Banks = Greed
An equation that I see more and more evidence of these days.
For example, the Bank Of England cuts interest rates and the cut is not passed on to the customers of some high street banks. At least one of the country’s big banks increases the interest charged on their mortgages.
For years the Banks charge unreasonable amounts for customers with unauthorised overdrafts, often causing a spiral, or snowball affect, as their charge pushes customers back into an overdraft situation hence incurring more charges.
So I’m pleased to see a headline that reads: Banks lose overdraft charges case.
Reading this article I find further evidence in support of my equation in learning that banks “generate an estimated £3.5bn a year in income from levying” overdraft charges!
The next paragraph further supports my assertion:
If the banks eventually suffer a complete defeat on the issue, then it has been widely predicted that they will try to recoup their losses by abandoning the long standing policy of so-called “free banking” for customers in credit.
As if the banks don’t generate enough profit already by using the money deposited by their customers to fund lending and investments!
If my bank were to decide to stop providing me with free banking I think it would be only fair that they sign an agreement with me that they will not use my money to fund any lending, investment, or other means of raising a profit. This agreement would also guarantee that I would be able to withdraw all my money (from all my accounts) at any time with no notice.
Because it is my money, not theirs.
If you place your car in a secure parking lot and pay for the privilege, you don’t expect to find that the parking attendants have been taking their pals for joyrides in it, do you?
Why should banks get away with doing the equivalent with your money?