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Discussion in 'The Pub' at netrider.net.au started by FALCON-LORD, Mar 17, 2008.
I have heard of beeing pissed off at your bank, but this is taking things to extreems
Couldn't have happened to a nicer bank
Which Bank ?
Proof that not only can you argue with a machine, you can also win. :twisted:
Nice of them to attach the note, wouldn't want anyone not realising it's out of order
The Commonthief Bank.
All banks are thieving *insert suitable expletive here*. I know they have to answer to shareholders but never-the-less the fact that they are no longer happy making money by investing our money, they now have to charge exorbitant fees for anything & everything in order to double or triple their previous years record profit.
As a former bank employee (many moons ago now) I am disgusted by the so-called big 4. The federal government needs to step in & regulate the banking & financial sector.
The government's busy being f*cked by its own bank.
Do have to wonder why a bank, which has significant amounts of capital in the form of people's savings, charges the same interest rate or higher on a home loan than mortgage brokers who have to rely 100% on borrowed money. :?
I remember the days as a kid being able to deposit my 50 cents a week pocket money and actually getting to watch it grow as it gained interest. Try and do that these days and see your account closed and in the negative with bank charges and fees by the second day
I lived in the US for a while and found it fascinating that the banks actually tried to attract customers. Not only would you get decent interest rates on an ordinary account, but you'd get free gifts like a toaster, a filter coffee machine and so on if you opened an account with them.
These days here its as if its a serious imposition on them to let them have our money and invest it for themselves :roll: perhaps they'd be happier if we went back to keeping it in our mattresses?
The banks here do the same, but only wealthy customers. They couldn't give a shit about anyone else because they know most people are too lazy to ever try and change banks and will happily take up the butt bigger and bigger fees.
They will however often make changes (to your account only) if you threaten to cancel all dealings with them, they just don't like to advertise the fact.
Better than putting it in a haystack!
I have a savings account with ING, the interest is ok. The Criminwealth actually do do a competitive cash savings account now - I think their rate is half a percent better than ING's... but I haven't been bothered to move my money there yet
Hoping ING up the ante, to save me the hassle - but yeah, a normal Cheque/Spendings account is simply for your convenience and their fees... you aren't going to get any interest on what's in there.
Rats/Banks...what's the difference? They'll both take a third of your savings!
ING actually help promote the bank fees scam. True.
You can't bank with ING directly, you have to have an account somewhere else. That account that you have to have, usually attract fees. The routine direct deposit into ING or moving money around often attracts a fee, having a low balance too keep most your money in ING attracts fees... see where I'm coming from.
Banks LOVE ING because it promotes transactions that they can charge for. Crazy isn't it.
I'm a member of a credit union. I'm allowed bulk transactions before any fees get levied. I get a whole host of free services too. I gave the banks the flick YEARS ago. Have never regretted it.
Ditto. I'm in the Police Credit Union - NO BANK FEES! Unlimited free transactions. Plus I have $ in an at-call everyday bank account earning 6.25%.
Would never consider a bank again.
Its called competition.
If the ACCC found out the Commonwealth bank had 5.5% interest rate and everyone else had a 7% interest rate (on loans we are talking) then they would be in ALOT of trouble.
Everyone has APPROXIMATELY the same comparison rate on interest rates. Its just the way things work.
Sure, the Commonwealth or any bank can afford to drop it down 2%. BUT, then EVERYONE would get a loan, from them. This creates 2 issues.
The issue of fair competition
And the issue of inflation.
I'm not going to explain inflation..... Google it if you don't understand...
But if they were offering 7% and everyone else offered 5.5% that would be fine? Because that's a lot closer to reality.
Don't forget banks need to run many bricks and mortar branches, ATMs, supply POS facilities to merchants, handle and stock physical money, run internet banking, pay all the tellers, security, IT people, etc. etc.
That said, I still think the could do all that profitably for little or no fees..
Given the sort of profits they're making I'd say that's a definite. Don't forget banks like the CAB used to supply even more services in the past (more live tellers, less Indian IT nerds), charged less fees, and offered much higher interest rates on "normal" savings accounts - but of course that was when they were still much more closely controlled by the Government (who stupidly sold off the one service actually capable of making money).
And, funnily enough, a great many overseas banks do manage to do all this and offer vastly superior levels of customer service without needing to charge fees that would make Dick Turpin weep.
It's all part of the great Australian tradition of gouging a captive market until it bleeds.