Banks in general suck

[TrevorW]

Shall I get started on Super Funds got my recent statement

paid in $3000 in six months

lost $5000

great at this rate who'd be able to retire

[mill (Martin)]

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!

That is very nice
But if you really think your cute little cuddly bankbear isn't getting all that money back thru you, then your thinking is very flawed.
They don't give money out for free without getting it back and then some more, not ANY bank or institution is giving money away for free without getting it back with interest

[Barrykgerdes]

I don't have any bother with the bank. The system I use saves me hours in account keeping and bill paying and doesn't cost me anything (well I lose a bit of interest on money in the current account I suppose).

The secret of course is not to borrow money from them!

Barry

[Stardrifter_WA]

Originally Posted by FlashDrive

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

Hey Flash, wasn't always that way, believe me, I learned the hard way, but as I got older I got wiser (that is, wised up to the banks).

Now, I make it work for me. I use my CC for everything, pay it off (usually every few weeks, as I just hate owing money), well before the interest free period ends, gain points and buy things with the banks money. What could be better? Added bonus is that I also have purchase and travel insurance with my CC. Yes, I realise that the bank is still making money off the transactions fees, but, they ain't a charity. After all, they extend a credit line to me and don't actually make any interest out of me, so I guess they have to win somewhere. However, the annoying thing is that they keep offering to extend my credit limit. But, that is no problem, as I just say no. Easy!

Nothing extra comes out of my pocket, so I am happy, as I gain a little each year, through points and interest paid on my account. Ain't much, but better than nix

[brian nordstrom (As avatar)]

Oh yea dont forget ANZ and their 1.45 million dollar jaunt , they are putting on for 100 of their top performing ex's ? on the same week 1000 people are for the ax !!! raising interest rates etc , Mongrels .
Oh ? I see the 1.45 mil is down graded to only 500k after this news broke hmmm? , who do they think they are fooling ??? Treating us all wth total disrespect ! Only 500k , if its that small an amount they can give it to me instead ? what do ya recon?
Fun this bank bashing is .
Brian.

[multiweb (Marc)]

Originally Posted by TrevorW

Shall I get started on Super Funds got my recent statement

paid in $3000 in six months

lost $5000

great at this rate who'd be able to retire

The only way with SMSF is to get an ABN and do it all yourself. Lot of chonky joes and practices out there. And even then there's no garantee you'll get all your money at the end of the road. I think the govt will always find ways to tax people's savings. I've become very cynical about 'doing the right thing' over the years. Seems the ones who have all to loose are the ones who have saved in the first place. Buy some gold and go bury it somewhere.

[Jules76 (Julian)]

Originally Posted by mill

That is very nice
But if you really think your cute little cuddly bankbear isn't getting all that money back thru you, then your thinking is very flawed.
They don't give money out for free without getting it back and then some more, not ANY bank or institution is giving money away for free without getting it back with interest

Of course they do, I wasn't born yesterday.

But at the end of the day, I'm getting a better deal then I was at the Commonwealth and that's the point I'm trying to make. You don't like your current bank, find a new one!

I'm happy for them to take their share, it's basically part of the agreement you make with them in opening a up bank account. At the Commonwealth, they played with my money, slugged me $4 a month for that "privilege" and then threw me a couple of cents at the end and had the audacity to call it "interest" lol. At ING, they play with my money, don't charge me to do it, and in fact they give you incentives by throwing money at you. The Commonwealth never did any of that for me!

Oh and btw, YES banks do give money away for free without getting interest back. I know of people who take advantage of the sign up bonuses such as the one I mentioned where I got $120.00. They open accounts, jump through the hoops of making the qualifying transactions, then clean out the account. There was no dollar limit on the qualifying transactions so you could do it all with a few bucks. I know this because I scored the Direct Deposit bonus on my second account by simply going through the bank account verification process with Paypal (they deposit a few cents).

[Stardrifter_WA]

Originally Posted by Jules76

Of course they do, I wasn't born yesterday.

But at the end of the day, I'm getting a better deal then I was at the Commonwealth and that's the point I'm trying to make. You don't like your current bank, find a new one!

I'm happy for them to take their share, it's basically part of the agreement you make with them in opening a up bank account. At the Commonwealth, they played with my money, slugged me $4 a month for that "privilege" and then threw me a couple of cents at the end and had the audacity to call it "interest" lol. At ING, they play with my money, don't charge me to do it, and in fact they give you incentives by throwing money at you. The Commonwealth never did any of that for me!

Oh and btw, YES banks do give money away for free without getting interest back. I know of people who take advantage of the sign up bonuses such as the one I mentioned where I got $120.00. They open accounts, jump through the hoops of making the qualifying transactions, then clean out the account. There was no dollar limit on the qualifying transactions so you could do it all with a few bucks. I know this because I scored the Direct Deposit bonus on my second account by simply going through the bank account verification process with Paypal (they deposit a few cents).

I am surprised by your comments, and others, about account keeping fees, etc. I am with one of the "big four" and I don't pay account keeping fees, nor do I pay transaction fees for ATM's. This didn't just happen, I negotiated it with bank, as I had been a long term customer. I guess they didn't want to lose my custom I am also able to negotiate a better interest rates on short term cash management (although I don't have a lot to invest). I pay nothing to the bank, but they extend credit to me and pay, what I feel, is a reasonable return on my savings.

Be aware that if you are getting little or no interest from your savings account, then you have the wrong account.

I read a lot of people have trouble dealing with their banks, but, I don't seem too. It's not like I am rich or anything, although I wish! I live on a meagre income and live within my means.

One of the problems that will arise in the future, I am sure, is banks will become disinclined to want to lend to people, particularly for mortgages, if you can simply change banks, every time a bank increases interest rates.

After all, why would a bank want to lend to you if you are seen to be a transient customer, as a persons credit history will show, if you keep changing your lenders. It is my understand that the banks margin on home loan interest rates are very low and that they make little from them.

A bank isn't a charity, it is a business that has to make money for the shareholders. It's not like only a few people are making all these billions, but many thousands of shareholders. When you borrow money you know that you will have to pay interest. That is the reason I now save for what I want and don't borrow money anymore.

I guess that is why I can negotiate with my bank, as I have been with them for decades. Maybe they think I will borrow money again from them in the future

[cventer]

Originally Posted by brian nordstrom

Oh yea dont forget ANZ and their 1.45 million dollar jaunt , they are putting on for 100 of their top performing ex's ? on the same week 1000 people are for the ax !!! raising interest rates etc , Mongrels .
Oh ? I see the 1.45 mil is down graded to only 500k after this news broke hmmm? , who do they think they are fooling ??? Treating us all wth total disrespect ! Only 500k , if its that small an amount they can give it to me instead ? what do ya recon?
Fun this bank bashing is .
Brian.

Once again Brian bank bashing based on uninformed inromation and what you read in the press is rediculous.

Who knows where the press get their info and why the genral public choose to believe everything they read.

The bank runs a reward and recognition programme for its staff that execs are NOT eligable for. This programme recognises hard work and dedication of staff whos efforts otherwise would go unrecognised. It is voted for by the banks own staff. Every year 1000's of employees from your most junior grad to bank tellers, call center and back office staff etc.. are nominated. 110 out of 39,000 staff are selected to attend a reward event. It varies every year. This year it happens to be a cruise. These staff have truly gone above and beyond to get nomninated for somthing like this, and recognising hard work can never be seen as a bad thing.

I have friends in sales, across electical companies to pharmaceuticals that go on 5 or 6 extravagant junkets a year as a reward. Banks do it once a year for those that realy deserve it and get flogged by uninformed press and members of the public....

[Ric]

Here's a utopian thought.

It would be fantastic if the government in power passed a law to restrict the banks mortgage rate to only what the reserve sets.

Wouldn't it be great to have a rate of only 4.5% or so.

Unfortunately no goverment is brave enough to challenge them, but I reckon that the government that did would end up in power for the 50 years.

[barx1963 (Malcolm)]

Time for me to jump in.
I am an ex bank employee and was fortunate to be involved in a bank "reward and recognition" program. We had about 100 of us for a weekend at Hyatt Coolum and had a great weekend. The program was a way of recognising good performance and we in the team at the branch I worked at put in really hard to get it. The next year a story appeared about this same program in the press and it was reported as a junket for fat cat bankers!
I find the bank bashing amusing. I know of an aquaintance of mine who I worked for who would complain loudly everytime any bank didn't pass on a rate cut in full, but in his own business if a supplier cut prices no way would he pass that on.
His moral was if a bank does it they are rogues, if he does it then he is a smart businessman.

Malcolm

[barx1963 (Malcolm)]

Originally Posted by Ric

Here's a utopian thought.

It would be fantastic if the government in power passed a law to restrict the banks mortgage rate to only what the reserve sets.

Wouldn't it be great to have a rate of only 4.5% or so.

Unfortunately no goverment is brave enough to challenge them, but I reckon that the government that did would end up in power for the 50 years.

Ah what short memories we all have.
Back when I started work in one of the mean old banks, the Govt. set limits on bank lending through the reserve bank by regulating interest rates. It meant that credit was severely restricted. Back in the 70s and 80s customers had to go cap in hand to the Bank Manager and nearly beg to be allowed to borrow money. And the main effect was that banks didn't compete because there was no benefit to doing so.
After deregulation in the early 80s all of a sudden the customer now had some power. They could shop around for a better deal. And we bank employees all of a sudden had to be far more attentive to our customers needs.
Before then the customer had no power as all the banks offered identical products.
I know as I was working in the system at the time.
Price controls never work except very short term or in extreme situations eg war.

Malcolm

[strongmanmike (Michael)]

Originally Posted by cventer

Banks do it once a year for those that realy deserve it and get flogged by uninformed press and members of the public....

It was reasonably obvious to me that this would be the likely case

Ah yes, sigh, A Current Affair/2GB style reporting strikes again . Igniting the typical viewer/listener has a very simple set of triggers that get repeated over and over week in week out, regardless of the facts...and then these people get to vote

Mike

[brian nordstrom (As avatar)]

yes but I bet you they dont spent that kind of OBSCENE money on their's ,, Do the maths Mr bank lover $15000 per head for 5 days , I could not spend that much , you would run out of things to buy after 3 days ..
But dont forget the 1000 or so that are having their jobs AXED!!! and out sourced to India and the likes , These are only the first of many , many more . I hope your job security is solid ??? , being just another drone .
Brian.

Originally Posted by cventer

Once again Brian bank bashing based on uninformed inromation and what you read in the press is rediculous.

Who knows where the press get their info and why the genral public choose to believe everything they read.

The bank runs a reward and recognition programme for its staff that execs are NOT eligable for. This programme recognises hard work and dedication of staff whos efforts otherwise would go unrecognised. It is voted for by the banks own staff. Every year 1000's of employees from your most junior grad to bank tellers, call center and back office staff etc.. are nominated. 110 out of 39,000 staff are selected to attend a reward event. It varies every year. This year it happens to be a cruise. These staff have truly gone above and beyond to get nomninated for somthing like this, and recognising hard work can never be seen as a bad thing.

I have friends in sales, across electical companies to pharmaceuticals that go on 5 or 6 extravagant junkets a year as a reward. Banks do it once a year for those that realy deserve it and get flogged by uninformed press and members of the public....

[TrevorW]

Actually the intent of my original post was not to to incite a bank bashing thread but to elicit responses about how banks do not think outside the square are inflexible and really how competition does not in fact exist

unfortunately even with deregulation the big 4 banks have IMO control of the market

Real competition does not exist, if it did my bank would only be too willing to take into consideration 20 years of business and offer better rates and streamline services.

[FlashDrive (Poppy)]

Originally Posted by TrevorW

Actually the intent of my original post was not to to incite a bank bashing thread but to elicit responses about how banks do not think outside the square are inflexible and really how competition does not in fact exist

unfortunately even with deregulation the big 4 banks have IMO control of the market

Real competition does not exist, if it did my bank would only be too willing to take into consideration 20 years of business and offer better rates and streamline services.

Toooooo Late Trevor .... you've really started something here ..!!!

Vote 1 for Trevor ... the new CEO of IIS Banking Corp'

Written and Authorized by ' Flash '

Flash

[cventer]

Originally Posted by brian nordstrom

yes but I bet you they dont spent that kind of OBSCENE money on their's ,, Do the maths Mr bank lover $15000 per head for 5 days , I could not spend that much , you would run out of things to buy after 3 days ..
But dont forget the 1000 or so that are having their jobs AXED!!! and out sourced to India and the likes , These are only the first of many , many more . I hope your job security is solid ??? , being just another drone .
Brian.

Once again Brian you demonstrate your prowess at tabloid style journalism by jumping to factual conclusions without any real fact.

The trip is for those selected AND their partners. So that actualy makes it $6590 per head. Quite reasonable actualy.

You say I bet they (meaning non banks) dont spend that kind of OBSCENE money. What rubbish. Have you ever been to some of these corporate junkets ? I have ben to plnty. Last one I was at in software industry a mercedes SL500 was awarded to top salesman. last year XMAS, KMART took its management team to top hotel in melbourne for a night. paid for whole family including kids in 2 rooms and paid for baby sitter to watch kids in room while parent then ate at fancy restuarant and had a private show from cast of a play currently running. Cost well over 20k per family. A corporate box ticket to the Grandprix Per person costs over $7000 per head. Companies take 1000s of execs to these over the course of the Melbourne Grandpix...Clipsal takes many of its top customer to Bathurst and Indy car every year and puts them up in hotel suites with catered food wine and serving girls for the entire event.. I could go on with more actual facts but you dont seem to like these.

As for the 1000's of staff read my earlier post for some fact behind this as well.

As for my Job being solid. I was told in November last year my role did not exists along with 40 or so of my collegues. I had to go through a riguours 2 month process to reapply for a smaller number of bigger roles. I was successfull. Some of my collegues and friends not. I am smart enough however and practical enough to realise this downsize happened for a good commercial reason. It did not make good commercial sense to have more roles than needed at that level. Had I not been successfull I would have moved on and just found anoher job..not blamed the bank for all my woes....

[Kevnool (Kev)]

Apart from the shareholders this thread is really an interesting read.

Cheers

[TrevorW]

I recently learned something else about super funds generally if you choose Australian shares inevitably the portfolio will be limited to the 10 top OZ companies which include the big 4 banks.

Also consider that a lot of the other banks are affiliated with one of the major banks

So which ever way we turn they get a piece of us one way or another

[Bassnut (Fred)]

Originally Posted by TrevorW

So which ever way we turn they get a piece of us one way or another

No, you have piece of them. You OWN a piece of them. As a shareholder, why dont you write them a letter and beg for them to please lower the loan/morgage interest rate, be more friendly and make less money, so you can have a lower payout on yr super when you retire?.

Just make sure yr super fund doesnt move yr money elswhere when the profits go down, you wouldnt want that.