Ken Dolan: Hi everybody, I love doing video you know why?
Daria Dolan: Why?
Ken Dolan: Because I think I look skinnier than in person.
Daria Dolan: You do.
Ken Dolan: And I supposed to add—
Daria Dolan: Only person in the world who loses weight on a camera.
Ken Dolan: Now, we did see at the CNN that people, “Did you lose weight?” I said, “We have a special camera that makes you look skinnier.” By the way I’m so glad we’re talking with all of our friends at Dolans.com today because there’s something going on in the banking industry that may not come as a great shot but we want to remind you.
Daria Dolan: And we’re not talking the sub prime then, are we?
Ken Dolan: No, you’re wrong.
Daria Dolan: Well, yeah.
Ken Dolan: In a respect.
Daria Dolan: in a respect.
Ken Dolan: We’re talking to sub prime mess. We’re talking about the fact that the banks are really—because of those problems we’re really looking ways, looking for ways to suck us with little, little fees. So there are few minutes to get us today—
Daria Dolan: Or you’re going to do some fees, but before that, a quick little story. We have a bank that we have two separate money market accounts there.
Ken Dolan: It’s a short video that we have.
Daria Dolan: Yes, one for, you know, like liquid stuff that we need to maybe write a check on or something. The other money market account, I contribute to every month to make sure that I’ve got my property taxes paid when they bill us once a year.
Ken Dolan: And then Florida, you better have it.
Daria Dolan: Oh, yeah. I just happened, when I opened the account to look at the amount there and look at the amount of interest and I said, “Wait a minute, this is very little interest.” I looked at the next account, different amount of interest, more than 1.3% different on the same two kinds of accounts.
Ken Dolan: The same bank. That’s my first little secret. Oops, didn’t we tell you with realty, have your money in a low interest account. Now, let’s see, if we pay you 1% and investment treasuries at 5%, gosh.
Daria Dolan: Well I can’t invest in treasuries at 5% right now.
Ken Dolan: More than one.
Daria Dolan: Yes.
Ken Dolan: And we can build ourselves, we can build ourselves a new building. Also, didn’t we tell you we’re going to suck you with little fees like ATM fees? We’re going to take another video about ATMs by the way. ATM fees, bounced check, overdraft fees. You know what you can do, either at the bank now or in a new bank, because we should start looking around at this time of the year maybe for new banking relationships, negotiate.
Daria Dolan: By the way, did they mention to you that when you order those checks when you run out of them that they’re going to price up those checks so that you’re paying 10 times more than you need to. Go to ChecksOnline.com, ChecksOnline.com, order them that way. Don’t let them give you the baloney story they love to say. Yeah, but if the paper quality isn’t right, it’s not going to run through out machines.
Ken Dolan: It works.
Daria Dolan: Baloney, they work, people are doing it for years, save your self a pile of cash.
Ken Dolan: And by the way, some banks may say to you, “Oh, didn’t we tell you about the fees for dropping below an account minimum?” Little secret consider combining your checking and savings and maybe a money market account all in the same account if you will or list account total and it will be a lot harder to screw up that minimum. Oh, didn’t they tell us?
Daria Dolan: Did they tell you by the way that they’re going to try and sit on any deposited check that you give them for as long as they possibly can?
Ken Dolan: We heard from our friend, took 10 days.
Daria Dolan: Yeah.
Ken Dolan: Exactly right. You should also know that.
Daria Dolan: They should be credited to your account the following day, and that you should ask your bank for a schedule of how much in increments they pay on a daily basis crediting part of that check on and on until it reaches because the fact to the matter is by the next day, they have already been in touch with the Federal Reserve Bank. They know whether that check is going to clear or not.
Ken Dolan: You may check with your bank, if you’re concerned and don’t sort of like what the bank tells you, you may check with your real estate insurance department. By the way, keep in mind, direct deposits must be credited the next day of transfer from other banks and other financial institutions, next day, Federal Law, don’t forget.
Daria Dolan: Okay. We’re still early in the New Year. My final word to you is this, start looking around if you don’t like the answers that you are getting from your banker!
Ken Dolan: You’re yelling at our viewers.
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