from chime I hear you I don't personally use chime I think it's more of a a credit building uh you know system and they have the credit Builder card and they have ways for you to save things like that but I think it's more for people who need to build credit for a New York woman cleaning out her closet quickly turned into sophisticated online fraud and a big chunk of change gone I figured I'd list them on Facebook Marketplace something I've done numerous times Sam Silverman posted the pants for sale on Facebook Marketplace she says a buyer agreed to the price and then what looked like official correspondence from uh oh we got Zell in the picture again guys I mean you can see where this is going right we got Zell happening so you know what's what's going down Bell arrived in Silverman's inbox I was getting very legitimate looking emails the email said she needed to establish a Zell business account and make a 300 initial transfer to the buyer who would then credit her back the difference okay that's the red flag guys if you don't know with any uh peer-to-peer Transfer app especially you know with Zell it's the most used so it's going to be in the news a lot anytime you're requested by anybody to transfer money don't do it if it's your bank they will move your money wherever they need to they will do what on the back end they have full control of your money you don't have to be involved in that process okay transfers should never have to happen especially to the buyer why would you ever give the buyer money that makes no sense you know so that's a tough uh tough call 300 bucks uh would hit all of us all of our pockets Sam says the stranger never sent back the money had I taken a deep breath and you know waited 15 minutes maybe I still would have um three hundred dollars I think this is just another example of you you in the moment the I once I wouldn't say she's greedy but the the cell just getting it done and getting the money overshadowed her judgment her better judgment in some cases cases there are people sometimes don't feel safe selling and buying in such a public forum and they warn the crimes can escalate to violence in Brooklyn this weekend an off-duty policeman shot when he met up with an alleged assailant reportedly to buy a car he arranged through Facebook Marketplace authorities arresting the suspect overnight charges yet to be announced in October that's that's really sad guys and I saw this I followed this pretty closely when it happened it was like a month ago and it was sad because the officer died and this happened pretty close you know I'm in New York and um he had like twenty five thousand dollars cash on him to buy the car and uh how do you navigate situations like that you know um I know conventional wisdom tells you that you've gotta go to a police station's parking lot or go to an open well-lit area in a you know in a busy well traffic place but even if you do that you still have 25 000 racks on you so you're gonna be a huge Target they know you're coming with the money and there's no there's no protections on cash all right there's protections on your car but there's no protection so cash so that's real dangerous especially in the Mean Streets of New York guys it's getting a little worse here this year so it's very sad Uber in Charlotte North Carolina another alleged Facebook Marketplace Meetup over a car resulting in the buyer being shot the suspect charged with assault with a deadly weapon and possession of a stolen vehicle oh we reached out to Zell and they say you should only send money to people you know and trust and to treat zel like cash they do not offer purchase protection Facebook advises whenever possible buy through their Facebook yeah so I just want to say with Zell it's treated like cash and you whenever you're about to send that payment you got to be hovering you got to be hovering over that like send payment button like you intensely Focus like is this the right place like you got to be very um intentional and maybe send that one dollar test payment just to make sure they got it and confirm they got it then send the rest if it's a large amount you know this is cash it's not gonna come back to you they're gonna say no as soon as you try to file a claim they're going to say no way that's that's on you bro so um and also I'm glad that they gave these this detail about Facebook Marketplace so take a look check out they have their own payment processing and that has fraud protection but only that when you buy on Facebook also before any right so if you're using Facebook Marketplace which I think is like the premier place to buy and sell like large items items that you can only like transact with in your local area then they actually have basically their version of eBay um uh pay and so whenever you make that transaction through Facebook's Marketplace they will reimburse you if it goes wrong and so then you don't have to bring cash with you you just make the payment through the app which I think it's a is a better um is a good solution transaction make sure to take a few minutes to check out the other person's persons if there's something off be skeptical you have to start skeptical they also say if you are meeting in person choose a well-lit public area maybe someplace that has security cameras installed and many police stations now offer safe exchange points in their parking lots that's a huge tidbit right there safe maybe you call your local police department see if they can facilitate a safe exchange and kind of be you know present that'd be awesome I I feel like the cameras are not going to do much in New York just because people are going to commit the crimes even with the cameras present that's how they do it here but they're pretty brazen yeah for people who are trying to do this safely and as you said start skeptical start skeptical thank you that's all right so guys you've someone asked for I think it was F Davis this final story this broken Friday and it was the biggest story sweeping Across the Nation it's a svb bank people rushing to a Wellesley bank today were in a hurry to pull their money out after Regulators seized Silicon Valley Bank and froze its Assets Now this marks the largest closure of a U.S Bank in 15 years Silicon Valley Bank merged with Boston private trust in 2021 and has three branches in Massachusetts swbz's Tammy mutasa reports customers right now have no access to their money that's right it has been a frantic day for so many people with savings and investors after the stunning collapse of Silicon Valley Bank some people got here in the nick of time to pull their money while others are still in limbo right so this bank if you don't know it's mostly gonna going to help out uh small businesses and medium-sized businesses in Silicon Valley a lot of startups bank here I believe that 97 of the depositors had over the 250 000 uh FDI insured limit so basically you got people you have Banks not people you have uh businesses who store Millions tens of millions of dollars per business in this bank and so they're well outside of that 250 000 uh FDIC Insurance limit so this this money is going to be it might be lost the chaos and desperate when I got to the bank it was a chaotic scene outside the Wellesley Silicon Valley Bank a throng of people desperate to get their hard-earned dollars but the feds had taken over marking the largest bank failure since the 2008 financial crisis they're gonna have to wait until Monday morning when the new rules are announced Lewis Murray was one of the lucky few who got to the bank and pulled his money before the Fed I felt really yeah I think you know what comes to mind here is that you gotta I I haven't reached near nearly that level yet so I'm not sure what these businesses are thinking but I mean you got to be you got to be kicking yourself like you you gotta diversify where you bank right especially if you have more than the insured amount maybe put quarter take 25 and put it in you know four different banks so that you're not losing so that you can meet payroll every week if you so you know if something like this happens but I think in someone's wildest dreams they wouldn't expect a top 20 Bank are a huge relatively big Bank to to shut down like this and so from what I understand these Bank you know they are they'll get the 250k on Monday which is great it just shows that FDIC insurance does work and it puts a lot of you know encourage it encouragement and a lot of trust in that system but they're going to become the bank svb bank goes into receivership and there's a whole lengthy process a years-long process where these businesses will become creditors and they get paid out over a lengthy period of time so this is going to be tough they you know a lot of businesses might go under because of this believed but I also felt bad for the moms and the dads and the business owners that were still arriving at the bank only to be greeted by a sign that said you know closed until further notice the Federal operation sees the bank's assets after depositors mostly Tech workers and startups began withdrawing their money creating a run on the bank it followed the california-based bank tanking 1.8 billion dollars so this is going to be quite a mess to unwind for the FDIC investors are only insured up to 200 pure deposits are uh yeah by all means take your money out Cornell and I heard and guys this is an interesting little fact is that a lot of these tech companies we kind of do business with I know that if you sell products on Etsy the uh your payments have been uh pushed back because Etsy had a lot of money in svb bank and it helped them distribute those payments to Etsy sellers so if you're a little person that just sold items on Etsy and you're expecting your two to five hundred dollar payment next week it might be pushed back by a week so it's affecting little people too or just individuals Alias Hurley is a banking law professor at Boston University he says Silicon Valley Bank caters heavily detect companies which have been hit hard by Rising interest rates and pressure on tech companies the svb's collapse is now raising concerns about the broader economy and they don't know how the contagion effect of this closure is going to play in the marketplace the FDIC says insured deposits should be available Monday morning though and so um you know one of the or two reasons that they think svb Bank collapsed is because of the way that they chose to invest into long-term bonds I believe 10-year bonds and so as the FED raised interest rates it be it made the bonds that they had bought at an earlier date less valuable and so they had less valuable Bonds on the books that they were tied up in for 10 years and then they made some bad investments in startups that didn't have the the correct credit worthiness to even you know to to to get those loans from the bank and so they were having trouble with uh from that aspect as well so I just in my mind I envisioned it as kind of like a pincer like two things coming together pinching them at the same time where um you know they they were forced to start selling off those bonds those long-term bonds at a loss and then they just didn't have any money left when everybody started you know creating that run on the bank and um very tough to see we're gonna you know this might become a a much larger issue over the next coming days so we got to see what happens Monday but guys that was the segment um if you haven't yet you can get the 12 free credit limit increase tax cheat sheet in the link in the pinned comment and yo let's talk let's talk about it what are you guys doing what are you guys up to what was the biggest uh story what a story hit the hardest what are you concerned about let's get the music back real quick can't forget about that foreign what's up man so you said that um yes but all the deposits are get going to get their money ing to yelling so this must be some news that came out maybe um late Saturday or or today she's saying that she's going to give the full amount to anybody that had money in the bank is that what you're saying thank you oh it came out right now so as we do this stream so we got breaking news thanks Richard Danny boy thank you for the Super Chat you said gotta call in uh gotta call a night Cal not okay good night man good night thank you for uh for attending the Stream foreign after the amounts we keep sending to the Ukraine there's no doubt our money is yeah listen if you can print the money right um then you can pretty much do anything right you you just gotta turn on that printing machine it's crazy F Davis thank you sir as always loved the stream and the new segment I appreciate it um definitely love trying new things puts a kind of a breath of fresh air into doing this in this work I appreciate you uh noticing that listen that's great that's great news that they're going to shore up the um all the the different uh companies because I think they made a really good uh point on the all-in podcast that these companies are doing huge work some of these companies are doing work in the healthcare field space field for the the federal government you know things that could impact you know the whole world you know it could make energy cheaper so these companies need to exist and the companies need to be able to flourish own their own Merit and the only reason they needed to go away is if they don't serve their customers or they don't have you know they're not turning a profit I definitely agree with that sentiment but guys listen I do this every Sunday at 7 pm so I'll be back next week 7 PM same time I want to thank everybody for attending and everybody have a great week and have a good night thank you foreign foreign