How to Avoid Hidden Fees!

They're everywhere, just waiting to feast on your money! Can you protect yourself from HIDDEN FEES?

sources:

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Jon Fortenbury
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Dano Johnson
Fact checker: Yvonne McGreevy
Executive in Charge for PBS: Maribel Lopez
Associate Director of Programming for PBS: Niki Walker

Images by: Shutterstock
Music by: APM

[ThirtyVirus]

Hidden extra closing cost fees are a literal nightmare, set me back $5k more than expected

[MarcoCaifan]

Psychiatrist: Mustache-less Philip isn’t real. He can’t hurt you.
Philip:

[MeTalkPrettyOneDay]

Biggest personal success was calling out a car seller for charging me a $500 registration fee when I had made it really clear I was doing it myself (different state). It was an easy win on an honest mistake, but it did get me in the habit of pausing to look at the fees on big purchases.

[sovashadow]

im definitely a person who cares what the price is upfront

[BeanDar]

I’m always compelled by the advertising that says no hidden fees! Even if their total prices are a little higher, not having to deal with all of that makes it worth it. Plus those are the type of people I develop a better business relationship with because I actually trust them.

Also if before any purchase you put it out there that if there’s any hidden fees, they’ll lose your business, then you’d be surprised what they then disclose

[mizuhonova]

Another tip is to try to get the service/product online instead of in-person. When you sign up for phone service or buy a car in-person, everything is done so fast. You only get to glance at the documents and end up signing whatever cuz you're pressured to hurry and not spend 30 minutes reading 10 pages of ToS. When you get the invoice, the fees are usually a small part of the docs and for some services, you kinda don't even know the fees until the next month's bill comes. When you do it online, you have more time to review everything and a lot of the time, they have a disclaimer at the bottom that tells you what the fees are and sometimes waive it too for new customers.

[_Sun_Tzu]

Philip, my man, without the moustache...you are not the same man, bro 😂

[Jacksparrow]

96% of usa citizens would enjoy European style consumer protection.

[david_is_achu]

Call people? Like on the phone? Man just give me the bill

[KarijnsWatercolors]

The whole US is a pile of hidden fees. I am Italian and the only time I came to the US and shopped for some sweets at a grocery store, the total was much higher than the price written on the items because stores write the prices "before tax". What's wrong with saying an item costs 6USD instead of 5.75USD plus tax? I don't want to know how much is the tax, it makes me angrier to pay it when I know how high it is.

[sccr]

2:15 One thing this study didn’t look at: repeat customers. Who was more likely to come back?

[joshmcdonald]

"Scamming customers works, therefore they have to do it!" 🤮

[Roarpian]

I find that preventive measures are always more efficient and effective than after-the-fact. You can ask for an itemised list of charges before signing anything - especially big ticket items or if the price doesn't match your expectation. Ask questions if you don't feel comfortable. It is always worth spending that 5-10minutes upfront.

If you feel pressured to commit, just remind yourself that the salesperson are NOT acting in your interest. You can always walk away. If you are worried about hidden fees, chances are that you are not buying something boutique, and there is always another retailer or another salesperson that is friendlier.

[leelicayan]

Philip without the beard makes him look like a single batchelor in his early 20s! He looks so different I thought they brought on a new host🤣

Great vid by the way!

[cameronmcfarrin]

I'm a person who's honest, so I like to know my total but the hidden fees work because after we spent 5-10 minutes researching deals, another 5 minutes entering our CC numbers, we just want to finalize the purchase

[NuSpirit_]

I kinda expected "And that's our two cents. And no convenience fee" at the end tbh :D

[silverblank]

who's the new guy ? he is slightly more handsome than the mustache one

[Holycryptonite]

There should be a company that reads all the terms and conditions of every service company - but the irony would be that itself charges hidden fees lol.

[michaelpower]

I always felt conned in the states with the sales tax. In Europe it has to be included in the advertised price so what you see is what you pay.

[Coin]

I went to the US and had three sets of hidden fees:

Tax (in Australia it’s included in shelf price)
Conversion rate to AUD
Credit card fee