Banks in general suck

[brian nordstrom (As avatar)]

OOPS I meant 29% interest !!! ... .

Originally Posted by brian nordstrom

That reminds me why I am like I am with banks ,Flash . .
Many years ago as a struggling aprentice Boilermaker , rebuilding an E37 R/T charger , and after 5 years or struggle , save and 1000's of late nights , my baby was nearly finished , I did every thing my self as I was a poor boy back then , . anyway a friend offered me a set of triple 45mm webbers and manifolds , linkeges, the works for a kings ransom of $1200 , OH YEA!!. I had about $110 to my name so went to the buan for a loan of the $1200 ,, filled forms and waited a week .
On a phone call from them I went to pick up my $1200 ,,, , but no loan for this poor boy at 12% interest , NO A VISA !!! card with a $5000 limit at 20% interest WHAT!!!!,, I snapped it in 1/2 and walked out.
I missed those carbs , and built a 4 barrel manifold my self and fitted an old 465 Holley 4bbl I rebuilt myself.

I learned way back then Flash what they done to your Rebbecca now , ,, DOGS!!! the lot of them.
Bugger them.
Brian.

[GrahamL]

I believe most of the image problems banks encounter come from
there own lending practices not so much interest rate flucuations , refusing one type of loan but very happy to extend your CC instead,
dusting off long term customers with endless petty penalties
?

And lets be a little honest with CC debt ,sure people really do need to take some person responsibility with what they borrow but its hard to say lenders should be totally absolved from a little care in regard to who they lend to . .. and if the $ are enough you know sometimes they
arn't

http://www.smartcompany.com.au/finan...customers.html

[brian nordstrom (As avatar)]

Hey Ceventer , you forget ONE little fact ,, here it is ...
... This system we live under is called what ? ...
The CAPITALIST system .. this was hoisted upon us as a people in the 50's and 60's and the 70's by the Rockerfellers , Bushes , and a few othersof that era, can you remember this? .
We as a people had NO SAY !!! in it,it just happened and before it was realised what was going on in about the 80's it was now way to late to stop this monster!!, it a system built on a house of cards and its starting to wobble mate ,, and I aint the only one who hopes it will fall ,
Just yesterday Westpac, forclosed on a unit block owner in Sydney and 15 familys had now where to live last night , just like that , they have payed there rent to no evail,, WAY COOL SYSTEM or WHAT ???. Struggling families paying the price for rich speculators that are back at it again in 6 months .
over and over again.
Brian.

Originally Posted by cventer

Same thing happened to me when I left university.
My parents had to Guarantee the loan. Pissed me off big time...

BUT once again 2 sides to this.

Australian Banks are much more risk averse than many other countries. This is actualy a good thing and again one of the reasons we have not had a financial melt down or housing bubble burst.

Think about why you would loan money for a house vs car.
A car depreciates 20% the day you drive it away and continues to depreciate its whole life. It can be stolen or crashed.

A house on the other hand is typicaly a secure loan becuase it attached to a physical property that over time appreciates.

Imagine a situation where our banks loaned money to anyone who could in reality probably not afford to repay it or even if they could could not if even something small in their personal circumstances or external environment changed. Oh wait thats what happened in America where greedy banks AND greedy public loaned money with no security deposits. ie loaned 100% of the value of assets. When customers started to default on loans the whoel house of cards came crumbling down.

Australian Banks legally cannot do this. Our industry is regulated to ensure we have a certain %of real money to cover debts.

At some point people also need to take responsibility for their own situation. If you cant afford something dont buy it! If you take a loan out you cant afford to repay when intersts rates rise by .06 of a percent then you cant affford it. Sure Banks compete and offer all kinds of financial products to people. Its people who choose to buy them though.

Shall we bash all the sponsors on the right of this page for advertising and forcing us poor astronmers to buy telescopes and accessories we cant afford ? And shame on those astro stores who make 20% to 30% margin on the gear they sell you. How dare they make such a large profit. :-)

On a serious note, if your Daughter earns enough to afford the loan then leave her husband off the application and she wont have a problem.

Anyway I will now definately bite by tongue and shut up as I get the strong sense no amount of logic or reason will be welcome in this thread.

[Stardrifter_WA]

Originally Posted by brian nordstrom

Hey Ceventer , you forget ONE little fact ,, here it is ...
... This system we live under is called what ? ...
The CAPITALIST system .. this was hoisted upon us as a people in the 50's and 60's and the 70's by the Rockerfellers , Bushes , and a few othersof that era, can you remember this? .
We as a people had NO SAY !!! in it,it just happened and before it was realised what was going on in about the 80's it was now way to late to stop this monster!!, it a system built on a house of cards and its starting to wobble mate ,, and I aint the only one who hopes it will fall ,
Just yesterday Westpac, forclosed on a unit block owner in Sydney and 15 familys had now where to live last night , just like that , they have payed there rent to no evail,, WAY COOL SYSTEM or WHAT ???. Struggling families paying the price for rich speculators that are back at it again in 6 months .
over and over again.
Brian.

Hey Brian, been that way a little longer than the 50's Try centuries me thinks.

[brian nordstrom (As avatar)]

I hear you Peter , but the Romans ,the Catholic church etc. did not have computers , the communation systems , etc. we have had this last 50 - 60 years . People had nothing to begin with so did not miss it ( like the old Stevie Wonder joke ), and were mostly the uneducated masses not like today , . well? ....
hows things going mate? Banks treating you ok?
Brian.

Originally Posted by Stardrifter_WA

Hey Brian, been that way a little longer than the 50's Try centuries me thinks.

[Paul Haese]

Banks have to act in the best interests of the shareholders. This duty of banks (ie companies) is the main problem. This duty has so many derrogatory effects in general it should be removed. The duty causes job losses, increased fees and spiralling costs (and that is just the banks). The duty encourages greedy behaviour. Deregulation of the banks had positive and negative effects which we are just now witnessing. It will get worse over time.

Having studied economics when doing my law degree I understand well the purpose of banks and how they operate. Deregulation was supposed to open up the banking system and to that end it has done this, but a side effect was the present mode of thinking.

While banks are paying heavily for the cost of raising capital, we the forced consumer are paying for this via fees and interest rates to offset the cost. Banks are doing what they have been given permission to do and nothing more. We voted in the people who gave the banks this power, we have to do something about it again.

[Jules76 (Julian)]

I think the choice is simple, if you don't like what your bank or any bank has to offer, go find a "better" one.

I did this and went with ING Direct who have paid me to bank with them. I get no account keeping fees (the thing which drove me away from the Commonwealth after 20+ years), plus they give me incentives to bank with them. When I signed up they had a promotion where you would get $20 for opening an account plus various lots of $20 for performing simple transactions, making first deposit, using your VISA debit for the first time etc. In all across my two accounts I opened, I received $120.

Then just last year they ran a promotion where you had to deposit (I think it was $2000 minimum?) for each month for 3 consecutive months and you would receive a $100 bonus at the end. I was doing this already with my salary so I didn't have to do anything to claim the cash.

Then there's my high interest savings account I have with ING which gave me a $50 bonus for signing up. And from time to time they run promotions where any money you deposit between a certain time frame will receive a bonus interest rate.

I worked out that all this bonus money ING has given me, is the equivalent of roughly 5 and a half years of monthly account keeping fees the Commonwealth slugged me to play with my cash!

So I'm going to stand out like I sore thumb here and say, I love my bank!

[multiweb (Marc)]

Originally Posted by Jules76

I think the choice is simple, if you don't like what your bank or any bank has to offer, go find a "better" one.

I did this and went with ING Direct who have paid me to bank with them. I get no account keeping fees (the thing which drove me away from the Commonwealth after 20+ years), plus they give me incentives to bank with them. When I signed up they had a promotion where you would get $20 for opening an account plus various lots of $20 for performing simple transactions, making first deposit, using your VISA debit for the first time etc. In all across my two accounts I opened, I received $120.

Then just last year they ran a promotion where you had to deposit (I think it was $2000 minimum?) for each month for 3 consecutive months and you would receive a $100 bonus at the end. I was doing this already with my salary so I didn't have to do anything to claim the cash.

Then there's my high interest savings account I have with ING which gave me a $50 bonus for signing up. And from time to time they run promotions where any money you deposit between a certain time frame will receive a bonus interest rate.

I worked out that all this bonus money ING has given me, is the equivalent of roughly 5 and a half years of monthly account keeping fees the Commonwealth slugged me to play with my cash!

So I'm going to stand out like I sore thumb here and say, I love my bank!

ING has good interest rates for new customers but after a couple of month it reverts to the standard variable rate which is very average. True though that there aren't any fees. Also if you withdraw more than $200.00 at a time they pay back the $2.00 ATM fee. From any ATM that is. I moved my personal and savings from St George to ING and never looked back. Another good one for savings is UBANK. They're part of NAB. No card - only internet banking. Again no fees but you can get between 5.5% and 6% interest on your savings so better than ING.

[cventer]

Originally Posted by Jules76

So I'm going to stand out like I sore thumb here and say, I love my bank!

which means you love ANZ as they own ING

[Jules76 (Julian)]

Originally Posted by multiweb

ING has good interest rates for new customers but after a couple of month it reverts to the standard variable rate which is very average. True though that there aren't any fees. Also if you withdraw more than $200.00 at a time they pay back the $2.00 ATM fee. From any ATM that is. I moved my personal and savings from St George to ING and never looked back. Another good one for savings is UBANK. They're part of NAB. No card - only internet banking. Again no fees but you can get between 5.5% and 6% interest on your savings so better than ING.

True their interest rate isn't the best going around, but having instant access to my savings was another key deciding factor in taking the step to moving all my banking to them. I had a Saving's Maximiser already well established before I opened my normal accounts with them.

Originally Posted by cventer

which means you love ANZ as they own ING

And that is a bad thing?

Couldn't care less if it were owned by one of the "evil big four" (if that's what your getting at). Their doing right by me so I'm sticking with them for the foreseeable future.

[Stardrifter_WA]

Originally Posted by brian nordstrom

I hear you Peter , but the Romans ,the Catholic church etc. did not have computers , the communation systems , etc. we have had this last 50 - 60 years . People had nothing to begin with so did not miss it ( like the old Stevie Wonder joke ), and were mostly the uneducated masses not like today , . well? ....
hows things going mate? Banks treating you ok?
Brian.

Things going good Brian.

[Stardrifter_WA]

"Bank Bashing"....the new sport.

But, I love my bank It keeps adding money to my account each month, although it ain't all that much. As for paying interest....I don't! I don't borrow money, so cannot complain about interest rates, except when they go down.

I learned all about interest when I had to pay 17% and later 13.5% for mortgages and about 21% for credit card, for which I had a fairly substantial monthly debt, at that time. Decided...never again! Worked really hard to rid myself of such curses, albeit with some luck.

Now, I buy everything on a credit card, purely to maximise my points value, and pay it off within the interest free period. I then use the accrued points for Coles gift cards, which then pays for my food, particularly during any difficult patches. For instance, this last Christmas was all paid for by my points, thanks to my bank! Also, all my purchases are covered by an insurance policy through my credit card, which also covers travel insurance too.

I work the system to "my" advantage, not the banks. I pay my debts on time and accrue no interest. Nor do I pay fees for banking. I earn interest on my account and I don't borrow money. I use the points to pay for necessities, thus reducing my budget, albeit by a small margin. But, every little bit helps!

Unfortunately, it sometimes means that I can't get what I want when I would like it, which can be a little annoying, and very tempting, particularly at present, as I would love to buy the new Explore Scientific 152mm ED Apochromat Triplet, that is soon to be released. I believe it will come in at about half the price of a 6" AP. Oh well, have to go without for a couple of years.

It would be easy for me to borrow money, but, I do not want to use bank funds and pay interest. There are many things that I could borrow money for, such as fixing up my house, but it would mean that I would have to pay a lot of interest to the bank, which I feel that I cannot actually afford. Nor do I feel like adding to bank profits.

So, I live within my means and I go without and save for the things I want instead. Also, I do not live an extravagant life, unfortunately, but that is the way it is. I am currently saving for a road trip across the US next year (assuming I get enough work this year) and I hope to time it for NEAF 2013. The 152 ED will just have to wait.

So, I love my bank But, only because I use it wisely

[Bassnut (Fred)]

No mention yet we have the highest *personal* debt in the world and the second highest property values. Banks don't take risks in OZ?, really ?.

[Stardrifter_WA]

Originally Posted by Bassnut

No mention yet we have the highest *personal* debt in the world and the second highest property values. Banks don't take risks in OZ?, really ?.

Yes, at last count (Nov 2011) "just" the credit card debt was $46.8 billion, which equates to approx. $2,300 for every man, woman and child in Australia; and that figure is growing. But, I am not adding to it though.

[brian nordstrom (As avatar)]

Me to , so betwen the two of us some poor person owes $6900 ,, OUCH ! . I play the same game as you Peter , when it comes to using them , and as I said earlier they dont like it one bit , You just gotta be smart and careful.
Brian.

Originally Posted by Stardrifter_WA

Yes, at last count (Nov 2011) "just" the credit card debt was $46.8 billion, which equates to approx. $2,300 for every man, woman and child in Australia; and that figure is growing. But, I am not adding to it though.

[Stardrifter_WA]

Originally Posted by brian nordstrom

Me to , so betwen the two of us some poor person owes $6900 ,, OUCH ! . I play the same game as you Peter , when it comes to using them , and as I said earlier they dont like it one bit , You just gotta be smart and careful.
Brian.

Hey Brian, that's it, play them at their own game. But, I do feel sorry for those that are indebted to banks. However, many people have, since the GFC, been paying down debt. The banks don't like that either, as they just want to lend money. After all, it is their business model.

Cheers Peter

[cventer]

Originally Posted by Stardrifter_WA

Hey Brian, that's it, play them at their own game. But, I do feel sorry for those that are indebted to banks. However, many people have, since the GFC, been paying down debt. The banks don't like that either, as they just want to lend money. After all, it is their business model.

Cheers Peter

"They don't like it one bit ". Geeze I laugh. Good one lads keep playing them at their own game and making them richer in the process.

Sure the banks make some of their money from interest fees in cards from late payments. But a VERY large portion of the money they make comes from when you use your card as an interchange fee. The merchants pay this fee not you. So while you are cleverly beating the banks by using your cards for points they are rubbing their hands together every time you do. If you want to "Beat them" stuff your money in a matress and pay cash for everything.

But please keep beating them. Keeps me employed.

P.S Another fact our bank bashers wont like is that Australia has some of the lowest interchange fees in the world.

[FlashDrive (Poppy)]

To all you ' Bank Basher's ' out there ... Hip..Hip..Hoooooray ..!!!!.

I don't have a credit card either ... I did once upon a time ... saw the ' light ' and cut it up.... Haven't had one now for 5 years or so.

Gee .... life's great without it ... no undue stress when I go check the mail in the letter box ... no nasty surprises ...!!!

Flash'er ...

[Stardrifter_WA]

Originally Posted by FlashDrive

To all you ' Bank Basher's ' out there ... Hip..Hip..Hoooooray ..!!!!.

I don't have a credit card either ... I did once upon a time ... saw the ' light ' and cut it up.... Haven't had one now for 5 years or so.

Gee .... life's great without it ... no undue stress when I go check the mail in the letter box ... no nasty surprises ...!!!

Flash'er ...

Yeah Flash, it is great not having to worry about the CC statement. Although I do have a CC, I use it wisely, as I am very disciplined. I always have zero balance at the end of each month, so don't have to worry about statements either.

[FlashDrive (Poppy)]

Originally Posted by Stardrifter_WA

Yeah Flash, it is great not having to worry about the CC statement. Although I do have a CC, I use it wisely, as I am very disciplined. I always have zero balance at the end of each month, so don't have to worry about statements either.

Now there's a ' wise ' man ..... in full control of the CC .... got it on a ' leash ' ... making it ' behave ' '''' thou' shalt not runneth' over thy limit nor cause me to dig deep into my pockets.....thus sayeth the Stardrifter.

Flash'er