I DON’T have the slightest bit of sympathy for the four major banks being slugged with a super tax.
If they press on saying that they are going to pass on the costs to their customers, Parliament should move to introduce regulations putting the brakes on to stop such action.
They have had it too good for too long.
During the global financial crisis, there was no threat of a run on the banks as they were underwritten by the government.
Yes, we the taxpayers were covering their backsides.
The banks are pushing that hard for us to use electronic technology, smart card, paywave, any way to get their hands on our money as fast as they can.
If you are late by a day, they fine you.
But when it comes to transactions from a bank to one’s account it is a different story; it can take a couple of days.
Recently, I presented a cheque payable at Wells Fargo NA.
I had to sign a section of the deposit slip to accept BankWest international payment conditions.
The conditions state that funds are not available for 30 business days (six weeks).
The exchange rate is agreed on the day of your deposit, although if this cheque is dishonoured it may incur exchange rate loss and additional fees for you. Other bank charges will apply.
It seems when the banking system has its hands on the customers’ money, speed and efficiency seem to go out the window.
They must use sailing ships and the horse and cart to transport the paperwork to the clearing house.
My bet is that when bank executives get paid their obscene bonuses, the money is available straight away.
Finally, the banks are admitting they are only interested in looking after shareholders, and of course providing the executives with obscene bonuses and salaries for overseeing processes to rip the customers off.