Monty Loree: What does that do if you do that? What does it do? I guess it goes to setting up a relationship with a bank?
Nick Farina: Yes, for a checking and savings account?
Monty Loree: Yes, exactly. If you set up a credit card, a bank account, there are fundamental things that you need to do in order to start setting up a relationship with banks and creditors and so on.
Nick Farina: Yes, it does two things. Number one, it helps you set up a relationship with the bank and it helps you build your credit score. Number two is it sets in motion a lifetime of financial responsibility. So if you're 18 years old and maybe bringing in about $200.00 a month in part time work, then if you learn how to manage that $200.00 a month responsibly, then when you're older and you're dealing thousands of dollars, it's not that going to be that big of a leap. A lot of times young people, if they're overdependent on their parents for too long or if they just pay their bills – they don't have checking accounts. Some people currently use this to pay their bills nowadays, believe it or not. Then you have this other standing that's easy to apply, so that's a bigger number. It really is that process of setting up a healthful financial behaviour that will then – you can build upon them and that will take great dividend in the long run, I think.
Monty Loree: Yes, exactly. You're absolutely right with that. The other day I was on Facebook and I was just toodling around, looking for different people talking about money. I found a Boycott Capital One and there's a lot of young people on there and they were like, “Capital One is the worst.” “I hate them.” “They've screwed me.” They've done this and they've done that. I asked them basic questions like, did you read your contract at all or really understand them? And their answer was no. Can you speak to that a little bit?
Nick Farina: Absolutely. I use Twitter a lot and check out the trending topics to see what people are talking on Twitter and it is really amazing if you try it on Chase Credit or Capital One, universally, just like what you are saying.
