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Old 02-07-2020, 09:22 AM
 
76,452 posts, read 75,826,197 times
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Quote:
Originally Posted by damba View Post
You just have to pay attention to the exchange rate though
that is minor compared to the 10% tax on the dollar plus the exchange rate in to cubas money …

that was 13% altogether .

we paid 3% to convert euros to Cuban money . we paid very little to convert dollars to euro at that time .
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Old 02-07-2020, 02:40 PM
 
Location: Raleigh
9,193 posts, read 6,863,835 times
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Quote:
Originally Posted by mathjak107 View Post
that is minor compared to the 10% tax on the dollar plus the exchange rate in to cubas money …

that was 13% altogether .

we paid 3% to convert euros to Cuban money . we paid very little to convert dollars to euro at that time .
Typically big banks are the cheapest Forex service you can get, from what I understand assuming you're a customer there.
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Old Today, 02:06 PM
 
4,508 posts, read 3,304,539 times
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Quote:
Originally Posted by mathjak107 View Post
credit unions can open up a who new can of worms with their loans that many are not familiar with...

the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.

When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.

When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union. That includes credit cards and personal loans.

you buy a car by taking out a loan from your credit union. The loan agreement for your car loan contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations. After three years, you pay off your car loan, but you still have a balance due on your credit card.
you lose your job and stop making your credit card payments. The credit union can repossess your car and sell it to pay the credit card debt.
What you're referencing is an "all indebtedness clause". Many banks, including the bank I'm employed by that's not a credit union, has that clause in their closing documents. That clause comes in handy when you have multiple pieces of collateral and multiple loans. You could have one piece of collateral that sells for significantly more than expected, and the additional proceeds can help satisfy other outstanding debts.
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Old Today, 02:15 PM
 
76,452 posts, read 75,826,197 times
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Quote:
Originally Posted by weezerfan84 View Post
What you're referencing is an "all indebtedness clause". Many banks, including the bank I'm employed by that's not a credit union, has that clause in their closing documents. That clause comes in handy when you have multiple pieces of collateral and multiple loans. You could have one piece of collateral that sells for significantly more than expected, and the additional proceeds can help satisfy other outstanding debts.
It is rare with banks ....it is popular with credit unions
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