These are the 2 Worst Banks in America (Don’t use!)

Yep, your bank is probably ripping you off. How do I know this? Because Americans are forking over over $190 billion in hidden fees and surprise charges every single year. But it actually doesn't have to be this way. In this video, I'm going to expose the two worst banks to avoid. I'm going to name them by name, I'm going to break down their shady practices, and then I'm going to show you three better options to to protect your hard earned money. Let's jump right in with part one, the worst banks. Now listen, if a 14 year long banking scandal doesn't scare you away from this first bank, what the hell is wrong with you? It was so bad, this piece of bank had to settle for $3 billion just to resolve the criminal and civil charges. Any guess who this was? I'll give you a clue. They are still one of the biggest functioning banks in this country. And this scandal wasn't just an isolated incident. It's one of many examples demonstrating this bank has a total lack of respect for its customers. They have a long list of offenses including fraudulent practices, poor management, and a corporate culture that really does not care about ethical banking. I'm talking, of course, about Wells Fargo. And on our Bank Exploitation Index, they score a solid 9 out of 10 each time they're caught. Like a guilty little kid stealing something out of the cookie jar. What do they do? They promise, oh, I'll do better, Mr. And Mrs. Government. But the problems persist. And I don't know why some of you freaks continue putting your money in Wells Fargo. Oh, I know, it's where my mom and dad opened up my account when I was 11. They gave me a little keychain. Do I care? A keychain. That's why you keep your money at this bank that targets minorities because that opens up unnecessary accounts and that has been fined literally billions with a B by the government. Man, if I knew that millions of people were staying at this bank just because they want a keychain, I would have sent you a keychain myself. I have to tell you, this gets me mad because I hate when big banks take advantage of their customers, especially minorities. And if you look at the repeated fines and penalties that Wells Fargo has received over the years, you'd probably agree this is inexcusable. Get out before I expose the second worst bank in America. Hit that subscribe button and turn on notifications. As you can see, I want to grow this channel because I give it to you straight. I tell you what the best accounts are I tell you what the worst accounts are, I tell you exactly where I put my own money. All right, now let's get to the second bank that I do not like. And the funny thing is I'm known as an influencer for this bank. Not just any influencer though. I had a friend who used to work there that they told me that I'm on an internal document. I said, wow, Ramit Sethi on an internal document? This multi billion dollar. What kind of document is this? She said it's an influencer list, but a negative influencer list. And I thought to myself, this is the proudest day of my life. Why? Why am I on that list? Because I constantly expose their shady practices, including in my New York Times best selling book. So I guess you could say I'm thankful to be influencing you to know what's really going on with this bank. Just like Wells Fargo, this bank has also faced significant legal challenges. In 2014 they were fined with at the time the largest settlement ever for a single American company. That's over $16 billion. Why? Because of their role in the financial crisis. They packaged and sold risky mortgage backed securities, misleading investors and fueling the housing bubble the that ultimately burst. You all know what happened there. This reckless behavior not only devastated the global economy, but also ruined a lot of lives. A lot of people lost their homes, savings and jobs. But that's not the only reason I would advise you to avoid this bank. They also treat their customers horribly. They've been slammed for terrible customer service more times than I can count. I get thousands of thousands of emails every single week from people who tell me about their experiences. And this company's one of the worst. They've also been criticized for how they treat their employees. Many reports mention a toxic work environment, unrealistic sales targets and pressure to engage in unethical behavior to meet those targets. That kind of environment is horrible for employees. Also leads to bad customer service in their branches. I don't know why any of you would go into a branch, but okay, maybe you have your reasons. You like the air conditioning, whatever. Many customers complain about long wait times, unhelpful staff and a general lack of concern. Well going to see why these banks do not grow with good customer service. They grow with getting you to open accounts. It's as simple as that. In case you haven't guessed, this bank is bank of America. And if their role in the financial crisis wasn't enough, their history of unethical behavior should make you think twice. Their business practices are a clear reminder of pure and simple corporate greed and the consequences therein. For example, their high fees, like their monthly maintenance fees, which add up to a lot of money over time. Their overdraft fees that charge you a damn near extortionate amount if you go over your limit. ATM fees, just another way of nickel and diming and making money from you accessing your own money. For these reasons, bank of America scores an 8 out of 10 on my bank exploitation index. The combination of high fees, poor customer service, and a history of unethical behavior makes it clear why this bank should be avoided. Now, let's get to part two. Better banking options. Now, every day I open up my email inbox and I just start crying because I read your emails from me. You know, horrible things that happened with bank of America, Wells Fargo, they treat you poorly. And I feel for you, I really do. Look at the, look at this face. This is a face of somebody who is showing you deep empathy. But at the same time, I think to myself, what did you expect? You're at a bank that was fined literally billions of dollars in part for targeting minorities and opening up fake accounts, making them lose their cars, sometimes their houses. Well, you think they're going to give you a hug and bake you a cookie? What the hell is going on here? This has been reported on the front page of the news for the last 15 years, and now you're seeing it on this video. Click subscribe if you want to learn what the is going on. All right, if you're with any of these banks, still do two things. First of all, go look in the mirror. Get up, pause this video. Go look in the mirror right now and ask, where did I go wrong in life? Where? What happened to me? Where? Second, internalize this idea. Yes, you can switch banks. It's going to be okay. All right? I know it seems like a hassle. I know you have your old bank from where you grew up as a kid. It's going to be fine. There are plenty of better banks out there than these big banks that you've been stuck with for the last 20 years. Listen, you spend a day switching over to a better bank, that bank is now the foundation for your financial system. You don't have to worry about being preyed upon by your bank by being nickel and dimed with fees, by all kinds of gimmicks and tricks they're going to use to get you. You just have a trusted part of your financial system, your bank, which is foundational. And now you can move on to the more Important things. In my opinion, you deserve a bank that respects you. If it treats you fairly, it helps you grow your financial future. Not one that steals from you any chance they get. So let's quickly look at three banks that I recommend as better alternatives. Just so you know, I don't make any money from these recommendations. My goal is simply to help you avoid getting ripped off. First up, Charles Schwab. They offer very reliable checking account. You get ATM reimbursements at any ATM. Go to a 711 at 3:45 in the morning. It's a $10 ATM withdrawal fee plus a 250 local ATM reimbursed. Okay, doesn't matter. With Schwab, you also get free foreign transactions, which is a nice benefit. There's no minimum balance, no monthly fees. But you do need to open a brokerage account. Don't worry, you don't have to actually put any money in that brokerage account. By the way, double check. Because they do run a credit check on you before they open your account. So if you're about to buy a house or some large purchase in the next few months, you probably want to avoid this account. But. But for everyone else, Schwab is a fantastic checking account. Next up, Capital One has a nice balance of traditional banks and online only banks. No monthly fees, no minimums, no overdraft fees. You get a bunch of ATMs. Not as good as Schwab, but pretty good. I personally use their 360 performance savings account. It's got a very competitive interest rate at the time of filming this. It's not always the highest interest rate, but I don't need to be a rate chaser, nor do you. Capital One also lets you create multiple savings accounts. So you can name them, Trip to Tahiti, anniversary trip, those kind of things. And third, Ally. Ally is a great account. One thing I particularly like about it is it lets you create multiple buckets within your savings account. Again, you can name it, down payment on a house, new car, all those things. It also includes no monthly or overdraft fees and mobile check deposits. They've got customer service via phone and chat. However, they do not have physical branches. But for most people, who cares? Okay, all of these accounts are great. I want you to pick one and become decisive with your money. Switch banks, you can transfer your money easily and you won't have to worry about tricks or gimmicks that your old bank was using. Of course, choosing the right bank is just one step in building a strong financial foundation. After that, it's really important to manage your paycheck correctly every single month. That. That's why I've created a simple paycheck routine that has helped thousands of people improve their finances. Check it out right here.