Reacting to Ally Bank's Stop Accepting Nonsense

And aren't you already depositing? Like you're already depositing? And where are you depositing it? Oh, in someone else's bank. And somehow you don't see that as the problem? If it's someone else's, then whose rules are we playing by? Who has use and control over your money?

Are you just tired of accepting all the banking nonsense like the fees and the chipping away at your money and all this little stuff that happens and, you know, you just kind of feel like it's the death of a thousand paper cuts, but basically with your money and, you know, you kind of just want that monkey off your back, you know, of the banking system. Well, so do I. And you know what? So does my friend Vern. He's joining me here today for this reaction video. And so what we're going to do is we're going to have a little bit of fun. We're going to play a video. It's one that I've seen before, but I think it's going to be new to Vern. And this is a commercial from a bank. It's called Ally Bank. I've done a few reaction videos to their stuff already. They're quite entertaining. This one is one of my favorites, actually. We used to play this at some of our live events that we would do and we would teach people about the infinite banking concept. So I hope you enjoyed it. It's a quick little video and it's got some comical moments. And I'm really excited, actually, to see Vern's reaction to this video. And if you're watching, you should be excited too. So let's dig into it and then we'll talk a little bit about what are some takeaways from the video that we're watching. That's what they do.

Acceptance.

You can't change the way banking works. Just accept it.

Man free doesn't close at 5.

Try nature.

You give them all your money and.

They put you on hold. Just accept it. What are you going to do?

Bury your money in the backyard? Accept it.

Your stay with a herd, son. Accept it. It's only money. It's a bank. What do you want, a hug? Just accepted.

Friend, hidden fees, fine print or they'll sell.

Stick it to you some other way. Smile and accept it.

It's been this way since pants. Accept it. Accept it. Accept it.

Just accept it.

Accept. I'm a doctor.

Just accept it.

Accept it. Accept it.

Accept.

Accept.

Accept it. Accept it. If we miss this movie, you're dead.

If you're stuck Accepting banking nonsense. You need an ally.

Ally. Bank. No nonsense.

Just people sense.

Wow.

Holy snap. That's deeper than I think that could be.

Wow.

That could be related to a lot of things these days. Right? Just accept it. Hey, listen, hey, everybody's saying it anyway. Must be true. Just accept it. But wow, that was, that was actually, that was awesome. That was, that was pretty powerful. So basically what they're saying in the video is, hey, other banks suck, we're awesome. Is that what they were trying to say? Like, you need an ally?

Yeah, basically, you know, they're, they're, I mean, at the end of the day, they're, they've got some great marketing. I don't know who they hired for their marketing, but they, they really smashed it and they recognized that there was a trend. And this, I mean, this video is probably 10 years old. I would imagine as a commercial, people were already feeling this pressure and irritation of the general banking system and being nickel and dime by fees and you know, you know, every time you go to talk to a teller, they're going to charge you for that. You want to go get your statements in the mail, we're going to charge you for that, you know, and it's like, oh, well, we're doing it because of the environment or what, Whatever the reason is, I don't care what the reason is. It's like, look, we're going to take more of your money and more of your money and more of your money and more of your money and there's nothing you can do about it because you bank here. But you know what? The pain of disconnect is so difficult because you've been with us for so long. We have your, you know, we got multiple accounts, you got, your direct deposit is set up. You know, you, you, you have all your auto payments coming out of here. How much pain do you have to go through to take all that away and go start doing it somewhere else? And people say, oh, is it really worth it? I'm really frustrated and I really don't want to be here and I'm really irritated, but it's going to take me this much time to go and set it up somewhere else. And I'm probably going to have to go deal with the same pile of crap. Do I want to go through all that energy and effort? Right?

Yeah, well, they're taking advantage of the human condition in that case. But I could, I can tell why we share it or used to share it at live events because if you cut out the end where they say oh, you need an ally. If you just look at the entire commercial, the first 45 seconds, where they say, like, there's nothing you can do. You give them all your money and they make you wait on hold and what are you going to do about it? Bury your money in the backyard? Like, there's that. That sense of hopelessness. And it really helps highlight or emphasize what we refer to as the problem, right? You're doing all the work, someone else is getting all your money, and they're making all the rules. Like, there's something wrong with this equation. Like, it. It does a really good job of describing the problem in the beginning.

And people that really starting to embrace and are, you know, that are watching this kind of content, they want to learn about having more control of their financial condition and, and trying to separate themselves from the things that are outside of their control. With banking and sometimes even with government, you know, they're the kind of people that don't want to stay with the herd, right? There's the farmer there. He's got. He's got the hay in his hands, like, just stay with the herd, son. I'm like, well, I. I don't know. I know a lot of farmers. Most of the farmers I know, they do not want to stay with the herd, right? They're happy if the cattle do that or the sheep do, but they themselves, they're tend to be a little bit more outside they want. You know, the. One of the reasons that they're farmers is so that they can. They can have independence and control. They can grow their own food and resources and these kinds of things. And so I find it's interesting that they use that individual to make the statement. It's sensible because he's a farmer. But the statement's like, wow, there's like an antithesis here of this guy maybe isn't the right person to be making that statement. And I think more and more people want to be outside of the herd.

Yeah, 100%. I mean, they had what I noticed, now that you mention it, they had people from all walks of life. They had the guy in the pool, the cheerleader. They got the movers. They have. The farmer they had looked like maybe like a mom or something like that. Then they also had a doctor, and they even said, hey, I'm a doctor. Like, you know, just accept it, right? It's like, it's almost like these authoritative figures that they're trying to put in there to sort of everybody from all walks of life, we're all dealing with it. We all have to accept it. So, you know, and the fact that they even said, hey, I love that part, there's nothing you can do, you know, what are you going to do? Bury your money in the backyard? Well, you and I of course know that there is something you can do. Like it's all about implementing the process of becoming your own banker. That's why we're here having this conversation in this reaction video. But that's the thing that I forget about Ally Bank. It was that, that first, like I said, 45 to 50 seconds, man. Like I'm going to, you need to share that link with me because I'm going to be sharing that with my clients.

I wonder if we can change that idea of like bury your money in the backyard to instead bury your money in insurance deposits.

Yeah, bury your money. I mean, it's got to go somewhere. It may as well. You know, it's so funny when you start having these conversations with people, right? I'm trying to right now. What I've been emphasizing with people who are, you know, maybe a little bit earlier on in their learning journey still. People get so enamored by the fact that we use a tool like we use a product called dividend paying, participating whole life insurance to implement the process. Right. It just, they just get so obsessed with the tool. So how does the premium work and this and that and whatever and just trying to get people to realize, you know, get out of that consumer mindset and just recognize that it's just a tool that's like your building, that is the bank, that is your vault, that is where you're storing capital, where, where you're making deposits. And aren't you already depositing like you're already depositing. And where are you depositing it? Oh, in someone else's bank. And somehow you don't see that as the problem, like the key word, someone else's bank. If it's someone else's, then whose rules are we playing by? Who has use and control over your money? Like, it's just like, come on, man. The volume rich, the sheer volume of capital, the trillions and trillions of dollars that are being flowing through the commercial bank in Canada year after year after year, day after day. That's what I've been pointing to people. I'm like, think about that same volume. If we were able to shift that and people were now depositing that into a life company that they co own and that life company is putting that money to work to grow profit and they have a very proven track record to do that. And they are contractually bound to share profit with we, the policyholders. How much more profit are we going to be generating by putting those trillions of dollars to work in a company that we co own, like mutual benefit. That is the definition of abundance right there. Whereas putting it into the bank, it's being shared with everybody else. That's the definition of scarcity in my mind. So a guy was asking me earlier, hey, what are the downsides, Vern? Like, be really honest with me. What are the downsides to this whole thing? I always say the same thing that I say to everybody. Downside is read Nelson's book. It's the human conditions, instant gratification. You're a human being, you want everything overnight. Those are the downsides. Right? And you know, I think it's just if you're able to implement the process and you got the right mindset, there's, there's nothing but upside. It's all about that. Again, mutual benefit.

Right.

Anyway, I'm on a soapbox here, Rich.

There's a conversation I was on earlier today, actually, which I think is applicable. And it was just a, you know, quick call. The guy was like maybe 20 minutes. And it was a, you know, he's, he'd watched a webinar. I did a webinar recently with, with our friend Roman, and we talked about, you know, kids plans. And I showed like what I've done, what I'm doing for my own K. And Roman's got seven kids and he showed what he's doing for his seven kids. It was pretty awesome. But with, with, with this gentleman, we're talking a little bit that he was on that webinar and it was kind of his first really exposure. He's got a copy of the book, he's read the first page, hasn't got any further than that and stuff. So I gave him homework. You got to watch the documentary film, you got to read the book, you got to do this. And like, I need you to have a certain level of knowledge before you come to the meeting because we need to be able to discuss things that are of high value for your benefit, for your financial life. But one of the things I was sharing with him is that, look, right now you have your money deposited, you have auto deposit set up from your employer. He's like, yep. So the money goes directly into the bank account. Now your name is on the bank account. It's your name or it's a joint account with you and your wife. And from that point there's automatic payments that things start coming out. Is that right? He's like, yep, that's what happens. Okay, cool. The moment your money lands in that bank account, did you realize that that money is no longer yours?

There's kind of like a little bit of pause.

Virtual. Like what?

Yeah, there's a little bit of a pause there said. No, no, it's. It's not that it's virtual. It's that. It's that you've exchanged the custody of the money and you've given custody of the money to the bank. So it's actually the bank's money. What you have is a Digital Register of IOUs. The bank owes you money. So in reality, everyone that's a depositor is actually a lender of the bank. So you are technically your own bank. Now, the problem is you're. You're not your own bank. Your. Your bank's bank.

Okay? So every dollar you have sitting in a checking account or a savings account or a GIC or whatever, that money technically isn't yours. It's an IOU on demand for you to get your money back out. You're lending your money to the bank, and your bank is charging you fees to lend them money. Now, they're going to pay you a pittance of interest. They're going to pay you a little bit of interest, but they've convinced us that it's your money. No, it's. It's not your money. It's the bank's money. You've given it to them. They have control over it. It's theirs. The only way it becomes yours again is if you take it out. Now, Vern, when was the last time that you went to a bank and, like, you had to physically go into the bank and request, like, say, five or $10,000 in funds in, like, physical, like, currency, like Canadian currency. It's probably been a while, right?

Yeah, it's been a while since I've made that kind of a major withdrawal.

Because everything happens online. We do transactions online, but, you know, if you actually go and do that, they're going to tell you they don't have the money there, come back in three to five days, and then they're going to have a manager. They have to get the manager involved, and they make you feel like, whoa, whoa, what's this guy up to? Richard, what are you doing taking your money out of our bank and turning it into cash? Are you going to circulate that cash into the local economy? My word.

What are you doing? Yeah, exactly. Right. I heard it. In fact, I was at the bank one time. This is a long time ago, because it's been a long time since I stepped in a bank. But there was a guy having a bit of a hissy fit at the teller because she kept telling him, no, sir, like, you've, you've met your daily limit. You've met your daily limit because he actually was at a different bank earlier, pulled out whatever his 2,000 or 3,000 bucks that he could get, whatever that limit was. And he was trying to get all of his money for whatever his. I don't know, the guy just was hearing, you know, I was right beside him and he was like, no, this is my first. You know, I'm just coming in. She's like, no, no. Like, you know, they already knew that he had already taken money out. She's like, no, you met, that was at a different bank. You met your daily limit. It was a big, it was a big thing, right? Like, he was, he was kind of, you know, getting ready to kind of freak out type of deal. But that's one of those. It's like the reality of it is people don't recognize they will give you back your money. But on whose terms are they going to give it back? Rich, yours or theirs?

Theirs, because they, they need to reduce how much you're pulling out because they've got it all out at work. So they don't want you taking it out fast. They want you taking it out in small bits and pieces under restrictions so that they have that money working and growing and working for them, for their, for their stockholders, for the people that are the owners of the bank, which isn't you, right? Which if you, if you like the business model of what they're doing. Insurance companies basically practice the same business model effectively, and they're really good at it. They're a little bit more conservative and they've been doing it for a long time. And guess what? Huge benefit. They do not fractionalize the money supply because they're not a commercial lender in the, in the way that the other banks are. So it's such a huge advantage when you do your business in, in that mutual format. And it reminds me of that in the video that we just watched. Vern, the guy, the movers was like, it's a bank. What do you want, a hug? I'm like, of course that's not going to happen.

What they're going to do is they're.

Going to hug your money and hold onto it and never Give it back to you. That's what they want to do.

I know, right? Yeah. No, it's, It's. It's a fascinating thing, right. When you really think about what's going on. And the banks, I mean, to your point, I admire the business model and I also admire the last, let's say approximately 100 years of work that they've done, doing an amazing job of convincing the general public that we need them and that they're actually. Now people are starting to become wise to it. But there was a long time, oh, put your money in the bank. Like, everybody, you know, grandma, grandpa, like, they thought, oh, the bank. Like, the bank is there to help you, and the bank has got your best interest at heart and, you know, put it in the bank. Like, what are you thinking? Right? Like, that's really what people thought. I don't think it's so much that these days that way, but they did a really good job. And now at least people still think that they need the bank.

Right.

They don't understand, to your point, they don't actually realize, if you look at how it's broken down, they don't realize that we are capitalizing their bank so that they can put money to work for their shareholders. It's not even something that. That really, I think, comes into people's awareness at all until they start discovering, you know, content that we share or Nelson's book or they've heard a podcast or something, and then you start scratching their heads and they go, yeah, wait a minute. Like, what's going on here? Like, forget about all the interest you're paying and the payments you're making and all of that, just the capital alone that you're earning, that you're working hard for, is just flowing right into their bank. And they've captured that financial energy and they do with it what whatsoever they choose, right? And, you know, they can lock the doors and not a lot you can do about it.

And on that note, we don't have much time for this, but I just got to. I posted something the other day. I don't know if you saw this about right now in China. There was some huge things going on. We're actually, like, they're worried about the tanks rolling in because there's people waiting and rioting to try and get their money out of. Out of banks. And it's literally 30 year, almost 30 years to the day, or, sorry, 33 years from what happened in Tiananmen Square. And that famous photo of the guy standing in front of the Tank that, that's happening again right now in China. And the, the People's Liber. I think it's called the People's Liberation Army. I don't remember the exact name, but I believe that's what it's called. Like that's the, that's the, the Chinese army or whatever. It seems so strange that the name of it, the Liberation army, what they're doing is they're, they're trying to corral the citizens to stop them from trying to do a run on the banks. And they're not allowed to take deposits out right now. And this is in one particular province. I don't remember the details, but this article just came out. I just saw it the other day and man, it absolutely floored me because here's another instance right now in 2022, where effectively bank accounts are frozen and the depositors who are a creditor of the bank, they've lent the bank their money on demand. They should be able to get it back. Not able to do. It happened in Canada earlier in the year, doing, you know, there was, I don't know if anyone remembers, there was some trucks rolling down the highway and they froze a bunch of bank accounts. Apparently it was a big fat emergency and we got to freeze the money. So you can't get access to your money and feed your family and pay your mortgage because that's going to solve a lot of problems in the economy. Right. And that's going to really build trust in the system. And so this kind of activity is happening, precedence is being set this year and it's happened in the past. This is not the first occurrence of this activity. And so in order to protect your money, probably one of the last places you want to have it nowadays is in a bank. If you want to protect your money, you need to have it under something that you control, maybe a private contract. Maybe it's a private contract that certain entities don't know about, like Canadian government and you know, you have the autonomy and control to, to deal with it as you please. Does it mean you're completely eliminating, quote, unquote, banks out of your life? The answer is no. But where you store your capital and your utilization of it, you're limiting the exposure to day to day banking transactions and especially the larger transactions by getting it outside of that system as much as possible.

Yeah, and that's just what you said, as much as possible. And, and what you can control. And I know you and I had a quick conversation about this, I think last week, but you know, exactly What I'm going to do tomorrow, at the time of this recording, tomorrow happens to be our compensation day. I mean like money stays in the commercial bank for about 37 seconds. Like as soon as that money gets deposited, Vern's logging on and I'm shipping it over to policies right away. Like it's gone. Right? So you can find out how to do this too. If you go to watchibc.com you can learn how to become your own banker and implement the process of becoming your own banker. The infinite banking concept in Canada. Watchibc.com Of course, you know, don't be shy, leave a comment, hit the, like all that good stuff, engage yourself in the conversation, right? And of course always get a copy r Nelson Nash's book. I always say to people, rich, I go, look, even if you read this book and for whatever reason you decide that this is not a good fit for you, I would eat my hat if you don't get some kind of value out of this book. Like I, you know, like I'd be floored. Even if it's not a good fit for you, you're going to get value and the knowledge that Nelson drops in there and helps people understand how things work. Just an asset perspective, passive income time, like all these different things. Forget about the policy, forget about banking, just the value that he adds. Get the book.

And I've seen the size of some of Vern's hats and now that is quite a feat if we can get him to eat a hat. And I think we should get it recorded if it does happen. And I would say furthermore to like comments. I would love to hear from folks watching this one. What is your like most irritating bank story like when you went into the bank and they just, they made you bonkers because they kept, you know, whatever it is. Give us your frustrating bank stories and let's get a little bit of a list of how the bank is kind of juked you over time. I'd like to see what kind of stories we get from people. I think it can be pretty good. Not that, you know, so we'll call this like a rent the comment rant channel and let's just go ahead and free for all rant on banks and let's just do it right here and let's just get it all out and it'll be cathartic for everyone and I'm sure other people will get a chance to read. It's like, oh, that happened to me, that happened to me. You know, and, but, you know, get it all on the table and then go ahead and take action. And make sure you go to watch IBC.com and figure out what you could do about it.

Yeah, I'm pretty sure that's really good, Rich. I like that comment with your most frustrating bank story. And if you need to jog your memory, just go back to the beginning when we played that first one minute because I got the hairs in the back of my neck stand enough. It reminded me of some frustrating bank stories.

Love it. All right, check out the next video popping up on the screen. Continue your journey of learning. And as always, make sure you go to watchibc.com and figure out how you can become your own banker. Get it done. Get started. That's how you get your life on track. All right. Appreciate you, brother.