Bank Charges Commission of Inquiry Needed
There is a commission of inquiry for almost everything, but not bank charges. There should, especially in this computer age. Initially, banks needed money to pay bank tellers. We were dragged into internet banking by the ankles so, they pruned them from 8 to 3, at my bank.
There’s no need to rob poor people through bank charges because banks already have a sure-fire client: the government. How many departments does the government have? More than types of pasta in Italy or sushi in Japan.
Banks profit on stolen goods: sweat and blood of bus passengers. Banks are not farmers. They don’t work the land and distribute farm products. Banks have one product. Which is? Our money.
1. Banks have ‘administrative fees’ for keeping it. They are jobless. Their product is wages and salaries. Great grandparents did not need banks. They were paid in cash and families managed their budgets nicely, thanks very much.
2. Banks charge us for using our own money. They have a fancy word for it: withdrawals.
3. Banks charge us for sending us e-mails about money that left or entered the account.
4. Banks allow us a certain number of withdrawals, let’s say 10. We are punished with a percentage, if we go over that. Let’s start with all the bills we pay electronically. They might be more than 8, and we still have to buy food, shoes because small kids have four sizes in one year, aspirin etc. What right do banks have to tell us, how to use our money and when? Dictatorship of bank-lords if you ask me.
5. Banks tell us to save for a rainy day. We take the advice and hide money in special savings packages. A family emergency happens and we take it out. Banks punish us with a percentage, for taking out our own money.
6. Banks tell us to put all our money under one roof. We listen and move it, from the Yellow Bank to the Brown Bank. The Yellow Bank goes bonkers and takes out $130 as punishment fee for leaving home.
7. Banks are giving out credit cards like confetti, because many people have decided not to work night and day, through sleet and snow, just to pay interest on four credit cards. Banks think they are slick. What do they do? They increase the limit, on credit cards we cut up with a pair of scissors.
The banking industry is a secret society. That is why it is not accountable for its actions. Bank charges are a license to steal, making money on stolen money and punishing owners for using it.
Nonqaba waka Msimang
Executive Blogger
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