Saturday, April 02, 2011

Banks - the LITTLE Rip-Offs


Saw this somewhat undiplomatic Message to Bankers in New York

Banks - the LITTLE Rip-Offs
WARNING - This is an off-subject rant

You know - don’t you, that banks are major rip-off merchants? Of course you do, unless you are a banker or a bankers mother. But do you know that the banks are not just into BIG-TIME multi-billion Euro rip-offs? They are also well practiced and very efficient at small time rip-offs.

You don’t know what I am talking about?  Well then, you must be one of the innocent and uninformed.  Let me tell you about just one of those small-time Bank rip-offs.

A great scam for Banks is in the money transfer business. Did you ever transfer money to another account? Long ago when that process was a manual process, it had to go through a “clearing house” and that added a few days to the process. But as anyone who uses PayPal knows, the modern electronic system is instantaneous.  But Oh No!! That does not apply to Banks.

“It was just Resting in My Account”

When you make an electronic transfer, the money is IMMEDIATELY deducted from the paying account, but it can take up to three days to appear in the receiving account.

So where has the money been for those two or three days??  As Father Ted says, “It was just resting in my account”, that is, in the banks account  - gathering interest as working capital - with your money.

Now if you add up the many millions that pass through the system ever hour, it gives the banks a nice bit of constant extra working capital.

Banks and Bankers are nothing but legalised robbers.


Got a few e-mails in on this post. Yes you are right!! - I have no respect - or trust whatsoever in banks - never did.

Let me tell you a nice one, some years ago, my bank messed up on a lodgement. If I had not been vigilant and generally un-trusting of banks, I would not have spotted the mistake. Eventually I sorted out the where the problem lay and contacted the bank. The official apologised and said the money would be refunded to the account forthwith.

Now banks tend to charge you for all sorts of everything, including a consultation with the manager etc. etc. - so I said to the official that I wanted compensation for my time, telephone calls and loss of interest. "Oh I am sorry sir that is not possible" - so I explained that charging for services works both ways - I had just spent time sorting out a bank problem. "But I am sorry sir we just cannot do that".

Well please put me on to someone with authority. I said and I again explained my position - and added that I would be moving my accounts to another bank immediately if they did not compensate me.  I GOT THE COMPENSATION!!

As I said BANKERS are *ANKERS!
And every bit as reckless and uncaring of the public good as the Fukushima management.


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