July Bank Fees Increase

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Check your bank fees. It's July, so there might be an increase.

July, the favourite month in Europe, Canada and U.S. Folks are out in the sun playing tag in swimming pools and the ocean. That’s how banks like it. They increase bank fees while we play.

I’m my own accountant, which means I count my money because there’s not much to count. That’s why I read love notes from the bank. I don’t understand most of them because I didn’t go to the London School of Economics, but I understand the difference between $2 to $2.50. It’s a huge fee increase, monumental, because numbers count. Banks are intolerant. They beep INSUFFICIENT FUNDS when my account is short by 50 cents, and I don’t mean the rapper.

However, we can’t accuse them of not warning us about the fee increase because they are telling us now in April. The bank I use sent me a love note about it. That’s why I assume all major banks did, since they are brothers in crime. You thought they are competitors for our money, which is only four digits max? Wrong. They play golf together and meet at their kids’ schools.

What I found interesting in the bank’s love note is the fee increase for bank statements and bank books. It’s sin tax for still using paper I guess. Banks are trying to front themselves as friends of the environment. Don’t let that fool you. Getting printed bank statements is a lost opportunity for banks. All customers must do internet banking so that they can collect and collate data, the new platinum.

By: Nonqaba wak Msimang.

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