Bag's Rants

How dare they.

These banks are getting to big for their boots. Seems they have been making profits off of their customers. Read more here.

Hold on though. Is that not a good thing for business? I know they have a few thing sewn up in their little cartels. Flat fees for exceeding set amounts, being a late payer etc. They also get to keep your money free of charge for a few days while it is transferred somewhere else. These things should be looked at closer and it seems that a few are changing their charging structure due to pressure.

But, if they didn't make money how would they function? Who would put money in banks if they didn't pay interest? Let them change their pricing structures as they see fit. In our free market people no longer stick to the same bank and will move around to find the one that is best for them. This will be different for every customer so only the ones with brand loyalty or who have no interest will not check what is best for them.

The interesting point in the article was the chart that showed Insurance profits. Significantly higher than anything else. And the insurance companies are continually wheeling and dealing when you try and make a claim as well. It seems the areas you have no choice about paying and have no control over costs are the ones making the profits. Insurance, utilities and banks.

posted by Bag @ 1:52 pm