Posts by Charles Ramos7

Kimberly Nguyen said:Man, listen... I have a buddy who was traveling through the States—around Los Angeles—about two years back. He was carrying a Visa debit card from Citigroup, while his girlfriend had the exact same type of card, just issued by JP Morgan Chase. She had zero issues; she could pay for stuff and pull cash from ATMs everywhere without a hitch. But him? Total nightmare. He couldn't pay for a single thing or grab any cash, except for one random eyewear shop. To make matters worse, Citigroup kept calling him, thinking his card had been skimmed because he was frantically trying to use different ATMs and shops multiple times a day just to get something to work. Honestly, I don't even want to hear what 😁
said to them when they called.
On the flip side, a friend of mine was on the other side of the country using her Citigroup card perfectly fine, but her JP Morgan Chase card was completely useless. And now what 🤷...

The bottom line is this: whenever you head overseas, especially if you're crossing an ocean to another continent, you absolutely MUST have several different cards on you.

What I'm trying to get at is this... if you see that Visa logo on an ATM or a credit card terminal => you should technically be able to use that card, whether it's credit or debit, because that's what the brand stands for.

When you mention the "brand," I get the feeling it's less about the card issuer and more about their local banking partners.
You're spot on; you need backup cards when traveling. Honestly, credit cards are so widely available these days that I don't see why anyone would insist on using just debit, let alone blame the bank when a specific card doesn't go through.

That’s easy to say if you’ve actually used one, but honestly, I feel like there's less point in botherng with them these days since "real" cards are so much easier to come by.

brisktinker15 said:So, you're telling me I can't even use a prepaid card to snag some plane tickets?

Here is what it says on the Visa prepaid site:

The Visa prepaid card is primarily designed for secure online shopping. I don't see why you wouldn't be able to...🤷

My bad, I didn't really look into what you can actually do with those prepaid cards. I've picked up a few for friends in the past, so your best bet is probably just finding someone who knows which specific card is the right one to grab.
You can check the Chase fee schedule right here: http://www.chase.com/personal/checking/fees

I mentioned this before, but you can just grab some prepaid cards:

Visa: https://www.chase.com/personal/debit-and-credit/prepaid
Mastercard: https://www.bankofamerica.com/personal/debit-and-credit/prepaid-cards

As for JPMorgan Chase or other major banks, if you aren't consistently employed, you can usually get a card approved based on your savings balance.

I mean, you could always just use a prepaid debit card...☕

David Williams7 said:Seriously, if that's the case, why even have banks? They should just lock their doors if we aren't needed.

So what’s your issue with it?

I was grabbing coffee with a buddy who works in finance the other day, asking him about this new bank opening up—it doesn't seem to have much foot traffic. He just shrugged and said, "Leave the teller windows to the little guys; the real business happens in the executive suites upstairs." 😉

Honestly, things would be a lot better if banks focused on financing actual industry and production instead of just fueling consumer spending.

Where’d you hear that? I have a credit card, but honestly, I've never actually used it for a loan in my life. I usually just opt for zero-interest installment plans—not because I'm strapped for cash, but simply because why wouldn't I? I'd rather park that money in a money market account and grab a little bit of interest. It’s not a fortune, but it’s nice to see it grow. 🙂

I’m not convinced that switching to cash-only payouts would actually rattle the banks. They have way too much room to maneuver and push back. Not only could you end up stuck without any cards, but they could easily claim that using a checking account is a mandatory requirement for any basic banking service.
Basically, you'd be left without any debit or credit cards (Americans left high and dry 😂), lose access to CDs or savings accounts, and wouldn't even be able to qualify for a loan (Americans cut off from credit 😂). Plus, they’d probably just hike up the fees for in-person teller visits while lowering online ones—though, of course, you still need a direct deposit hitting your account to use those online tools in the first place...

At the end of the day, we need them a lot more than they need us.

Chris Stewart3 said:Oh, absolutely, it's entirely our own fault. What stings the most is how we handed over our entire banking system to foreign interests; the truth is, they didn't come here to invest in us, they came to extract from us. If the majority of people actually shifted their loyalty toward domestic institutions, things would change significantly. It isn't just that citizens are beholden to these banks—it's the entire economy; in short, we're looking at disaster.

Well, nobody is stopping you from hitting up a broker and buying shares in those "foreign" banks just like I did. You get the dividends, the invites to shareholder meetings...
That way, they aren't 100% owned by outsiders anymore. Or better yet, you buy stock, your brother buys some, your uncle, your grandma, your best man... before you know it, you've got a seat at the table.😉

Gregory Williams7- My bad, I misspoke. What I meant was that nearly half of the gross salary disappears into taxes.

Mark Nguyen6- The math actually works out a bit better if you calculate it this way: you pay the salary first, then deal with the corporate income tax.

122,000 - sales tax (22,000) - salary (5,000) = 95,000 - corporate tax = $25333

And that’s what you’re left with, net.

It’s not about how much you pay out in salary, it’s about what actually hits your pocket.

When you take a paycheck, you’re losing nearly 50% to payroll taxes and withholdings, whereas the corporate tax rate sits at 20%.

So, like most people do, I just set my base salary at the bare minimum and then, at the end of the year, I take my profit as a distribution taxed at that lower 20% rate.

Mark Nguyen6 said:Is there actually a way to express—perhaps as a percentage—what portion of the initial gross amount might end up in my own pocket after everything has been legally paid out?

Basically, if we take x amount of total revenue, and y is what's left over for me personally, then y/x would be the ratio, right?
I suppose you could ask it that way, though I'm not entirely sure if that's the proper way to frame the question.

When you're running a business, you can't really look at it that simply. Expenses fluctuate constantly. Beyond that, money hits your pocket either through direct salary or profit distributions. You also "pocket" value indirectly—like buying a car under the company name and using it for your daily commute...

Basically, it all starts with those $33 and you end up paying taxes on whatever profit is left over at the end.

Before you even start worrying about retirement, you’ve got to decide if you’re going to be playing by the rules or working under the table (or somewhere in between). If you're staying legal, you'll be contributing to Social Security anyway, so then we can actually talk about where to put any extra cash. It really comes down to the scale of what you're doing—whether you'll need to register for sales tax or if this is just a little side hustle versus a full-time gig.

crimsonseal13 said:Look, I honestly don't think dodging the government entirely is your best move. After all, those mandatory taxes fund your social security and healthcare, which still operate on a solidarity-based system.
For instance, medical costs can be astronomical, and most people simply couldn't afford to cover a major accident or serious illness out of pocket. (Just look at the news—our great maestro Vjekoslav Šutej has already spent $1.5 million of his own savings on medical bills and still needs more; the situation isn't over yet). We have to admit he saved as much money as most people earn in their entire careers.
The point is to pay that minimum amount to secure your basic retirement and health rights, then manage the rest by mixing various financial products with different terms, risk levels, and guarantees.

Now, deciding which specific products to pick, how much to invest, and which terms work best is a whole different story. I doubt this forum will be much help to you anyway, since you'll just get hit with a million conflicting suggestions that will leave you even more confused. 👍

You could technically pay for your own healthcare privately, and nobody would care about your employment situation, and it might even cost you less than $133/month.

Mark Nguyen6: how are they even paying you? cash under the table, through a domestic account, or an offshore one...🤷

Nicholas Davis14 said:I ended up deep in the red because of some seriously stupid decisions—shopping sprees, travel, eating out at places I couldn't afford... basically, my lifestyle was way beyond what my paycheck could actually handle. It finally hit me recently when I sat down and did the math on everything I owed, between my checking account overdraft and those credit card balances. I put together a three-month survival plan, walked straight into my Chase branch, shut down all my credit cards, and worked out a deal to gradually chip away at my overdraft limit every single month.

Since I clearly have more luck than sense, I also managed to snag a raise at work for about an extra $1,200 a month. It’s a solid little boost that'll help me kill off these debts and hopefully stop me from ever diving headfirst into this kind of mess again unless it's absolutely necessary.

A lot of people suggest doing that when things go sideways, but honestly, I think it's overkill. If you slip once while cooking—which happens to the best of us—are you really going to throw every knife and pair of scissors out of your house?
You just have to learn how to use tools without letting them get the better of you. 😉
Plus, how are you supposed to grab a flight or order something online tomorrow if you're totally cut off? 🤷

Raymond Clark7 said:For example, say the balance on March 13, 2009 was $333.
You were accidentally overpaid by $667. Once they caught the mistake, they corrected it by taking back $667.
By March 19, 2009, the balance would be $333.
$333=$333 🙂

So, what am I even supposed to do about my balance? $52918782

I spend my days neck-deep in the trading business, constantly juggling daily deposits and withdrawals while managing payment deferrals, all because I’m out here paying off my various suppliers through installment plans.

I mean, what are you even trying to say to me? $0.67 You know, it’s never really about the little things that get under your skin, is it? Those tiny details don't even register as a problem while you're in the thick of it, and honestly, I wouldn't even know if they had arrived or disappeared until everything finally hits the fan at the end of the month when I'm stuck staring down those books and trying to make sense of it all.

The guy’s got a point with what he’s asking, doesn't he? Honestly, you really have to keep him in the loop on this one.

When you look at the moral side of things, isn't it just common sense that the money should go back to the account it actually belongs to? I mean, it doesn't even matter if we're talking about someone's entire paycheck or just some tiny bit of pocket change left over after bills, right? It could be a student loan repayment or just some measly amount from a part-time gig, but at the end of the day, shouldn't it just land where it’s supposed to?

So, if you're one of those people who sees like 3, 4, or even 5k hitting your Bank of America account every single month, aren't you basically in a position where you can actually sit back and track every little cent that moves? $33 So, what exactly went down or who even left? It’s easy enough to just say, isn't it? But honestly, why should you even care about my business anyway?

But look, I really need to be told exactly why the payment went sideways and what the actual reasoning is behind this payout instead of just being left hanging and having to chase people down with endless phone calls, because honestly, what am I even supposed to make of this mess?
Look, I’m just saying, what kind of sense does it make to judge someone who clearly hasn't got a clue about the sheer volume of cash moving through the system every single week? Does anyone actually think looking at a snapshot matters when you aren't even considering how the numbers all shake out once you hit the end of the month and run the final tally?
It’s just like $333=$333 being $52918782=$52918782. ☕
The OP was talking about a checking account.
By the way, if he was actually confused, he could have just asked someone at Bank of America.

Kenneth Brooks5 said:The damage is already done, so who cares who's at fault?

My main point was whether the bank is even allowed to go in and "edit" my account details without checking with me first.

If they weren't supposed to do that, I was planning on hitting them where it hurts—their wallet—to make sure they don't try it again.

Money is money... it comes and goes.

I honestly don't get that mindset. Nobody has posted anything on the savings thread for 11 days, yet everyone's quick to blame Bank of America and say we need to push back or "hit them where it hurts."😕
Years ago, long before computers were everywhere, a teller made a mistake while transferring funds between my accounts. I caught it immediately and pointed it out. A friend standing next to me whispered that I should've just stayed quiet and kept the money. I told him I could certainly do that, but I didn't feel like making another trip to the branch just because there isn't free cheese waiting for you there.

Kenneth Brooks5 said:"What kind of changes? The balance is perfectly fine."

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.[/I]

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.[/I]

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.
For example, say the balance on March 13, 2009 was $333.
You were accidentally overpaid by $667. Once they caught the mistake, they corrected it by taking back $667.
By March 19, 2009, the balance would be $333.
$333=$333 🙂