Saturday, 12 May 2012

Maybe bankers really are wankers?

Not only do businesses have to fight the banks to get loans but savers are being penalized for withdrawing funds from their savings.

Banks that have been bailed out by the (British) taxpayer haven't really learnt a lesson. They expect customer loyalty from us - but what do small businesses and savers get back in return? Are the meager savings of the elderly and the careful being used to bolster up the banking system and its bankers bonus culture? I would like to send British banks a message;

You do not own our savings we loan them to you to make us a profit. Our savings are not yours to support your bonus culture they belong to us and therefore we should be able to reclaim our funds (with interest) instantly without being penalized... and you should say to us, 'Thank you for still having faith in us'.



Over the past three years, the likes of Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC have steadily hiked the price they charge each other to borrow money — despite the Bank of England base rate remaining unmoved at 0.5 per cent.

It has made collecting deposits on the High Street a more attractive way for banks to fund mortgage and credit card loans, which yield a juicy profit.

But banks hate the idea of savers dipping in to the funds or taking their nest eggs elsewhere at the drop of a hat, so have developed new tactics to fight this.

Many have made a renewed bid to lure savers into old-style accounts where savers are supposed to give notice months in advance that they want access to their cash...Read more

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