StoryTime: The dirty world of STRUCTURING
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- This is the Largest UNAPPROVED / UNSPONSORED / UNCONTROLLED Magic The Gathering Channel in the world filled with Greed Monsters, Evil Investors, and ....3.696969% Women
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That sounds like the scumbags at BoA and didn't they "acquire" M.L.
That or Wells Fargo.
yep after taking bailout money
Bank of America lost 2 separate class actions if which I was a member of. In both instances it was disclosed that deposits were being delayed or put later in the transaction history to show you over drafting and hitting multiple fees. It was silly. They still do it. Lol
BoA definitely did this, they wound up paying out a pittance on a class action lawsuit because of it.
Barret Musselman Oh, Rudy favored it, sounds like you guessed right! My guess was Wachovia which was bought by Wells Fargo.
Rudy 2020 takes on the banks.
Rudy 2021 takes on cryptocurrency
Rudy 2025 buys WOTC and starts the RESERVED RESERVE list.
Rudy 2030 retires buys Florida.
Rudy 2031 sells Florida back to the government after an outbreak of "Florida man". Somehow nets a profit.
@@Gulyus Rudy 2035 runs for president
2024. Rudy owns the biggest modern sealed collection in the world. His basement is 69000 sf now
Rudy’s the best college professor i’ll never have
Facts
Free, unrestricted learning is the best learning.
The Tolarian Prof has nothing on our Rudeboy!
Next up: Money Laundering for Dummies. Rudy teaches the basics.
😂😂
Step 1) Open a Patreon that sells thousands of boxes of sealed product for $79.99 shipped.
Step 2) Use the funds to acquire god-books full of reserved list from an Asian dealer with an annoying voice.
Step 3) Create an TH-cam account to document your collection and justify your assets.
So of course I don't speak for everyone but god I love these finance story video
My favorite type of Rudy
This happened to me back in 2013 with a major Credit Union in Atlanta, GA. I had no clue there was a name for it, until watching this video. Here's what happened to me:
I had a "free" checkings account with them, and was told I could only use their card 15 times a month, or I would be charged a fee. (I thought it was odd at the time, but it was my first personal checkings account and being 19, I just thought that was the way it was.) I never really used the card much, so I wasn't too worried. I had roughly $200 in my account and saw that an ebay seller was running a sale on their video games. It was something like, "Purchase 3 or more games, save 15% on your entire order." I ended up finding 7 games that I wanted and made my purchase. All in one order. Paypal shows that it was one transaction of roughly $150 and I still had right under $50 left. I went to sleep and thought nothing of it.
Now here's where the story gets interesting...
I woke up and tried to go see a movie. I went to pay and *ERR ERE ERR* DECLINED. I thought it was odd, so I went home and got on the computer and this is what I saw....
7 SEPARATE PAYPAL TRANSACTIONS!
They had never done this before, and I had done orders like that in the past and it was one transaction.
So I was at 18 transactions beforehand, and the games and movie would have been 19 and 20 respectively. Except, now I had 5 transactions "over" the limit. They charged $25 per transaction for "going over the limit". One went through fine, and the other 4 "fees" were "overdrafts". I got hit with $60 per transaction, for a total of $240. It gets even worse... for "using the card in the negative", I was charged an additional $35 on 4 of the transactions.
Meaning, I went from right under $50 to my name, to being $380 IN THE RED!
I printed out the paypal charge and the Ebay purchase page, and drove to the credit union.
Explained what had happened and was told that it was correct and there was nothing they could do.
I explained that I was not about to pay them $380 (I was working for $7.25 an hour, not working over 50 hours for them to steal my money.)
I threatened to sue them and call the news about it. I went home and was going to print out the page showing the charges and call attorneys to see what could be done.
I went to login and "wrong password". I KNEW I was entering it in correctly. Went to reset it and they would never send the reset email so I could.
I decided to eat lunch and keep waiting on the email, but it never came. So I decided to try to log back in again and received, "There is not an account associated with that email. Please try again."
They locked me out and deleted my account so I couldn't have proof.
I got a letter a week letter saying they closed my account for "non-payment of a negative balance." I thought "screw them" and went to open an account with a different bank. I was declined. Reason being? "Unpaid accounts that were closed."
I spent my entire early 20's with no friends, no dates, etc. Because I had no way of easily getting money. I had to wait for a family member to be free so I could deposit my checks and get money out. So I never could go out with anyone, because I never knew when the next time I could get money was going to be and if I needed that for gas money to get to work.
7 years later, I FINALLY got it removed from my record and could open a checking account.
I feel years behind in life, and most of it stems from the first thing on my credit being an unpaid account closed.
To anyone who did or still does this type of theft, you can politely burn in hell.
Personally I like these random videos. Im learning things that I know nothing about. It's not a licensed professional teaching but I trust a Pink hat Taco Rudy a bit
Same he was born for TH-cam, mtg and taco stands lol
Rudy asking if we miss him when in reality we missed the pink visor
Rudy, this video literally saved my life. I was under water because a financial institution i was using practiced this. I didnt know it was illegal! So with a few polite but firm emails I resolved the situation the way I wanted. Thank you, your videos are fun and informative!
Hey Rudy wanted to say how much I appreciate these videos and the amount of work that goes into them. I'm more of a yugleeo player myself but I feel gravitated towards these financing and story videos and they not only help me through the day to day but also help me realize my interest in this type of stuff even tho I care very little about math. Just wanted to say keep up the great work and look forward to another patreon once that paycheck hits!
This has actually happened to me a few times. I've called the bank and disputed it and was lucky enough to get my money back and the fee's waved. However one time they would not remove the overdraft fee and I cancelled my accounts with that bank. Very shady practices.
Bank of America did this to me constantly
Always a good lecture from the most unprofessional man in magic.
Large, hard phyrexian tower.
Me when Rudy shows the first restructuring example: "Wait....they do the big ones first..."
after 30 seconds.... "OHHHH Rudy wants to show how some people think it is done vs. how banks really do it."
Wells Fargo paid 1.5 billion in fines for this and estimated they made 100 billion
When Rudy misses his finance job, he brings white board + sharpie into magic meeting for timmy's
I love this stuff, and would love to hear more from you man. Makes me wanna sign up for patreon too once I can "invest" in some product haha.
The creepier and scummier the videos the better.
My kids : Where did you learn that much about finance
Me having flashback of Rudy : Sit down kids im about to show you a Guy who shared world 4d chess knowledge for free
Pauses at 4:36 just to tell you (1) yes please keep doing more of these structuring videos and (2) suggestion for next structuring videos: tax structuring.
Thank you Rudy, even if you don’t do this because you’re channel is great! All the best in 2020
Rudy, I only play magic casually but I always love watching your videos. Your voice calms down my anxiety. Thank you for making videos like this calling out the corruption of the banks. We need more people like you who call out these shady practices. Maybe since no one pays attention to all the good stuff in the world you could do a "StoryTime" of some of the good stuff.
Rudy if all the Timmy’s would just listen .
Love pink visor Rudy. People love when I tell them I'm making financial decisions based off of the advise of an unlicensed taco salesman who lives in his mother's basement. Keep up the good stuff Rudy.
Honestly the white board videos are my favorite. I hope you keep making them Rudy! 😊
I love these finance videos! When I was 19 in college in 2006 I had a skank of america credit card tied to my savings. I over drafted 10.00 on my credit card, overdraft fee of 35.00 for each of my purchases that day, tapped my savings for overdraft protection which was a 35 fee, and that overdrafted my savings which was 45 for a savings account. Next morning, all of those fees tapped again for not being balanced at the end of business the previous day. I woke up to -285 and a closed savings account. It was an experience I wish I could have avoided by watching this video as a teenager :) finance is fascinating to me because of that experience and appreciate the videos from a former financier perspective!
The bank does not respect the stack ? Last in first out !
Lmao made my day
These are the videos that keep me around! Great to put on in the background while I'm cooking or doing dishes. Box openings get booooring
Astounding how that pink visor allows Rudy to present complex economic concepts in a simple, easy to understand manner!🤔
Thanks for going over this for us Rudy. I used to get caught with these kind of things all the time when I was young and dumb. The worst was with Wa Mu where they hit me with a weekly reorganization of my transaction and hit me with 700 in overdraft fees.
This is what happened to me 15 or so years ago. I attended school in Europe, but worked in US and one day in College I took the wrong wallet with me by accident. I had $100+ on my BB&Timmy debit card and I bought two $2 bus tickets and one $4 pack of Marlboro in Europe thinking I'm fine. Little did I know my $100+ was actually only half of it because of maintenance fees that were result of not getting direct deposit for a few months. Then I got hit with international transaction fees and those $8 + foreign transaction fees actually over-drafted my account. My employer was closed in the winter and they didn't have my European address so I actually didn't know about these charges until the early summer and at this point my negative balance account accrued a bunch of interest for the bank. Totaling over $100, it was the most expensive pack of cigarettes I ever bought. Fortunately I quit that bad habit!
Dude some of the stuff your share with us on here is actually so valuable.
I had this happen with Wells Fargo as a college student around six or seven years ago. Go grab a couple cheap meals or snacks, then go and buy your books a few hours later, and all of a sudden there's an overdraft fee associated with each meal and snack.
Wound up calling them and chewing them out over it, so they "did me a favor" and reverted fees down to one instance.
They did this a few other times as well so I wound up moving banks.
Your best video yet. Can't tell you how many times I've fought banks on this. Poor tellers or Bank Managers always looked scared too.
Thank you for this education! I didn't have a clue. Please continue to sprinkle these videos on your channel
As a Finance major myself, I love this video. More people need to understand these things. These are always fun conversations to have with folks. Good video! But yes, the larger transaction goes at the top. =)
You asked for feedback. My feedback is that these are the best videos you make and I would love to see more.
Listen to Rudy just flaunting his wood...
furniture. XD
Thanks for doing this video. It’s sad that small town banks are doing this, and worse of all, automatically opting customers into overdraft protection without their permission.
Hopefully people will learn to ask the proper questions when opening an account after watching this video.
Thank you Ruby. I’m really into MTG but these are hands down my favorite videos you make.
Telling it like it is... wow
GREAT CONTENT! Thanks rudy-dude!
What I learned more from your channel based on your experience is way better than those business 101 youtube videos.
Years on this content is still so interesting. Coming from a Financial background myself I can certainly agree that there are a multitude of shady practices that are still going on today!
Rudy-the Ralph Nader of MTG!
Fantastic video on a very important topic.
Thank you
I've been subscribed for 2 years to watch these kind of videos. Looking for more in the future!
I worked in banking for 10 years. I was a branch manager at Bells Cargo(WF) and this was a practice they did for years and customers would come in with hundreds of dollars in fees when in reality they should’ve been hit with maybe 1-2. We were taught to tell customers the “system” structures it that way because they prioritize their large payments because those are usually the most “important ones”. Shady all around. In other words “The bank would rather your small Walmart purchase bounce vs your mortgage or rent payment.”
Bank of America 2008 I got hit with 5 transaction fees for going over 1.80 they would not budge, the final purchase broke it too just like you said Rudy totally rearranged. Thank you. The more I watch you the more I learn what I already sort of knew, you help confirm what is "Broken Reality".
I always do structuring. After an all-nighter of vaping and watching Rudy vids I hit my local LGS, but I purchase 300 _Wall of Kelps_ before I get to buying their Collector Edition boxes and box toppers. Though, since they only take cash upfront and don't sell on credit, I end up losing money all the same.
Honestly, please release more story time /old war story videos.
Not been all that interested in the other videos ( I understand people love box openings, but it's not for me), but I still stay subscribed for these kinds of videos, and have been sorely missing them of late.
more content like this pls. Ive worked on a doc for 3 years now about the housing market collapse amongst other shady financial shit and its mind-boggling how much the public doesn't know. Its nice to see someone shedding some light on the wealthy taking advantage of the common people who has first hand experience and has a platform to inform.
Thank you for these videos Rudy. They may be dull to most but I think they have vital information.
As one of the 3.696969% women in your audience, these are my favorite videos on your channel. I don't play nor own any Magic products, so all of those videos are just things I play in the background, but these videos I actively view. Please keep making them!
These 'behind the scenes' videos are my favorite. I learn so much. Thanks for putting this out there.
yup. only reason i keep up with your channel. sometimes the box openings have some little gems in them but these are the best.
This is one of the many reasons I only use cash for my energy drinks, vapes, and timmy packs.
I would love to see more videos of this kind rudy! Very informative and educational. Keep up the good work as always!
As soon as I see the pink visor I bring out popcorn. Thanks for these awesome videos.
Rudy, I enjoy these vids quiet a bit as I happen to be into finance and all that jazz. as a non murican, I find these shady practices exposee style vids illuminating indeed. Thanks
I don't play Magic cards but I watched your 30mins video and I'm glad I did.. Keep up the great work!
Me: hey rudy how was that rave bro
Rudy: 5:28
This is the sort of content I enjoy...goes perfectly with your channel as it deals with Personal Finances. It's hitting close to 2 years since this video came out and it's the first time I heard of the shady banking fees. Thanks for bringing this to our attention, not many people would.
Would still love to see a vid on student loans and how to avoid them lighthousing your credit into oblivion
Story time with Uncle Rudy!
I also work in the finance industry and one thing thats always surprised me is the lack of public knowledge of "non-Branch" ATM fees. You may think its a free ATM TXN but your bank is charging you $2-$3 per txn done on a non bank ATM. There are MILLIONS of these each month. Don't even get me started on Interchange, there is billions of dollars that the public doesn't even know what it is.
Holy crap.
I live in Puerto Rico and this happened to my girl a couple of months ago.
She her Uber payment did not go through and instead of just being canceled the payment got processed like 5 times and each time she got charged with a $15 dollar penalty. A week later she changed banks.
These videos are awesome. I love the learning I get from this channel while also waiting for my repack black lotus to arrive!~!!!!
Basically the wolf of Wall Street.
Hey, hey, Creepy Dude! Thanks for the time and info. As always, great job. Slap Rudy's knee cap? WTF? LOL
Thanks for making this video Rudy. And I am sorry TH-cam is throttling your channel, my notifications got turned off...
I love all of your investment-based content, Rudy, even more so than your MTG content (as both an investor and MTG player myself).
Love all your videos Rudy they're all pretty entertaining but this one in particular I can say is truly appreciated. Your final message on this video was great keep making awesome content!
Today I learned that Rudy does the money
I enjoy these a lot. Always worth a watch when they pop up in my subs
I was an account representative for a mortgage banking company back then that went to mortgage brokers and sold them NINA loans.....oh the stories I could tell.
Now I'm a creepy, magic playing truck driver...🤣
Tell us a story.
As a banker, this is so interesting. I see all kinds of weird stuff everyday. I'm going to start telling people that I cant refund their "Timmy Fees."
Currently in school for business economics and plan on being in the finance world at some point, like these video types a lot. Good video for sure 👍
This is exactly what happened to me at Wells Fargo when I was younger....I will never ever bank with them again. instead of $35x1 they give you $35x6...should be illegal and I wish I would have taken receipts to prove the order of transactions to take them to court.
Thanks so much for these videos Rudy. I really enjoyed this video quite a lot. I watched it while I ate dinner.
You were forced to do horrible things to people, and you couldn't do it anymore. That's how I know that you're a good person Rudy. Best to you and your family in 2020 my dude. :)
This overdraft fee bullshit happened to me about a decade ago even though I deposited far more than enough in cash into my bank account to cover any debits from my account. I walked into my local branch the next day when I was notified of all these overdraft fees (even though I had the "protection") and told them that what they did was bullshit, and the personal banker fixed it and removed my fees. I'm sure they did this shady stuff to take advantage of unsuspecting idiots who have no idea how money works. By the way, this was with a national franchise Bank (Wells Fargo). I've since switched to a local bank, and they don't do this shady shit.
this actually happened to my aunt by bank of america a long time ago, which my aunt never paid for them and hurt her credit. some years later a big class action lawuit was filed which after it was said and done my aunt got like 300 bucks from it
I did wonder about the furniture, I'm glad you threw that sidenote
without the visor I wouldn't have taken this video seriously
The cynicism on your face when you say “we’re here for you” made me lol a little too loud at work.
Rudolph loves and cares about the community so much he must buy every reserved list card he can and then keep them locked in a vault out of circulation.
Wow dirty tricks. I never even knew this was a thing. Thanks for sharing you knowledge and insight into these practices. So nasty to know but it's good to know what really goes on out there. Love these videos :) keep it up!
I never knew banks were able to squeeze money out of peoples' wallets this way. Leverage really is a double-edged sword.
At one point, I thought, “Alpha, from Rudy Investments.” I need more sleep 😂😂
Pink Visor Rudy - only Rudy I watch (and hit like) right when they come out :)
Come for the MTG, stay for the Story Time.
very cool video. was reading about that somewhere last week. bring more videos like this it's pretty cool. thx cheers
I don't even play MTG, but this video just made me a subscriber. More story time Rudy
yeah, i remember hearing about multi-day structuring wherein people would still get transaction fees by structuring it as if someone's pay didn't come in on the day it did, and putting the fees in before the pay came in- even if they were multiple days apart.
IE:
pay 200 D1
bill 200 D3
structure appears over 3 day period
now bill 200D1
pay 200D3
so although it looks like it worked real time on the consumer end, on the business end and in your statement you'd be out 35$
When I did casino surveillance we had to watch out for this type of stuff all the time.
To heck with Bank of America. 2007/2008? I was hit with like 4-5 overdraft fees because I bought a 50 cent newspaper from Starbucks (for the Sudoku). Worst $140.50 newspaper ever. I even went in person and asked them to remove the overdrafts, they said no, I paid the bill and closed my account. I learned my lesson and have never done a Sudoku since.
Loved this video as I do all your videos.
Rudy, this reminds of what I liked to call the NSF bounce. You buy something. The bank puts a hold on the money; in the neg....fee....They release the hold and then charge what you purchased...so, back to positive and in the neg again....fee
I was in a class action lawsuit with my old bank (M&I) now (BMO) that did exactly this, hit me with 8 overdraft fees using the nickle and dimes first. Got them cleared and came out with a $25 check 4 yrs later... what a win. Still a timmy.
I learn more from Rudy in one video than I did through all years of public education combined.
that happened to me with US Bank. I tried to get the fee waived but i would have to go to where i actually opened the account in iowa because the bank was in a different region the local one i went. I told them it was funny that they were able to do all my transaction for me locally. So then i took all the money out and left 2 cents and had them mail me month statements. After 9 months they said they wouldnt mail statements out any long for accounts under a dollar so i added $1 and they kept mailing me statements for about 2 years. They raised the amount and i finally went and closed my account there got em for about $15 dollars of postage. I was also in a position as an influencer of credit cards and i made a SPECIAL POINT of telling people how bad US BANK and their flexperk program was. Get any other credit card rewards program but theirs.
The other thing that I saw happen to a buddy of mine was his bank would debit money out of an account before they credited the deposits which caused a negative balance and overdraft fees. Time and time again...he never learned and they kept doing it.
I subscribed specifically for these types for videos.
That's one hard phyrexian tower, very good info man thanks.
Thanks for the lesson Rudy. Bank of America did this to me years ago and I got hit with 8 overdraft fees