OSUCowboy: Preparing for the Exchange Meeting
As to economic events in your life, how you handle the meeting on the exchange may be the most consequential you will ever face.
Most who go into meeting will be like a hungry wolf and a sheep. You will not be the wolf.
In fact in another bank room will be the vultures waiting to eat what is left after the wolf devours you.
So let’s see if we can even the odds.
First, why does someone go into the business of operating a bank?
They don’t produce anything at all.
The reason simply is that they know how to make more from YOUR money than you do.
Why, well economy of scale is one big part, but also government officials that the banks contributed to, give them many special ways of increasing the yield on YOUR money that they don’t give to you. YOU don’t pay enough money to those people who are elected.
So how do we even the odds for you?
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When you think about it, if you exchange at a higher rate, the bank will make more from YOUR money than they would at a lower rate. So why should the BANK’S contract include terms that are more against you? Why?
They want to control YOUR money and by extension, control YOU. Most businesses will give you a better deal when you give them more of your money, not less. That isn’t how bankers think.
If they had any interest in dealing with you fairly, they would be giving Tony copies of ALL their contracts from ALL the banks just as you get specifications to compare when shopping for a new computer or cellular telephone.
An ethical bunch of business people would already have given Tony the contracts to post on the TNT site so you could study and compare what EVERY bank is offering. See those anywhere? No, didn’t think so. But their absence shouts to you whether they can be trusted at all.
So, here is how you approach this meat grinder they are putting you into.
1. First, be mentally prepared to take the market rate and walk out on them.
2. Do NOT let them hurry you. Be calm and ignore their attempt to make you feel like you are intruding on them
3. READ ALL CONTRACTS, NDA, AND FORMS FROM THE BACK FIRST, GOING TO THE FRONT ONE PAGE AT A TIME. The snakes are always hidden in the back, after you have read innocuous terms in the front and are feeling comfortable that they are really good guys; then you get drowsy forgetful and bored; and the references in the front to items in the back are forgotten, or are overlooked when you finally get to the snakes hidden at the end.
4. Take a pad of paper with you. The end result of this is mathematical. Do actual calculations as they affect YOU on all the various scenarios. Take a calculator if calculations are not your strong point.
5. Do not assume the best conditions in your life; take into consideration awful conditions and unplanned events where you want your money WITHOUT taking a loss (this means them taking more of YOUR money). Actually calculate the financial results of these bad things happen that might cause you to find out the banks is going to stick it to you in your time of need.
6. Initial every page and get a copy of the ACTUAL document that has your signature. Do not accept a copy of what they say is the same as what you read and signed. Always get a copy of everything you sign.
7. In most ethical business dealings a contract is a subject of negotiation and you can make changes in the document to make it more equitable to your interest, NOT just the other party. You should tell them where you want to make changes and make them. If they tell you that it isn’t allowed, you know you are at the mercy of someone who wrote the document in their favor, and don’t care about you at all.
8. If you can negotiate the contract/documents or terms of your new relationship, and the person you are with says he is not authorized to make changes or agree to terms, then you are meeting with the wrong person. NEVER negotiate with someone who is not the decision maker. It is a ruse to make sure you get the bad end of the deal.
9. Be polite and VERY serious. The person you are with is out to get the best of you, but that is his job. Just be firm, treat him like you would want to be treated and you will probably do better than if you go in with an attitude. Remember the person you are worth is a SALESMAN, just like in a car dealership. KEEP THAT ALWAYS IN MIND.
10. You represent a huge increase in the POWER (I didn’t say money) for that bank and his goal is to keep you from recognizing that. That power is behind the terrible things that have come on this country and you represent the means of increasing that power. After all, the more they make off YOUR money, the more control they have over Senators, Representatives and the President.
11. Do not agree to the bank having such control over YOUR money that you have trouble paying ALL your taxes, and paying them ON TIME.
12. Target there to be NO bank spread or bank fees. Treasury spread is not negotiable, you pay it.
13. Be careful of the everyday bank forms. One of the big five banks have these EXACT words: YOU GRANT THE BANK A LIEN ON AND SECURITY INTEREST IN YOU ACCOUNT AT THE BANK. Can you imagine that, you deposit YOUR money in the bank and they place a lien on YOUR funds?
14. Do all you can to make the deal work for both of you (remember he should be taking care of his company) and if after a sincere approach to this that does not yield a deal acceptable to you, get up and leave. You can always go to another bank and maybe get a better deal, or at least the market rate. DO NOT let the rate dropping on the market make you frightened so that you let them get control of ANY of your money. Getting a lower rate could be better than them controlling you.
Now take a deep breath and be the person in charge that is worthy of this great gift that God has given you.