In my day job I reconcile a lot of bank statements, both personal and business, from my diverse customer base.
The bank charges exacted by the banks never cease to astonish and disgust me.
“Service charges”
“Overdraft Fees”
“Electronic Services fee”
“Item Deposit Fee”
“Administration Fee”
“Loan Acceptance Fee”
“Shared ABM Fee”
“Monthly Service Fee”
“Cheque Viewing Fee”
"Tax payment Fee"
“Hard Copy service Fee”.
“NSF Fee” - going both ways at $42.50 per for a $25.00 cheque bouncing because my client's client bounced their cheque. This must be the award winning scavenger hunt prize of the year for the banks due to the domino effect on multiple business accounts of one client bouncing their cheque (it has happened to me).
And on it goes.
There is no professionalism or dignity in a bank charging an o/d fee of $10.00 for a client short-falling by $2.00 one day only to deposit a $10,000 cheque the following day. With no interest given by the bank for the month they sit on it.
Some of my clients pay $80-$120 a month in fees, that's over $1,000 annually, money they can ill afford. Particularly when the bank makes sockloads of interest on their often significant deposits.
And another thing: who gets the interest on all those transfers that are held, sometimes for 2-3 days, sometimes longer, when one is merely transferring from one bank account to another within the same branch or bank?
No wonder their profits are through the roof and their bonuses obscene. All at the expense of us peons.
I closed my business account last month. I could no longer afford to maintain it with my reduced client base.
makes you wonder if we have to start keeping our money in sock drawers again.
ReplyDeleteNot much profit in Irish banks, they're still struggling to survive under a tide of mortgage defaults and collapsed businesses. They may need yet more bail-outs.
ReplyDeleteIt's extraordinary that the British government seems unable to impose any limits on the astronomical bonuses still being trousered by the very bankers who practically caused economic meltdown.
It seems like a very long time since I stood in line to have my six pounds fourteen shillings counted into my hot little hand before signing for it every Friday.
ReplyDeleteI think it is time to reconsider bartering instead of money.
Luckily things aren't quite that bad here because we don't work with checks. We directly transfer money from one bank to another and no fee is paid for that. There's a monthly service fee, but it's not very high compared to what you pay. There's no interest payment, though, ever.
ReplyDeleteI long ago gave up on the big banks and went to a local credit union. They have very few fees.
ReplyDeleteFees on my phone bill are unbelievable, there are 15 of them. If there was another way to get phone/internet service here I would be long gone...
One of my friends got charged an overdraft fee because the bank decided to take the money out for the bill before crediting the money (can't remember if it was her pay or a bank to bank transfer) in. It was on the same day. She managed to get the money back, but only after a huge fight with the manager.
ReplyDeleteMakes me want to put my little bit of money in my mattress!
ReplyDeleteGreat minds think alike...
ReplyDeletehttp://www.nytimes.com/2011/05/19/opinion/19thu3.html (nytimes editorial, May 19)
Interest on savings is a thing of the past too. Back in the day I used to look forward to splurging my bit of interest on something nice - now it won't buy me a cup of coffee.
ReplyDeleteWe're surrounded by thieves and knaves. Way past time to revolt!
ReplyDeleteUnrelated but I wondered if you might like to comment: http://www.nytimes.com/2011/05/22/opinion/22dowd.html?pagewanted=all
ReplyDeleteO'bama indeed!
Greedy goats! I just wonder how some of them sleep nights! If my money is going to disappear, I'd at least like the pleasure of buying something frivolous with it. Sorry you went through this.
ReplyDelete