Common sense analysis of this, that and the other

They had it coming

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Ever dealt with a bank?

Heads are rolling, and to the millions of consumers and/or hard working business owners who have been shocked at the behavior of the banks during their personal dealings with them – perhaps believing at the time it was only you – current events will be of little surprise.

  1. For consumers, the single issue of overdrafts will come to mind. You accidentally go overdrawn in single digits of your national currency. To your shock and horror, you are charged an instant double digit fee that makes the situation even worse, even if you have paid in enough to make up for the initial deficit! (I have heard about this from countless people and read about it, so understand it is very common – and yes, it’s happened to me too once or twice.) Obviously, the banks have the right to charge if you break your agremeent with them, however, to do so in a manner that exploits your situation or allows them to further profit as things spiral out of control is unethical, and should be illegal if it is not already.
  2. As will be detailed in a forthcoming private “The story of HEYYU” video or blog page being published for the interest of my business colleagues in Oxford and elsewhere, during the early days of the project, we experienced what was the first and only example of unethical business banking to effect us. As it happens, with the exception of this incident, whilst technically antiquated, we have found the banks to be fair and sensibly cautious. However, specific individuals in any organisation can undermine the good name of their employer and this has to be taken into account before tarnishing the whole organisation – as was the case with us a few years ago. A very good reason for businesses to ensure any employment or contractor agreement includes reference to the company rules and regulations.
  3. The issues that have effected people on an individual basis make one wonder just what does go on with regards to corporate and International banking and other matters that effect the global economy and the well being of us all. All said, democracy is working and all this exposure can only be a good thing!
  4. Don’t believe that certain online banking services make things any better. Those who are shocked at the high charges and ‘held funds’ policies of certain ‘Internet’ banks will agree that there needs to be a shakeup in the online space too! #opportunity

Fight bank club: Start your own!


Written by Oflife

July 3, 2012 at 5:25 pm

Posted in Capitalism, Finance

Tagged with ,

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