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Why Being a Loyal Customer Costs You Thousands · Making Cents

• 0:01
  Hey,
• 0:01
  team.
• 0:02
  Being
• 0:02
  a
• 0:02
  good
• 0:02
  customer
• 0:03
  is
• 0:03
  surprisingly
• 0:04
  expensive.
• 0:05
  Loyalty,
• 0:06
  unfortunately,
• 0:08
  is
• 0:08
  not
• 0:08
  rewarded.
• 0:09
  New
• 0:10
  customers
• 0:10
  get
• 0:11
  the
• 0:11
  deals,
• 0:12
  loyal
• 0:12
  ones
• 0:13
  get
• 0:13
  the
• 0:13
  price
• 0:14
  creep.
• 0:14
  And
• 0:15
  it
• 0:15
  happens
• 0:15
  with
• 0:15
  your
• 0:15
  power
• 0:16
  company,
• 0:16
  your
• 0:17
  insurer,
• 0:18
  your
• 0:18
  bank.
• 0:19
  Stay
• 0:19
  longer
• 0:20
  and
• 0:20
  you'll
• 0:21
  probably
• 0:22
  pay
• 0:22
  more.
• 0:23
  Leave
• 0:24
  or
• 0:24
  even
• 0:24
  just
• 0:24
  threaten
• 0:25
  to,
• 0:26
  and
• 0:26
  suddenly
• 0:26
  there's
• 0:27
  a
• 0:27
  better
• 0:27
  offer
• 0:28
  on
• 0:28
  the
• 0:28
  table.
• 0:29
  It's
• 0:29
  a
• 0:30
  loyalty
• 0:30
  tax
• 0:31
  and
• 0:31
  most
• 0:31
  of
• 0:31
  us
• 0:32
  are
• 0:32
  paying
• 0:32
  it
• 0:32
  without
• 0:33
  realizing.
• 0:34
  So
• 0:35
  I
• 0:35
  had
• 0:35
  a
• 0:35
  chat
• 0:36
  to
• 0:36
  the
• 0:36
  TVNZ
• 0:37
  breakfast
• 0:37
  team
• 0:37
  about
• 0:38
  how
• 0:38
  we
• 0:38
  can
• 0:38
  put
• 0:39
  a
• 0:39
  stop
• 0:39
  to
• 0:39
  it
• 0:39
  in
• 0:40
  our
• 0:40
  own
• 0:40
  lives
• 0:41
  and
• 0:41
  also
• 0:41
  totted
• 0:42
  up
• 0:42
  some
• 0:42
  of
• 0:42
  the
• 0:43
  ways
• 0:43
  it's
• 0:43
  costing
• 0:44
  you.
• 0:44
  It's
• 0:44
  a
• 0:45
  lot,
• 0:46
  they
• 0:46
  were
• 0:46
  nice
• 0:46
  enough
• 0:46
  to
• 0:47
  say.
• 0:47
  I
• 0:47
  could
• 0:47
  also
• 0:48
  share
• 0:48
  that
• 0:48
  chat
• 0:48
  here
• 0:49
  with
• 0:49
  you,
• 0:49
  so
• 0:50
  enjoy.
• 0:56
  We
• 0:56
  all
• 0:56
  want
• 0:56
  to
• 0:56
  be
• 0:57
  loyal
• 0:57
  customers,
• 0:58
  but
• 0:58
  is
• 0:58
  our
• 0:59
  loyalty
• 0:59
  getting
• 1:00
  us
• 1:00
  anywhere?
• 1:00
  Some
• 1:00
  would
• 1:00
  say
• 1:01
  no,
• 1:01
  with
• 1:01
  many
• 1:01
  companies
• 1:02
  creeping
• 1:02
  in
• 1:02
  a
• 1:02
  loyalty
• 1:03
  tax.
• 1:04
  So
• 1:04
  what
• 1:04
  does
• 1:04
  this
• 1:04
  mean
• 1:04
  and
• 1:05
  how
• 1:05
  could
• 1:05
  it
• 1:05
  be
• 1:05
  affecting
• 1:06
  you?
• 1:06
  To
• 1:06
  tell
• 1:06
  us
• 1:06
  more
• 1:06
  is
• 1:07
  independent
• 1:07
  financial
• 1:07
  journalist
• 1:08
  Frances
• 1:08
  Cook.
• 1:08
  Good
• 1:09
  morning,
• 1:09
  Frances.
• 1:10
  What
• 1:10
  is
• 1:10
  a
• 1:10
  loyalty
• 1:11
  tax?
• 1:11
  Basically,
• 1:12
  you've
• 1:12
  stuck
• 1:12
  around,
• 1:13
  you
• 1:13
  haven't
• 1:13
  done
• 1:14
  anything,
• 1:14
  you've
• 1:14
  maybe
• 1:14
  been
• 1:14
  there
• 1:15
  for
• 1:15
  years
• 1:15
  and
• 1:15
  everyone
• 1:15
  else
• 1:15
  is
• 1:16
  getting
• 1:16
  a
• 1:16
  better
• 1:16
  place
• 1:16
  than
• 1:16
  you
• 1:16
  are.
• 1:17
  Where
• 1:18
  are
• 1:18
  we
• 1:18
  getting
• 1:18
  hit
• 1:18
  by
• 1:18
  these,
• 1:19
  what
• 1:19
  sort
• 1:19
  of
• 1:20
  services?
• 1:21
  Basically
• 1:22
  everywhere.
• 1:23
  But
• 1:23
  if
• 1:23
  you're
• 1:23
  thinking
• 1:23
  about
• 1:23
  any
• 1:24
  of
• 1:24
  your
• 1:24
  core
• 1:24
  bills,
• 1:25
  anything
• 1:25
  that
• 1:26
  sort
• 1:26
  of
• 1:26
  sticks
• 1:26
  around
• 1:26
  refreshes
• 1:27
  regularly,
• 1:28
  that
• 1:28
  that
• 1:28
  is
• 1:28
  where
• 1:28
  you
• 1:29
  are
• 1:29
  most
• 1:29
  likely
• 1:29
  to
• 1:30
  get
• 1:30
  a
• 1:30
  loyalty
• 1:30
  tax.
• 1:31
  So
• 1:31
  your
• 1:31
  power
• 1:32
  bill
• 1:32
  is
• 1:32
  shocking
• 1:33
  for
• 1:33
  it.
• 1:33
  Bank
• 1:34
  fees,
• 1:34
  insurance,
• 1:35
  and
• 1:35
  it's
• 1:36
  often
• 1:36
  these
• 1:36
  areas
• 1:36
  of
• 1:36
  life
• 1:37
  where
• 1:37
  we
• 1:37
  are
• 1:37
  really
• 1:38
  struggling
• 1:38
  with
• 1:39
  the
• 1:39
  costs
• 1:40
  of
• 1:40
  it.
• 1:40
  So
• 1:40
  it
• 1:40
  really,
• 1:41
  really
• 1:41
  adds
• 1:41
  up.
• 1:42
  Power,
• 1:43
  absolute
• 1:44
  classic
• 1:45
  one.
• 1:45
  And
• 1:45
  power
• 1:45
  prices
• 1:46
  have
• 1:46
  gone
• 1:46
  up
• 1:46
  12%
• 1:47
  just
• 1:47
  last
• 1:47
  year,
• 1:48
  20%
• 1:48
  over
• 1:48
  the
• 1:48
  last
• 1:49
  two
• 1:49
  years.
• 1:49
  So
• 1:49
  we're
• 1:49
  really
• 1:49
  struggling
• 1:50
  with
• 1:50
  them.
• 1:50
  And
• 1:51
  then
• 1:51
  the
• 1:52
  classic
• 1:53
  thing
• 1:53
  is
• 1:53
  if
• 1:54
  you
• 1:54
  just
• 1:54
  go
• 1:54
  and
• 1:54
  have
• 1:54
  a
• 1:55
  little
• 1:55
  look@powerswitch.org
• 1:56
  nz
• 1:57
  super
• 1:57
  easy
• 1:57
  way
• 1:57
  to
• 1:58
  compare.
• 1:58
  The
• 1:59
  average
• 1:59
  person
• 1:59
  there
• 2:00
  saves
• 2:00
  $450
• 2:01
  just
• 2:02
  by
• 2:02
  price
• 2:02
  comparing.
• 2:03
  That's
• 2:03
  considerable.
• 2:04
  Right.
• 2:04
  We've
• 2:05
  also
• 2:05
  got
• 2:05
  Billy
• 2:05
  Co
• 2:06
  nz.
• 2:06
  You
• 2:06
  can
• 2:07
  upload
• 2:07
  your
• 2:07
  power
• 2:08
  bill.
• 2:08
  They'll
• 2:08
  give
• 2:08
  you
• 2:08
  a
• 2:09
  personalized
• 2:09
  comparison.
• 2:10
  The
• 2:10
  average
• 2:10
  person
• 2:11
  there
• 2:11
  apparently
• 2:11
  saves
• 2:11
  $700
• 2:12
  a
• 2:12
  year.
• 2:13
  It's
• 2:13
  massive.
• 2:14
  So
• 2:14
  there
• 2:14
  was
• 2:15
  consumer
• 2:15
  research
• 2:16
  out
• 2:17
  this
• 2:17
  morning
• 2:17
  too,
• 2:18
  showing
• 2:18
  that
• 2:18
  more
• 2:18
  than
• 2:19
  a
• 2:19
  million
• 2:19
  households
• 2:20
  are
• 2:20
  likely
• 2:20
  paying
• 2:20
  too
• 2:20
  much
• 2:21
  for
• 2:21
  power.
• 2:21
  So
• 2:21
  what
• 2:21
  do
• 2:22
  they
• 2:22
  say?
• 2:22
  Half
• 2:23
  of
• 2:23
  the
• 2:23
  nation's
• 2:24
  households
• 2:24
  have
• 2:25
  stayed
• 2:25
  loyal
• 2:25
  to
• 2:25
  their
• 2:26
  power
• 2:26
  provider
• 2:26
  for
• 2:27
  at
• 2:27
  least
• 2:27
  five
• 2:27
  years.
• 2:29
  We
• 2:29
  just
• 2:29
  tend
• 2:29
  not
• 2:29
  to
• 2:30
  move.
• 2:30
  New
• 2:30
  Zealanders
• 2:31
  are
• 2:31
  quite
• 2:32
  famous
• 2:32
  for
• 2:32
  being
• 2:32
  what
• 2:32
  they
• 2:33
  call
• 2:33
  really
• 2:33
  sticky
• 2:33
  customers.
• 2:34
  So
• 2:34
  we
• 2:35
  just
• 2:35
  tend
• 2:35
  to,
• 2:35
  we
• 2:35
  pick
• 2:36
  someone
• 2:36
  we
• 2:36
  like,
• 2:36
  we
• 2:37
  stick
• 2:37
  around
• 2:37
  for
• 2:37
  it.
• 2:37
  And
• 2:38
  you
• 2:38
  would
• 2:38
  think
• 2:38
  Right.
• 2:38
  It's
• 2:39
  what
• 2:39
  we
• 2:39
  know.
• 2:39
  Right.
• 2:39
  And
• 2:40
  it's
• 2:40
  always
• 2:40
  been
• 2:40
  the
• 2:40
  way.
• 2:41
  Yeah.
• 2:41
  And
• 2:42
  we've
• 2:42
  got
• 2:42
  a
• 2:42
  lot
• 2:42
  going
• 2:42
  on
• 2:43
  in
• 2:43
  our
• 2:43
  lives.
• 2:43
  You
• 2:43
  know,
• 2:44
  it's
• 2:44
  a
• 2:44
  lot
• 2:44
  to
• 2:44
  sit
• 2:44
  there
• 2:44
  and
• 2:45
  price
• 2:45
  compare
• 2:45
  in
• 2:45
  your
• 2:46
  evening.
• 2:46
  You'd
• 2:46
  rather
• 2:46
  just,
• 2:46
  you
• 2:47
  know,
• 2:47
  zone
• 2:47
  out
• 2:47
  in
• 2:47
  front
• 2:47
  of
• 2:47
  the
• 2:47
  tv.
• 2:48
  That's
• 2:48
  fine,
• 2:48
  I
• 2:48
  get
• 2:48
  it.
• 2:49
  Me
• 2:49
  too.
• 2:49
  But
• 2:50
  it
• 2:50
  could
• 2:50
  be
• 2:50
  costing
• 2:51
  you
• 2:51
  thousands
• 2:51
  of
• 2:51
  dollars,
• 2:53
  your
• 2:53
  insurance
• 2:54
  as
• 2:54
  well.
• 2:54
  Right.
• 2:55
  So
• 2:56
  that's
• 2:56
  another
• 2:56
  one
• 2:56
  where
• 2:57
  they
• 2:57
  just
• 2:57
  the
• 2:57
  exact
• 2:58
  same
• 2:58
  coverage.
• 2:59
  But
• 2:59
  if
• 2:59
  you
• 3:00
  shop
• 3:00
  around
• 3:00
  Consumer
• 3:01
  Inside
• 3:01
  also
• 3:02
  looked
• 3:02
  at
• 3:02
  that
• 3:02
  before
• 3:03
  and
• 3:03
  it
• 3:03
  could
• 3:03
  be
• 3:03
  a
• 3:04
  $1,600
• 3:05
  difference
• 3:05
  over
• 3:05
  the
• 3:05
  course
• 3:06
  of
• 3:06
  a
• 3:06
  year.
• 3:06
  I
• 3:06
  mean
• 3:07
  these
• 3:07
  are
• 3:07
  really
• 3:07
  big
• 3:08
  costs.
• 3:09
  What
• 3:09
  about
• 3:09
  the
• 3:10
  upside
• 3:10
  for
• 3:10
  loyalty?
• 3:11
  Is
• 3:11
  there
• 3:11
  ever
• 3:12
  or
• 3:12
  is
• 3:12
  that,
• 3:12
  you
• 3:13
  know,
• 3:13
  is
• 3:13
  there
• 3:13
  often
• 3:13
  ever
• 3:14
  any
• 3:14
  upside
• 3:15
  to
• 3:15
  it
• 3:15
  for
• 3:15
  a
• 3:16
  loyalty
• 3:16
  card?
• 3:17
  I've
• 3:18
  got
• 3:18
  the
• 3:18
  card.
• 3:18
  I
• 3:18
  must
• 3:18
  be
• 3:19
  getting
• 3:19
  some
• 3:19
  sort
• 3:19
  of
• 3:19
  benefit.
• 3:19
  No,
• 3:20
  no,
• 3:21
  none.
• 3:21
  It's
• 3:21
  really
• 3:22
  annoying.
• 3:22
  Right.
• 3:23
  So
• 3:23
  it
• 3:23
  tends
• 3:23
  to
• 3:24
  be
• 3:24
  that
• 3:24
  even
• 3:24
  when
• 3:24
  they
• 3:24
  run
• 3:25
  these
• 3:25
  really
• 3:25
  great
• 3:25
  deals,
• 3:26
  that's
• 3:26
  to
• 3:27
  attract
• 3:27
  new
• 3:27
  customers,
• 3:28
  some
• 3:29
  companies,
• 3:29
  but
• 3:30
  it
• 3:30
  is
• 3:30
  the
• 3:30
  MIN
• 3:31
  will
• 3:31
  let
• 3:32
  their
• 3:32
  existing
• 3:32
  customers
• 3:33
  know,
• 3:33
  hey,
• 3:33
  we've
• 3:33
  got
• 3:34
  this
• 3:34
  new
• 3:34
  deal
• 3:34
  and
• 3:34
  you
• 3:34
  could
• 3:34
  switch
• 3:35
  to
• 3:35
  it.
• 3:35
  Mostly
• 3:35
  they
• 3:36
  just
• 3:36
  leave
• 3:36
  you
• 3:36
  be.
• 3:36
  So
• 3:37
  be
• 3:37
  attracting
• 3:37
  all
• 3:37
  these
• 3:38
  new
• 3:38
  people
• 3:38
  for
• 3:39
  hundreds
• 3:39
  of
• 3:39
  dollars
• 3:40
  of
• 3:40
  difference
• 3:41
  and
• 3:41
  just
• 3:41
  leaving
• 3:42
  their
• 3:42
  existing
• 3:42
  customers.
• 3:43
  If
• 3:43
  you
• 3:43
  have
• 3:43
  had
• 3:44
  one
• 3:44
  of
• 3:44
  your
• 3:44
  core
• 3:45
  costs
• 3:45
  not
• 3:46
  changed
• 3:46
  for
• 3:47
  anything
• 3:47
  over
• 3:47
  two
• 3:47
  years,
• 3:48
  you
• 3:48
  almost
• 3:49
  certainly
• 3:50
  could
• 3:50
  be
• 3:50
  doing
• 3:51
  better
• 3:51
  on
• 3:51
  it
• 3:51
  and
• 3:52
  getting
• 3:52
  a
• 3:52
  cheaper
• 3:52
  price.
• 3:54
  Your
• 3:54
  bank
• 3:54
  as
• 3:55
  well,
• 3:55
  there's
• 3:56
  a
• 3:56
  lot
• 3:56
  of
• 3:56
  these
• 3:56
  old
• 3:57
  very
• 3:57
  fee
• 3:57
  heavy
• 3:58
  accounts
• 3:58
  around
• 3:59
  and
• 3:59
  that's
• 3:59
  adding
• 4:00
  up
• 4:00
  every
• 4:00
  single
• 4:01
  day.
• 4:02
  Even
• 4:02
  things
• 4:02
  like
• 4:03
  using
• 4:03
  your
• 4:03
  Internet.
• 4:04
  Right.
• 4:04
  I
• 4:04
  mean
• 4:04
  I've
• 4:05
  had
• 4:05
  this
• 4:05
  before
• 4:05
  where
• 4:05
  after
• 4:06
  a
• 4:06
  few
• 4:06
  years
• 4:06
  you
• 4:06
  look
• 4:06
  at
• 4:06
  it
• 4:07
  and
• 4:07
  go,
• 4:07
  man,
• 4:07
  you
• 4:07
  know,
• 4:07
  this
• 4:07
  is
• 4:07
  obviously,
• 4:08
  you
• 4:08
  know
• 4:08
  that
• 4:08
  it's
• 4:09
  going
• 4:09
  up
• 4:09
  because
• 4:09
  they're
• 4:10
  sending
• 4:10
  you
• 4:10
  the
• 4:10
  email
• 4:10
  saying
• 4:10
  it's
• 4:11
  gone
• 4:11
  up
• 4:11
  a
• 4:11
  little
• 4:11
  bit,
• 4:11
  but
• 4:12
  actually
• 4:12
  the
• 4:12
  services
• 4:13
  change.
• 4:13
  Right.
• 4:13
  So
• 4:14
  even
• 4:14
  things
• 4:14
  like
• 4:14
  broadband,
• 4:15
  you
• 4:15
  might
• 4:15
  be
• 4:15
  going
• 4:15
  to
• 4:16
  fibre
• 4:16
  and
• 4:16
  not
• 4:16
  realize
• 4:16
  that
• 4:17
  all
• 4:17
  these
• 4:17
  upgrades
• 4:17
  have
• 4:17
  taken
• 4:18
  place
• 4:18
  and
• 4:18
  you
• 4:18
  could
• 4:18
  essentially
• 4:19
  be
• 4:19
  paying
• 4:20
  the
• 4:20
  same
• 4:20
  or
• 4:20
  less
• 4:21
  for
• 4:22
  better
• 4:22
  services.
• 4:23
  Right?
• 4:23
  Yeah,
• 4:24
  yeah,
• 4:24
  exactly.
• 4:25
  And
• 4:25
  it's
• 4:25
  anything
• 4:26
  that
• 4:26
  comes
• 4:26
  out
• 4:26
  of
• 4:26
  your
• 4:27
  bank
• 4:27
  every
• 4:27
  single
• 4:27
  month
• 4:27
  and
• 4:28
  you've
• 4:28
  just
• 4:28
  signed
• 4:28
  up,
• 4:29
  check
• 4:29
  that.
• 4:29
  And
• 4:30
  I
• 4:30
  know
• 4:30
  it's
• 4:30
  a
• 4:30
  pain
• 4:31
  to
• 4:31
  go
• 4:31
  through
• 4:32
  and
• 4:32
  do
• 4:32
  these,
• 4:32
  but
• 4:32
  I
• 4:32
  think
• 4:33
  pick
• 4:33
  one
• 4:33
  per
• 4:34
  week
• 4:34
  and
• 4:35
  just
• 4:35
  say
• 4:35
  I'm
• 4:35
  just
• 4:35
  going
• 4:36
  to
• 4:36
  pick
• 4:36
  this
• 4:36
  one,
• 4:37
  do
• 4:37
  a
• 4:37
  quick
• 4:37
  price
• 4:38
  compare
• 4:38
  and
• 4:38
  often
• 4:39
  you'll
• 4:39
  find
• 4:39
  out
• 4:39
  your
• 4:39
  exact
• 4:40
  same
• 4:40
  provider
• 4:41
  has
• 4:41
  a
• 4:41
  cheaper
• 4:41
  deal,
• 4:42
  you
• 4:42
  don't
• 4:42
  even
• 4:42
  have
• 4:43
  to
• 4:43
  move.
• 4:43
  Yeah,
• 4:44
  because
• 4:44
  that's
• 4:44
  the
• 4:44
  thing,
• 4:44
  isn't
• 4:44
  it?
• 4:45
  It's
• 4:45
  the
• 4:45
  admin
• 4:45
  of
• 4:45
  moving
• 4:46
  companies
• 4:47
  and
• 4:47
  the
• 4:47
  thought
• 4:48
  of
• 4:48
  being
• 4:48
  on
• 4:48
  hold
• 4:49
  with
• 4:49
  a
• 4:49
  call
• 4:49
  for
• 4:50
  ages,
• 4:51
  talking
• 4:51
  to
• 4:51
  someone
• 4:51
  in
• 4:52
  a
• 4:52
  call
• 4:52
  centre
• 4:52
  somewhere
• 4:53
  else,
• 4:53
  that's
• 4:53
  probably
• 4:53
  the
• 4:54
  thing
• 4:54
  that's
• 4:54
  putting
• 4:54
  people
• 4:54
  off,
• 4:54
  isn't
• 4:55
  it?
• 4:55
  Exactly.
• 4:56
  And
• 4:56
  you
• 4:56
  know,
• 4:56
  you
• 4:56
  mentioned
• 4:57
  loyalty
• 4:57
  cards
• 4:57
  earlier.
• 4:58
  I
• 4:58
  mean,
• 4:58
  that
• 4:59
  is
• 4:59
  a
• 4:59
  really
• 4:59
  classic
• 5:00
  one.
• 5:00
  They
• 5:00
  want
• 5:01
  keep
• 5:01
  you
• 5:01
  in
• 5:01
  the
• 5:01
  same
• 5:01
  place,
• 5:01
  they
• 5:02
  want
• 5:02
  to
• 5:02
  encourage
• 5:02
  that
• 5:03
  inertia,
• 5:03
  they
• 5:03
  want
• 5:04
  to
• 5:04
  keep
• 5:04
  you
• 5:04
  shopping
• 5:04
  with
• 5:05
  them.
• 5:06
  And
• 5:06
  that's
• 5:06
  why,
• 5:06
  you
• 5:06
  know,
• 5:07
  loyalty
• 5:07
  cards
• 5:07
  often
• 5:08
  mean
• 5:08
  that
• 5:08
  you
• 5:08
  can
• 5:08
  get
• 5:08
  the
• 5:09
  exact
• 5:09
  same
• 5:09
  thing
• 5:09
  even
• 5:10
  after
• 5:10
  the
• 5:10
  loyalty
• 5:10
  discount
• 5:11
  has
• 5:11
  been
• 5:11
  applied,
• 5:12
  the
• 5:12
  exact
• 5:13
  same
• 5:13
  thing
• 5:13
  for
• 5:13
  cheaper
• 5:14
  elsewhere.
• 5:14
  But
• 5:15
  if
• 5:15
  you
• 5:15
  take
• 5:15
  advantage
• 5:16
  of
• 5:16
  the
• 5:16
  fact
• 5:16
  that
• 5:16
  they
• 5:16
  want
• 5:17
  to
• 5:17
  keep
• 5:17
  you
• 5:17
  there,
• 5:18
  you
• 5:18
  can
• 5:18
  often
• 5:18
  say,
• 5:18
  hey,
• 5:19
  I
• 5:19
  found
• 5:19
  this
• 5:19
  good
• 5:19
  deal.
• 5:20
  Will
• 5:21
  you
• 5:21
  match
• 5:21
  it?
• 5:22
  And
• 5:22
  nine
• 5:22
  times
• 5:23
  out
• 5:23
  of
• 5:23
  ten
• 5:23
  they
• 5:23
  will.
• 5:24
  So
• 5:25
  it's
• 5:25
  really
• 5:25
  worth
• 5:26
  doing.
• 5:26
  And
• 5:26
  I
• 5:26
  will
• 5:27
  say
• 5:27
  with
• 5:27
  banks,
• 5:27
  a
• 5:28
  lot
• 5:28
  of
• 5:28
  people
• 5:28
  are
• 5:28
  worried
• 5:29
  about
• 5:29
  those
• 5:30
  fees
• 5:30
  and
• 5:31
  things
• 5:31
  that
• 5:31
  they
• 5:32
  add
• 5:32
  up,
• 5:32
  but
• 5:32
  they
• 5:32
  say,
• 5:32
  oh,
• 5:32
  I
• 5:32
  don't
• 5:33
  want
• 5:33
  to
• 5:33
  move
• 5:33
  all
• 5:33
  my
• 5:33
  direct
• 5:33
  debits.
• 5:34
  It's
• 5:34
  a
• 5:34
  real
• 5:35
  pain.
• 5:36
  Get
• 5:36
  more
• 5:36
  prestigious.
• 5:38
  Yes,
• 5:38
  that
• 5:39
  too.
• 5:39
  But
• 5:39
  you
• 5:40
  know,
• 5:40
  open
• 5:40
  banking
• 5:41
  means
• 5:41
  that
• 5:41
  they
• 5:41
  can
• 5:41
  move
• 5:41
  all
• 5:42
  that
• 5:42
  stuff
• 5:42
  for
• 5:42
  you.
• 5:42
  All
• 5:43
  of
• 5:43
  your
• 5:43
  direct
• 5:43
  debits
• 5:44
  will
• 5:44
  come
• 5:44
  across
• 5:44
  with
• 5:44
  you
• 5:45
  automatically,
• 5:45
  even
• 5:46
  if
• 5:46
  you
• 5:46
  change
• 5:46
  banks.
• 5:47
  So
• 5:48
  always
• 5:49
  good
• 5:49
  advice.
• 5:49
  Francis
• 5:50
  Cook,
• 5:50
  thank
• 5:50
  you
• 5:50
  so
• 5:50
  much
• 5:50
  for
• 5:51
  joining
• 5:51
  us.
• 5:51
  As
• 5:51
  always,
• 5:53
  this
• 5:53
  podcast
• 5:53
  can
• 5:54
  only
• 5:54
  give
• 5:54
  you
• 5:54
  general
• 5:54
  information
• 5:55
  about
• 5:55
  how
• 5:56
  things
• 5:56
  work
• 5:57
  in
• 5:57
  most
• 5:57
  situations.
• 5:58
  It's
• 5:58
  not
• 5:59
  individual
• 5:59
  financial
• 5:59
  advice.
• 6:00
  If
• 6:01
  you're
• 6:01
  after
• 6:01
  that,
• 6:01
  a
• 6:02
  financial
• 6:02
  advisor
• 6:03
  is
• 6:03
  always
• 6:03
  the
• 6:03
  best
• 6:04
  bet.